Building starts on Russia Wharf. 31-story tower set to open in ?11
By Scott Van Voorhis
Friday, April 18, 2008
Boston Properties yesterday confirmed it has started construction on its long-planned Russia Wharf tower, a move that could give the Hub skyline its first new addition since the start of the decade.
Andrew Simpson, a spokeswoman for Boston Properties, said the new, 31-story tower at the corner of Congress Street and Atlantic Avenue is on track to open in the first quarter of 2011.
Simpson declined to comment on whether the firm already has a tenant lined up for its new tower. The Herald reported last year that Wellington Management was close to a deal to take most of the new tower?s office space.
?Russia Wharf construction is moving ahead smoothly and is slated to open in the first quarter 2011,? Simpson said in an e-mail.
The news was hailed by some local industry executives as another sign of the continued resilience of the downtown Boston office market, even as the national economy slows. It also comes amid reports that Massachusetts continues to add jobs, even as the rest of the country sheds them.
Job growth is cited by developers as a key predictor of future office space demand.
Demand for tower space is red-hot right now in Boston, which has a Class A vacancy rate of just 6.5 percent.
Boston Properties? new tower, which will incorporate the facade of the 19th century Russia Wharf complex, will add another 550,000 square feet of office space to the downtown market, as well as another 250,000 square feet of residential space.
It represents the first new downtown tower since Hub developer Dean Stratouly opened 33 Arch Street in 2003.
?It is certainly a validation of this market by one of the most established development groups in this market,? said Brendan Carroll, research director at Richards Barry Joyce & Partners.