Deloitte Commits to 138 KSF in Downtown Boston

Winthrop Center exterior. Image courtesy of MP Boston

MP Boston, the local arm of Millennium Partners, has landed a new tenant at Winthrop Center, a 62-story mixed-use tower in Boston’s Financial District. Deloitte signed up for 138,000 square feet at the property and plans to move into the new space in the fall of 2024. The deal is currently the largest office lease signed this year in the metro.

Deloitte currently occupies space at 200 Berkeley St. in Boston’s Back Bay, an office building owned by Manulife Investment Management. The firm plans to relocate all its 3,100 employees to the new location, Boston Globe reported.

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Millennium Partners broke ground on Winthrop Center in October 2018. The 691-foot building comprises 812,000 square feet of office space and 317 luxury condominiums that officially opened in May, Boston Real Estate Times reported. The developer collaborated with a team led by the Director of MIT’s Environmental Solutions Initiative, John Fernandez, for the energy-efficient design.

The $1.4 billion project was financed with a $775 million construction loan in 2020, provided by Cale Street Investments. According to CommercialEdge data, the note has a maturity date set for October of this year.

The Collective at Winthrop Center. Image courtesy of MP Boston

The office component includes The Collective, a 24,000-square-foot amenity space—comprising a fitness center, game room, coffee bar and recovery room. The property also offers meeting pods and a coworking space. Another component, known as The Connector, is a multi-floor public gathering space that anchors the building and traverses the site between Federal and Devonshire streets.

Other office tenants in the building include Cambridge Associates, which signed a lease for 115,000 square feet in February 2022, and McKinsey, which agreed to 95,000 square feet last year in September.

The tower is at 115 Federal St., near The Seaport, surrounded by Boston Common, the Theatre District and South Station. Tenants have access to various restaurants and shops, rental bikes and transportation options.

Boston leads office development

Despite a slowdown in investment in office assets across the U.S., Boston is still thriving in terms of development, particularly due to its significant life science component. As of May, Boston had 15.2 million square feet under construction, representing 6.3 percent of stock, according to a recent CommercialEdge report. The average in-place rents increased 7.7 percent year-over-year.

Last month, Skanska signed a deal to develop a mixed-use campus in the Longwood Medical area of Boston. The $311 million project will feature more than 390,000 square feet of office, residential and social spaces.