BOSTON-After a bizarre series of events that culminated in a series of lawsuits, Lord & Taylor and Boston Properties have reached an agreement that will have the upscale retail store extend its lease on its 125,000 sf at 760 Boylston St. in The Prudential Center for another 25 years.
Amy Daniels a spokesperson for Boston Properties, which owns the building, tells GlobeSt.com that a clerical error in which the wrong date was typed made Lord & Taylor miss its date to renew its lease at its current rate. A subsequent court battle was waged in which Boston Properties brought Lord & Taylor's parent, The May Department Stores Company, to court. But representatives from both Boston Properties and Lord & Taylor tell GlobeSt.com that the lease agreement has effectively ended all of the pending litigation.
David Barrett, a senior vice president of Boston Properties tells GlobeSt.com that Lord & Taylor has agreed to allow Boston Properties to take over "a space" of the Lord & Taylor building to be used as a potential residential project. Barrett emphasizes that his company will only take over the area if the city and the neighborhood want a project there and approve it. He notes that the idea is in response to the city's request to the company to help increase its housing stock. According to local published reports, the city was disappointed that the Lord & Taylor site won't be used for housing units but calls to the Boston Redevelopment Authority were not returned by press time. Barrett could not be specific on the size of the project or how much space would be taken from the store.
Dana Marnane, a spokesperson for Lord & Taylor, declined to reveal the store's current lease rate or to specify whether the amount is higher than it was in the former lease. "We are very excited to be staying here at The Prudential Center," she tells GlobeSt.com.
This store is one of seven Lord & Taylor stores in the state and the company says that an exterior renovation--including upgraded entrances, facade and signage--is planned for 2004, subject to review and approval by the city.