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Beacon Lands Insurer in 56,000-SF HQ Deal

May 29, 2013

BOSTON — Providing a coup for One Financial Center, medical profession liability insurer Coverys has committed to lease 56,000 sf at the 46-story office tower which sits next to the Hub’s teeming South Station transportation center. The 15-year agreement for all of One Financial Center’s 12th and 13th floors was negotiated by Cushman and Wakefield representing landlord Beacon Capital Partners and Newmark Grubb Knight Frank advising the tenant, presently headquartered in 49,000 sf at 101 Arch St. and expected to relocate by January.

“Our client was looking for a first-class building with superior amenities for its employees,” NGKF Senior Managing Director Christopher W. Rogers relays in a press release issued this week announcing the agreement. “They also wanted to bring the staff together to share contiguous space to foster collaboration, efficiency and teamwork, and One Financial Center fit the bill.” Rogers and Managing Director Ellen Fantini Cullinan led the search party for Coverys, which is scattered on three non-contiguous floors at 101 Arch St. Cullinan concurs with her NGKF colleague, praising Beacon Capital for upgrading the tower to a LEED Silver standard and providing a series of other improvements that “offered tremendous value for our client,” among the country’s top 10 insurance firms of its kind. “Beacon Capital has done a great job creating a sought-after office building that attracts prime tenants with its mix of energy efficiency, generous amenities and space opportunities for expanding companies,”

Cullinan adds of the Boston-based landlord whose other prime tenants at One Financial Center include Loomis Sayles & Co. and the Mintz Levin law firm. C&W’s team overseeing One Financial Center as exclusive leasing agents includes William Anderson, John “Jay” Driscoll and David Martel.

Terms of the Coverys lease were not divulged. The downtown Boston office market has been on a roller coaster ride since being done in by recessionary difficulties in 2008, but after several years of decline, the Financial District has come roaring back in recent months; according to a report from Richards Barry Joyce & Partners, the current average asking rate for the market of 26.2 million sf is $48.29 per sf for Class A product, up 2.3 percent since hitting a five-year low two quarters earlier while vacancy rates overall have plunged by 3.5 percent during the past eight quarters. Another document shows asking rates at One Financial Center ranging from $45 to $58 per sf.

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