Ten Year Lease Extension Negotiated at Below Market Rent for a 47,500 SF Office Space

10 Year Lease Extension  –  47,500 SF Office Space

MLB had been a long term tenant at Carnegie Center and wanted to leverage their tenancy by engaging the market. In the end, there was no other building in the market that matched the image and quality of Carnegie Center. That said several alternatives were sent RFPs but the intent was to leverage Boston Properties. As a potential flight risk, MLB was able to negotiate a ten (10) year extension at below market rent with a work allowance that enable to reconfigure and freshen up their space. This minimized out of pocket capital expenses and the disruption of a move. As part of the transaction, a rent concession of 6 months was granted during the construction process.