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Under the deal for 120,000 squarwe feet reached by the state Division of Capitall Asset Management andNordic Properties, which owns the building at 1000 Washingtobn St. across from Herald Square, the Divisionm of Insurance, Division of Banks and Division of Telecommunications will move to the buildingf from their current locatiobn inSouth Station. The also is in discussion s to move there from 239Causewayy St. near North Station. All four leases expire June 20. A fifth agency, the Departmeny of Public Utilities, will stay in its 40,000-square-foot space at South Station, according to real estate sources.
Kevinj Flanigan, a deputy directorr at the state Division of CapitalAssef Management, said the selection has been made but declinede to discuss details. “We’re in the processd of negotiating leases. Untikl that’s done we’re not really going to discusasit publicly,” he said. The agencies that are moving will leasew floors six through 10 ofthe 11-story building. The top floor of the buildiny features anemployee cafeteria. Located at 321 Harrison Ave., the formef Teradyne building has been empty since Nordic boughf the propertyfor $34.7 million in October of 2006.
Losingt the three agencies, which are vacating a combinedc 65,000 square feet in South Station, will be a blow to the cash-strappedd , which owns the and to Equity OfficeProperties Trust, which managea the site and sharesa in revenue. The four agencies will pay rents in thehigh $20s to low $30s per squarse foot at 1000 Washington, compared with the mid-to-hig h $30s offered by Equity Office if the agencies had renewex at South Station, accordingf to a real estate source familiar with the Critics questioned in published reports why statew agencies would pay rent to a private landlord at the expenss of the MBTA, a state Filling the space in South Station during the economicf downturn may prove difficult and costly.
Very few businessesw are expanding, never mind
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