Boston, MA — Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has successfully brokered three office leases in downtown Boston.
Located in the Financial District, the leased spaces encompass more than 25,000 square feet (sf). Avison Young Principal Karyn McFarland along with Matt Twombly and Justin Dziama, Vice-Presidents in the Boston office, led the teams that brokered the deals.
The Financial District office submarket posted a 12.4% vacancy rate during the fourth quarter of 2013. The diverse, accessible area offers tenants numerous mid- and lower-level tower space that are viable alternatives to buildings in other high-demand areas, such as Cambridge, Back Bay and the Seaport. Consistent leasing activity in the Financial District is expected to continue, putting downward pressure on vacancy rates throughout 2014.
McFarland represented the tenant, Preservation of Affordable Housing, Inc. (Preservation) in a 17,560-sf lease expansion at 40 Court Street. Timothy Lyne and Bill Crean from CBRE New England represented the landlord, Brickman 40 Court LLC. In preparation for planned expansion, Preservation is now occupying the entire sixth floor of the building, giving the company an additional 3,900 sf of space.
“Due to the Financial District’s accessibility, central location and amenities, we expect that leasing will remain consistent in the area as more and more tenants are looking for that live-work-play environment,” comments McFarland.
Twombly and Dziama represented the subtenant, Boston Link Space LLC, in a 7,061-sf sublease negotiation at 101 Arch Street. Jason Roth, an Associate at Cushman & Wakefield, represented the sublandlord, Anthelio Healthcare Solutions. The building comprises more than 460,000 sf of class A office and retail space. Currently, the building has 72,422 sf available for lease.
Avison Young’s downtown brokerage team represented the tenant, Absolute Software Inc., in a 2,428-sf lease deal at 100 Franklin Street.Jason Cameron and Jeremy Roy of Newmark Knight Grubb Frank represented the landlord, Franklin Street Holdings LLC c/o Synergy Financial LLC. The building has undergone extensive renovation to reduce energy consumption and to provide premier space to medium-sized tenants.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, the company comprises more than 1,500 real estate professionals in 56 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties