After Terminating 130K SF Boston Office Lease, Tech Firm Signs 100K SF Sublease
Following the termination of a major office lease in the Fenway area, Toast has announced plans to move its operations to a new office across town in the Fort Point neighborhood.
The restaurant tech company announced plans to move into roughly 102K SF at 333 Summer St., which it subleased from the GoTo Group, formerly known as LogMeIn, according to a filing with the Securities and Exchange Commission.
The company plans to move into the space at the beginning of next year, and it has agreed to pay $17M over the sublease term ending June 30, 2028, the Boston Globe first reported.
“Finding a new headquarters in Boston with flexible spaces to support our growing business and our collaborative way of working was essential in our decision-making process,” Beth Choulas, vice president of global real estate and workplace experience at Toast, said in a statement. “We are eager to explore all that the Seaport offers—especially the restaurants.”
The building includes a new gym, basketball court, locker room and bike storage. The company said in a press release that the office's proximity to transportation hubs like South Station and the office's flexible work environment factored into the move.
The move comes after Toast in May revealed it was terminating its 130K SF lease at Alexandria Real Estate Equities and Samuels & Associates' 401 Park Drive in the Fenway. The tech company had to pay $16M for the exit of 110K SF by June 30 and will occupy the other 22K SF until the end of the year.
The new space Toast is occupying was once home to another tech company that shrunk its office footprint during the height of the pandemic.
The GoTo Group announced plans to cut half of its Boston office space, part of a larger cut to its worldwide office footprint, the Globe reported in 2020. The tech company had leased 230K SF between two buildings at 320 and 333 Summer St. The company subleased its office at 320 Summer St. in 2020.
