One Boston Place - Boston, MABoston, MA According to CBRE/New England and JLL, BNY Mellon has executed a 15-year lease renewal of 250,000 s/f to stay at One Boston Place, a property owned by a joint venture of TIAA-CREF and Ivanhoe Cambridge. BNY Mellon has been the anchor tenant in the building since 1980.
As part of this significant lease extension, the ownership team at One Boston Place committed to significantly revamping the amenity offerings to the building including an outdoor terrace on the second floor, a conference center and a health and wellness center.
“Our relationship with BNY Mellon has lasted over three decades and we are very pleased they chose to extend their commitment at One Boston Place,” said Laura Palombo, senior director, asset management for TIAA-CREF. “We feel the new amenities will greatly enhance our tenants’ experience as well as attract new interest in the property.”
“We’re proud to be able to further our longtime presence in downtown Boston with this lease renewal,” said Chip Logan, director of global real estate for BNY Mellon. “Since 1875 we’ve shared a rich history with the city as a contributor to both its economic growth and the community. We look forward to working with the ownership team at One Boston Place on the new amenities we’ll be able to offer our employees.”
“Large long-term transactions like BNY Mellon’s re-signing at One Boston Place are a testament to the strength and continued popularity of Downtown Crossing for large office tenants,” said Rosemarie Sansone, president & CEO of the Downtown Boston Business Improvement District (BID). “Not only is the neighborhood easily accessed by every MBTA line, recent openings like the Roche Bros. supermarket and Primark department store have provided reasons to spend more time in the area after 5PM and on the weekends. In addition to neighborhood amenities, residential projects in Downtown Crossing are increasing at an accelerated pace. This year more than 470 residential units are opening in the district, with more than 1,000 coming in the foreseeable future. BNY Mellon has been a significant anchor of this neighborhood for more than 30 years and I am thrilled they will continue to be an important part of our future.”
This significant transaction further supports the strong absorption trend in Boston’s CBD, specifically Downtown Crossing. At the close of 2015, CBRE Research reported Boston CBD class A availability of 13.1% and close to 886,000 s/f of positive absorption for the year.
“BNY Mellon’s decision followed an extensive search over two years,” said JLL managing director Bill Barrack. “It was driven by One Boston Place’s powerful infrastructure, Downtown Crossing’s dynamic amenities-rich environment, and the strength of owners TIAA-CREF and Ivanhoe Cambridge.”
“One Boston Place, aside from being an iconic part of Boston’s skyline, is an exceptional property thanks to TIAA-CREF and Ivanhoe Cambridge’s continued focus on sustainability and tenant satisfaction,” said CBRE/NE president and co-managing partner Andy Hoar. “These additional improvements will further cement it as one of the most sought-after spaces in downtown Boston.”
CBRE/NE’s Andy Hoar, Chris Cuddy, Peter Dominski and Kristen Blumetti represented owners TIAA-CREF and Ivanhoe Cambridge in the transaction and JLL’s Bill Barrack, Ben Heller, Bryan Sparkes, Jessica Hughes, Michael Berg, and Peter Riguardi represented BNY Mellon.
