Engineering Firm Downsizes HQ At DivcoWest, Rockpoint Office Building
An architecture and engineering firm will be taking up 27K SF less at Rockpoint and DivcoWest's 75 State St. with its renewed lease at the building.
CDM Smith downsized its lease from 120K SF to 93K SF at the 31-story, approximately 840K SF office building in the Financial District. The renewal occurred in the fourth quarter, according to a Savills report released this week.
The firm originally signed its six-floor lease at 75 State St. in 2015 after moving on from a 180K SF lease at BioMed Realty Trust's 50 Hampshire St. in Cambridge.
DivcoWest and CDM Smith didn't respond to Bisnow's requests for comment.
An entity linked to Rockpoint acquired the property for $635M from Brookfield Properties in 2019. As part of the deal, Rockpoint and DivcoWest also assumed a 2015 mortgage on the property with an outstanding balance of $310M, Banker & Tradesman reported.
The building is home to other tenants like Rights Protection Law Group, Prime Moving Boston, Santander Bank and L.E.K Consulting, which renewed and expanded its 78K SF lease in 2019.
DivcoWest has been active in the Boston office market over the last year, unveiling $100M in upgrades at its 1.1M SF One Lincoln in October and acquiring a 13-story, 245K SF Back Bay office building for $125M in November.
Rockpoint has been transitioning out of its office portfolio, putting its 853K SF 75-101 Federal St. office building up for sale in March.
The firm has been acquiring multifamily and industrial properties, including the 919-unit Altitude Apartments in Malden in April, The Morgan at Provost Square in New Jersey in October, and a 102K SF flex manufacturing building in North Carolina in September.
