Overview

When Alexion Pharmaceuticals and global technology company PTC began looking to relocate to Boston’s booming Seaport District, the commercial developer Skanska turned to Goodwin to help execute long-term leases for their respective new headquarters.

Challenge

Getting the best lease terms that satisfy both tenant and landlord can be a challenge, particularly in the competitive world of Class-A office space. Goodwin client, the commercial developer Skanska, was eager to fill its new office tower at 121 Seaport while both Alexion and PTC sought to plant their flags in Boston’s rapidly growing Seaport District and needed to move quickly.

Approach

Skanska’s renowned 17-story, 400,000 square-foot state-of-the-art elliptical office tower lies in the heart of Boston’s thriving Seaport District where a number of tech, healthcare and professional service companies have recently relocated, cementing the area’s reputation as an innovation district. When Skanska sought long-term tenants for its showcase building, the company relied on Goodwin’s Real Estate Leasing team to get the deals done. The Goodwin team’s work allowed Skanska to execute leases with both PTC and Alexion.

“121 Seaport now being 100 percent leased demonstrates the Seaport’s arrival as one of Boston’s most sought-after submarkets and business destinations,” said Charley Leatherbee, head of Skanska’s Commercial Development operations in Boston. “We delivered a building based on flexibility, innovation, sustainability and efficiency.

Outcome

The office tower sits in the heart of Boston’s Seaport District, across from District Hall and Seaport Square Green, on Boston’s most sustainable block, which is also home to Skanska’s 101 Seaport and Watermark Seaport developments. Alexion will occupy 150,000 square feet in the building starting June 2018. PTC will take over 250,000 square feet in early 2019, occupying two-thirds of the tower, making it the largest lease to be signed in Boston this year.