Landmark Center may grow
8-story office addition eyed for Fenway site
By Thomas Grillo | Thursday, May 27, 2010 |
http://www.bostonherald.com
Landmark Center is about to become a bigger Boston landmark.
The Abbey Group has filed plans with the city for an eight-story addition to the one million-square-foot office and retail development at the intersection of Brookline Avenue and Boylston Street in the Fenway neighborhood.
If approved, the developer would build a 308,337-square-foot office building atop the Landmark Center?s four-story parking garage at the rear of the complex on Fullerton Street. The addition will offer 34,000 to 46,000 square feet per floor for use as office, laboratory, clinical and research space.
Joseph Sciolla, managing principal at Cresa Partners, a Boston brokerage that exclusively represents tenants, said while there are millions of square feet of available space at low prices in Boston, expanding the Landmark Center makes sense because of its proximity to the Longwood Medical Area, where land is scarce for new construction.
?That section of the Fenway has the best chance of success over the next few years because it?s located so close to (Longwood),? he said. ?They are hoping that medical tenants that need to expand will kick that project off. The area has retail, residential and public transportation.?
The proposal comes as the Abbey Group faces a number of financial challenges.
State Street Corp., the financial services giant, will not renew its lease for 135,000 square feet of space at the Lafayette Corporate Center, a six-story office building that Abbey owns behind Macy?s in downtown.
Meanwhile, sales of the Abbey Group?s 138-unit luxury condominium project at 45 Province St. in Downtown Crossing have yet to take off. Only 17 units have sold, including two this year.
David Epstein, the Abbey Group?s president, did not return a call seeking comment yesterday.