NKF, Lisa Saunders Broker 10-Year Deal at Park Plaza

BOSTON — A non-profit group championing ethics in the life sciences and medical research arena has moved from the Fenway district to 20 Park Plaza, taking 5,100 sf in a 10-year commitment. Newmark Knight Frank advised tenant Public Responsibility in Medicine And Research, or PRIM&R, while Lisa Saunders represented the landlord in-house. The elegant 14-story mid-rise at the venerable Boston Park Plaza Hotel & Towers has been owned for decades by the Saunders Co., which last summer recapitalized the multi-building complex.

NKF Senior Managing Directors Peter Bean and Christopher McMahon were retained by PRIM&R when the group opted to find a new headquarters, a search motivated by planned use changes for its prior home at 126 Brookline Ave. that calls for increased retail, including multi-level space. The three-story structure is owned by prolific Fenway developer Samuels & Associates, praised by McMahon for an easy transition once the tenant opted to depart. “They were very helpful, and Lisa Saunders was a pleasure to work with,” says McMahon. “It went very smoothly.”

The broker who specializes in assisting non-profit groups in their space needs says being in the bustling Park Plaza facility was welcomed by his client’s staff. In addition, the seventh-floor suite taken at 20 Park Plaza fit PRIM&R’s financial and physical requirements, he says, enabling them to make the move cost-effectively and in a timely manner. “Everyone is thrilled with the way it worked out,” says McMahon, who declined to offer details of the lease. According to Richards Barry Joyce & Partners, the current Back Bay average rent is $54.49 per sf, having risen 7.5 percent in the past 12 months thanks to a super-tight vacancy rate of 6.5 percent for 13.1 million sf.