40,265 SF Office Space

Reed Smith occupied 48,000 sf and had been at the same location for over 20 years. The space was too large, tired and the future ownership was unknown as the property was being marketed for sale. Wanting to upgrade their image and reduce their footprint, Class A properties were the focus for a relocation. Boston Properties who owned Carnegie Center, the premier location in the market, had a full floor available but was unwilling to divide the space. As the first choice of Reed Smith a creative solution had to be structured to have the deal make sense for both landlord and tenant. That solution was to structure a lease where for the initial three (3) years of the lease, rent would only be charged for 35,000 sf (the entire space would be built out). This allowed Reed Smith to grow into the space “economically”. In addition to a below market rent for the  ten (10) year lease, a work allowance 12% higher than market was achieved as well.