The Seaport is for sale! The landlord’s that have participated in the lease of up to 3.7 million square feet of new tenant space since 2010, are looking to cash out and move onto new opportunities. Class B rents have surpassed the $40.00 per square foot mark on Summer Street.
Banker and Tradesman points out that “nearly 750,000 square feet of office space is currently on the market, or nearly one-fifth of the neighborhood’s office inventory. The six properties include the Thomson Reuters office portfolio, an assemblage of 10 buildings containing 414,000 square feet of brick-and-beam space.The transactions will go a long way toward determining whether Fort Point can retain its status as an Innovation District, or whether rents set by the new owners will force startups to look elsewhere.”
Additional information on the transformative Fort Point neighborhood is available on B&T’s website.