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Skanska Secures Major Lease at Boston Seaport Tower

A rendering of Skanska's 121 Seaport in Boston. A rendering of Skanska’s 121 Seaport in Boston.

BOSTON—Skanska reports that global technology concern PTC has signed a 250,000-square-foot lease deal at its 121 Seaport office tower here. The transaction represents the largest lease deal in the City of Boston so far in 2017.

The New York City-based developer reports that PTC will relocate its global headquarters from 140 Kendrick St. in Needham, MA to the 17-story, 400,000-square-foot, Class-A office building in early 2019. The development, which is targeting LEED® Platinum certification, is expected to come on line in the first quarter of 2018.

PTC will bring more than 1,000 employees to the Seaport District. The firm employs more than 6,000 workers worldwide. PTC is the building’s first signed tenant and will occupy two-thirds of the building, taking the top floors from nine to 17.

“Boston is excited to welcome PTC’s global headquarters to our city,” says Boston Mayor Martin J. Walsh. “This is a win for the region as PTC looks to retain its existing talent while continuing to build their brand and company within our growing innovation economy in Boston.”

Newmark Grubb Knight Frank represented Skanska as the developer and owner of the project, and Cresa represented PTC in the transaction.

“There are few places in the world that can lay claim to as many ‘firsts’ as Boston,” said PTC CEO Jim Heppelmann. “It is clear that this region has the opportunity to yet again become a beacon of innovation in technologies as disruptive as the Internet of Things and Augmented Reality. At PTC, we aim to be a catalyst to extend Boston’s global reputation as a hub for technology leadership.”

Founded in 1985, PTC revolutionized the computer aided design software market and, in the 1990s, brought to market the first web-based product lifecycle management system. The company is recognized as a market leader in Internet of Things and Augmented Reality.

“We are thrilled to welcome PTC to 121 Seaport. PTC is an innovative company that reflects our vision for this building as a symbol of innovation and sustainability,” says Charley Leatherbee, head of Skanska’s commercial development operations in Boston. “We designed 121 Seaport as a highly flexible, ultra-efficient building with amenities and collaborative indoor and outdoor spaces that we knew would attract market-leaders like PTC. Their move to Boston’s Seaport affirms the neighborhood’s attractiveness to companies looking for a forward-thinking environment that offers employees a perfect mix of work, play and convenience.”

Skanska has developed two additional buildings in the Seaport—101 Seaport, the North American headquarters for PwC; and Watermark Seaport, a 300,000-square-foot, LEED Gold residential building with ground-floor retail that is more than 95% leased. Skanska also developed 150 Second St., a lab and office building in Cambridge, MA, and is currently developing The Harlo, a luxury residential tower at 1350 Boylston St. in the Fenway, where both Tatte Bakery & Café and Oath Craft Pizza will be opening this fall, the company reports.

The New York City-headquartered firm that maintains offices in 31 metro areas and employs more than 10,000 employees is engaged in building construction, civil and power/industrial construction, commercial development and infrastructure development (public-private partnerships) that generated $6.8 billion in revenue in 2016. The global revenue of parent company Skanska AB, headquartered in Stockholm, totaled $17.7 billion in 2016.

 

 

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