Consortium for Energy Efficiency ( CEE ) is a non-profit public benefit corporation whose mission is to accelerate development and availability to the public of energy-efficient technologies. CEE had been at its current location at 98 North Washington Street in Boston for five years in 4,100sf and was growing. After initial space programming by Equitable Real Estate’s project management group it was determined that CEE needed approximately 6,000sf. After gathering all the pertinent information and developing criteria with the executive and administrative teams we found that staying in the North Station area was the first choice with the second being the Financial District.
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The transaction negotiated by Equitable Real Estate Solutions resulted in rent starting at $29.00, a phased rent paying on only 4,100sf for the first month, then three months of free rent on the 6,018sf. The buildout was paid for by the landlord with the rental stream outlined above.
Please feel free to contact Ms. Laura May, Director of Administration, at 617-337-9260 for more details.
We’d called other tenants in the building and after several months two opportunities presented themselves. We engaged the existing landlord and managed to add the adjacent space measuring approximately 1,900sf which could accommodate CEE’s growth. Connecting the two spaces would be a challenge as well as laying out the space to accommodate future employees. Our project management stepped in and was able to work with CEE throughout the process to create a seamless and disruption–free partial renovation of the existing suite and complete remodel of the adjoining expansion space. Market rents at the time were running $32-$35/ft.
At the beginning of the negotiation CEE’s existing landlord could not accommodate them since the space next door to CEE was occupied. Despite engaging two prospective landlords we’d left the door open to the existing landlord should something in the building change.