Big Splash in the Seaport
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|Big sales are happening, and yet it's still a tenants? market in certain quarters when it comes to office leasing, says RBJ partner Michael Joyce. He picked up first hand knowledge on Thursday, when Nutter McClennen & Fish renewed its 130k SF lease at 155 Seaport Boulevard, repped by RBJ.|
|The law firm renewed early and ?accomplished all of their goals,? says Michael, who worked on the transaction with partner John Barry (left) and Thomas Ashe. Though Michael couldn't disclose lease details, he says, in general effective Class A Seaport office rents are $35 to $45/SF versus $50 to $60/SF in ?07 while landlord concessions are up about 15%. Leverage aside, a major factor for Nutter was confidence that Pembroke Real Estate would be their landlord for the long term. We've had a ?very successful relationship,? says Nutter managing partner Michael Mooney.|