Key Takeaways
- • Cambridge Associates has committed to moving its global headquarters to Winthrop Center in Boston's Financial District, giving the still-under-construction tower its first known large office tenant, according to the Boston Business Journal.
- • The firm is relocating from another Financial District building, per publisher context from The Offices at Winthrop Center, with the tower offering 812,000 square feet of Class A office space.
- • The Winthrop Center project spans 1.9 million square feet, including 750,000 square feet of office space, 400 residential units and 550 underground parking spaces, and is valued at $1.3 billion.
- • The commitment comes amid high office vacancies in Boston, with a large volume of new office space set to come online.
Summary
Cambridge Associates has committed to moving its headquarters to Winthrop Center, the still-under-construction Boston tower that will be one of the city's tallest. According to the Boston Business Journal, the commitment gives the project its first known large office tenant. The firm is moving from another Financial District location, according to the publisher's project materials.
The Winthrop Center development is a mixed-use project spanning 1.9 million square feet. It includes 750,000 square feet of office space, 400 residential units and 550 underground parking spaces. Project materials describe the tower as offering 812,000 square feet of Global Class A office space, with an emphasis on health and wellness, sustainability and technology. The project is described as a $1.3 billion undertaking, with construction led by MacNeil.
The lease arrives against a difficult backdrop for Boston office real estate. The Business Journals reports that office vacancies are high and a considerable amount of additional space is on the way. Wellington, another institutional investment manager, is vacating an office in a Financial District building, a related development in the same market.
The lease is a meaningful milestone for Millennium Partners, the developer, as it establishes anchor occupancy for a tower that has been under construction. Financing for the project includes a commercial property assessed clean energy arrangement described as New England's largest of its kind, arranged with MassDevelopment. Further details on lease terms, including rent and length, were not disclosed in the available sources.
The Winthrop Center development is a mixed-use project spanning 1.9 million square feet. It includes 750,000 square feet of office space, 400 residential units and 550 underground parking spaces. Project materials describe the tower as offering 812,000 square feet of Global Class A office space, with an emphasis on health and wellness, sustainability and technology. The project is described as a $1.3 billion undertaking, with construction led by MacNeil.
The lease arrives against a difficult backdrop for Boston office real estate. The Business Journals reports that office vacancies are high and a considerable amount of additional space is on the way. Wellington, another institutional investment manager, is vacating an office in a Financial District building, a related development in the same market.
The lease is a meaningful milestone for Millennium Partners, the developer, as it establishes anchor occupancy for a tower that has been under construction. Financing for the project includes a commercial property assessed clean energy arrangement described as New England's largest of its kind, arranged with MassDevelopment. Further details on lease terms, including rent and length, were not disclosed in the available sources.
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