Carr Properties Lands 22 KSF Renewal in Boston

September 5, 2024

Office Boston Brokerage NewsMoreNortheast

Newmark brokered the deal for the landlord.

200 State Street is an office building in Boston that rises 16 stories and is totaling 320,000 square feet. — 200 State St. is a 320,000-square-foot Class A office property completed in 1984. *Image courtesy of CommercialEdge*

FTI Consulting has renewed its 21,910-square-foot office lease at 200 State St. The tenant will continue to occupy space on the ninth floor of the Class A office asset.

Carr Properties owns the 320,000-square-foot office building in Boston’s Financial District. The company picked-up the mid-rise building in 2018, when it purchased an 81.2 percent interest in the asset for $222 million, from seller GLL Real Estate Partners, according to CommercialEdge data.

Executive Vice President Connor Faught with Colliers negotiated on behalf of the tenant, while Executive Managing Directors Tim Bianchi, Debra Gould and Bill Anderson of Newmark represented the landlord.

The property is currently 94 percent occupied. Notable tenants include Rose Park Advisors, TD Wealth, Fisher Phillips, Beacon Capital Partners, Avison Young and Centrexion Therapeutics, the same source shows.

The LEED Gold certified office property rises 16 stories and features seven passenger elevators, floorplates ranging between 3,702 and 34,096 square feet and 120 vehicle parking spots across two levels.

Completed in 1984, the property recently went through a substantial improvement program bringing a fully upgraded main lobby, the addition of a fitness center with locker rooms and shower facilities, as well as a new cafe kiosk. Other amenities include several rooftop decks, common and meeting spaces and EV charging stations.

Located across Faneuil Hall, 200 State Street is 3 miles from Boston Logan International Airport.

Recent office deals in Boston

Boston’s office market, still driven by its consistent life science sector, recorded one of the lowest office vacancy rates among peer markets as of July, standing at 12.8 percent, a recent CommercialEdge office report shows. The figure is below the national average of 18.1 percent, but still showed a 280-basis-point increase over 12 months.

Last month, BXP closed on a significantly large office lease at 200 Clarendon St., a 1.7 million-square-foot office tower in Boston’s central business district. Investment firm Bain Capital signed the renewal and expansion deal for 378,000 square feet, maintaining its headquarters at the property for the next 15 years.

Tishman Speyer signed a 106,000-square-foot deal at One Federal Street with the Commonwealth of Massachusetts, through the Division of Capital Asset Management and Maintenance. The tenants are six government agencies that will occupy two full floors at the 1.1 million-square-foot office tower.