Hub’s 51-63 Franklin St. Lures Four New Tenants

BOSTON — It is 21,000 sf down and 20,000 sf remaining to fill 51-63 Franklin St., the former Wainwright Bank & Trust Co. headquarters bought two-thirds empty last year by Charles River Realty Investors and National Development. The co-investors are celebrating four commitments at the three conjoined Financial District buildings that abut Downtown Crossing, deals detailed this week in a missive from exclusive leasing agent Colliers International. “There are a lot of options in the Class B market, but we continue to compete well down there,” National Development principal Edward Marsteiner conveys to The Real Reporter in a follow-up, calling the results “testimony to the quality of the buildings and dedicated effort of our leasing team.” Adds Marsteiner, “It has been a good run so far . . . and we have strong prospects for the space remaining.” Tenants reeled in during the inaugural round include Architectural Engineers Inc., relocating from nearby 77 Summer St. The firm which provides electrical, fire protection, mechanical and structural design services was represented by Colliers principal Ronald Perry and Associate Kevin O’Brien. The landlord in all four cases was advised by a team comprised of Senior VP Lawrence Epstein, O’Brien and Associate Lauren Vecchione. The Consulate General of Mexico in Boston is relocating from 20 Park Plaza to a 5,250-sf suite at 51-63 Franklin St. Consulate officials were represented by Eric Solem of Landmark Real Estate Advisors. Besides the cache of a foreign diplomatic office, two new age firms are also joining the ranks of 51-63 Franklin St., as design technology firm Microdesk Inc. signed a 3,175 sf lease and cloud-based recovery services company Doyenz will open its East Coast office in 3,125 sf. That tenant was represented by Thomas Ashe and Jeff Landers of Richards Barry Joyce & Partners, whereas Microdesk Inc. was guided by Colliers Senior VP John Carroll III and Assistant VP John Dolan in addition to Vecchione. Epstein cites a variety of factors enabling 51-63 Franklin St. to land several prized companies, including a centralized venue and the ability to accommodate tenants from 3,000 sf up to 20,000 sf even after the four deals consumed just under 21,000 sf of the 66,000-sf available. Flexibility and other building attributes were greatly enhanced by the sponsorship, adds Epstein, an ally he says can be especially valuable in a tenant-friendly climate. “They know how to meet the market, and are extremely responsive, which you don’t always get in the B market and something the tenants really appreciate,” he explains. “It’s a great group to work with.” Epstein seconds Marsteiner’s optimism of an improving market, and says firms seem nonplussed as to the dark shadow still being cast on Downtown Crossing by the partly finished Filene’s redevelopment project, an infamous victim of the recession that has garnered national attention for its deleterious impact on the district. As CRRI and National Development first demonstrated in buying 51-63 Franklin St., Epstein says tenants seem to regard the situation as temporary and likely to greatly improve the area when work is completed. In the meantime, firms are enticed by access to all major transit lines and the nearby Post Office Square Park as current attributes of the buildings. Tightening conditions in Cambridge and Boston’s Seaport District are further driving business to the Financial District, according to Epstein, including cost conscious groups who he anticipates will be piqued by what is being offered in the CRRI/National space. “It appeals to a diverse group of tenants,” he says, as reflected in the four signings.