The Chiofaro Company, working in partnership with PGIM Real Estate, has reported a significant wave of office leasing at International Place in downtown Boston. Over the past 12 months, the property has signed more than 500,000 square feet of office leases, covering a mix of new commitments, expansions, and renewals. The leasing activity is supported by a weighted average lease term of more than 10 years, indicating that tenants are locking in long-term occupancy at the complex.
According to The Chiofaro Company, well-known corporate occupiers have recently committed to space at International Place. New and renewed leases involve firms such as law firm McCarter & English, TD Bank US, and global investment firm KKR. These deals build on an active period of leasing that also includes financial institution PNC Bank, global tax services provider Ryan LLC, national insurance and financial services firm Alera Group, asset manager Callodine Capital, and software technology company Postman.
The landlord reports that a substantial portion of the recent leasing volume reflects tenants choosing to grow their presence at International Place rather than relocate elsewhere. Out of the more than 500,000 square feet completed in the past year, over 250,000 square feet represent expansions by existing or incoming tenants increasing their footprint in Boston. The remainder consists of new leases and renewals that reinforce the asset’s established tenant base.
Donald Chiofaro Jr., vice president of The Chiofaro Company, characterized the recent activity as evidence of how companies are approaching office use going forward. He stated that 32 leases were completed at International Place within the 12-month period, totaling in excess of 500,000 square feet. He also highlighted that the long terms and expansion activity demonstrate how tenants perceive the long-run value of occupying workspace within the International Place environment.
Chiofaro further noted that the performance of International Place serves as a signal for the broader Boston office market. In his view, the leasing results at the property, which he described as a best-in-class work setting, reflect a durable commitment by employers and employees to use office space over the long term. The pattern of long-duration leases by a diverse mix of professional services, financial, and technology firms suggests that portions of the Boston office sector, particularly well-established downtown assets, continue to draw sustained tenant demand.
