This ensured a 96% occupancy for at least three years. We retained the existing tenants and leased almost a million square feet to some of the most prestigious firms in Boston, commanding the highest rental rates in the area at the time. In our sweeping effort, we: Enticed high-profile firms by repositioning the complex from a corporate property to a multi-tenant building. This rapid closing process marked the start of a three-year endeavor to transform the property into a thriving, sustainable workplace. Lowered yearly operating costs, including one-third lower energy use In less than two weeks from start to finish, we closed the deal. This allowed us to take over ownership, without worrying about their near-term vacancy. To balance our own risk, we proposed that they remain a tenant and lease the space from us for the next five years.
John Hancock’s priority was getting a higher price upfront, so we structured a deal to make that happen. Knowing that we’d need to move fast, we lined up the right capital and investors and then focused on what matters most in these situations: the seller’s needs. The complex includes nearly 3 million square feet in the heart of Boston’s Back Bay: So when this property came up for sale in a competitive bid, we had our sights set on a sizeable acquisition.
It’s a glass-glazed, 60-story icon that defines the Boston skyline. The John Hancock Tower is the tallest building in Boston.
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