Boston Properties Seeks Buyer For 500 E St. SW After Renewing ITC Lease
The General Services Administration renewed ITC's 207K SF lease for 15 years in December after conducting an unsuccessful search for a new consolidated space. The agency received only one competing offer that fit its requirements, and its $43M request to Congress for the build-out of a new space was rejected.
The building, assessed at about $129M, sits next to the 219-room Hyatt Place Hotel that CityPartners and Potomac Investment Properties delivered in 2015. Selling this property would help Boston Properties fund a $400M project it is preparing to build in Cambridge, Mass., which has already landed a tech firm for a 630K SF lease.