BXP announced a lease renewal and expansion with Bain Capital at 200 Clarendon St. in Boston, totaling approximately 378,000 square feet. The length of the lease was not disclosed but it is known that Bain Capital will be increasing their space from the previous 316,000 square feet they occupied by the end of 2023.
According to reports from the Boston Business Journal, this is one of the largest leases signed in Greater Boston since the start of pandemic. This deal is considered a major success for BXP as it avoids having to fill almost one-fifth of its available space in Boston’s tallest building during a time when many companies are downsizing their office footprint.
On the other hand, Hines – developer of South Station Tower – suffered a setback as they were seen as BXP’s main competition for securing Bain Capital’s tenancy. With an expected opening next year and offering over 700,000 square feet for office spaces,Bain would have been able to occupy mostof that area and attract other potential tenants looking for officespace.However,theBusinessJournal reportedthatthelease renewalwithBXPhasdiminishedHines’chancesofsecuringBainandusingitasapointofsellingtootherofficetenantsinthemarket.
