State Street HQ | One Congress | Bulfinch Crossing | West End

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400,000 square feet is no small amount. State Street got naming rights with their 510,000 square feet lease..

Leaves an even more bitter taste in my mouth now that they have a proven positive selling history with office, after switching from office to ugly lab building next door, though I do realize there will potentially be substantially more square footage on the market by the time that's built.
 
stefal said:
400,000 square feet is no small amount. State Street got naming rights with their 510,000 square feet lease..

Leaves an even more bitter taste in my mouth now that they have a proven positive selling history with office, after switching from office to ugly lab building next door, though I do realize there will potentially be substantially more square footage on the market by the time that's built.
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The question, of course, is whether this is a downsizing office client from elsewhere in Downtown, leaving net vacancy.
 
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Equilibria said:
The question, of course, is whether this is a downsizing office client from elsewhere in Downtown, leaving net vacancy.
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stellarfun said:
Supposedly, this company

https://www.intersystems.com/who-we-are/about-us/

https://www.intersystems.com/who-we-are/worldwide-offices/

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One Memorial Drive
https://rebusinessonline.com/metlife-norges-bank-acquire-one-memorial-drive-office-tower-in-cambridge-massachusetts-for-825-1m/#:~:text=Located on the Charles River,CAMBRIDGE, MASS.
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^Intersystems is not in the downtown core. If I'm not mistaken, they're at One Mem. Drive in Cambridge, a building that just changed hands this past summer for $825m (see here)

EDIT: Stellarfun already got the One Mem Drive part. Just highlighting the fact that Intersystems' present Cambridge home just traded for a large sum psf.
 
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JumboBuc said:
Another periodic reminder too that many of the region's tech / life sciences / "Kendall Square" tenants don't actually need lab space.
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Indeed. I am admittedly curious, though, whether Intersystems is basically being pushed out of their present home (which really is a nice building and a prime spot right on transit) because those who purchased the building are considering an office-lab conversion? Or, if not pushed out, then basically would be facing higher rent in their current building (which is a candidate for lab tenants) versus another very nice one in One Congress which clearly isn't a candidate for lab tenants.
 
bigpicture7 said:
Indeed. I am admittedly curious, though, whether Intersystems is basically being pushed out of their present home (which really is a nice building and a prime spot right on transit) because those who purchased the building are considering an office-lab conversion? Or, if not pushed out, then basically would be facing higher rent in their current building (which is a candidate for lab tenants) versus another very nice one in One Congress which clearly isn't a candidate for lab tenants.
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That's not a bad guess. I suspect that One Congress is cheaper than One Memorial.
 
From the Globe article (link posted by equilibria), perhaps Microsoft will take all of One Memorial. Also the Ragon Institute gets a shout-out.

InterSystems, a medical software, billing and records with 25 offices worldwide, has occupied about half of One Memorial Drive in Cambridge alongside Microsoft for the past several years. This would put the company on the upper floors of a glassy tower visible from all over the city, above the world headquarters of State Street, which committed to 500,000 square feet prior to the start of construction in 2019.

Billionaire Phillip “Terry” Ragon founded what was then called Interpretive Data Services Inc. in 1978, and changed the company’s name to InterSystems Corp. two years later. Ragon still serves as InterSystems’ chief executive and also founded Cambridge’s Ragon Institute, a medical research lab affiliated with Harvard, MIT and Massachusetts General Hospital. InterSystems has 1,800 employees worldwide and reported $770 million in revenue in 2020.
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