I didn’t finish this entry.
This is a comment someone left in my blog, regarding the Mayor’s plan to build a 1,000-foot tower in Boston’s financial district.
I don’t know if what the reader says is true.
Hey, it’s a blog, not a newspaper. I don’t do fact-check.
Just what Boston doesnâ€™t need.
Did you know that the Empire State Building was called the “Empty State Building” for years after it was built?
The World Trade Tower was built at the the tail end of the 1960â€™s – complete just in time for the 1970â€™s recession. The World Trade Center decimated the market for commercial real estate in Manhattan. In fact, it didnâ€™t become a commercial success until the mid-1990â€™s. Politicians always want to subsidize “big buildings” and they usually time them when the city needs them the least.
Have you seen any of the commercial real estate for rent signs? I think the Federal Reserve Bank puts the Boston commercial vacancy rate at 25%.
Yeh, Beantown needs another office building!
But, a case can be made that the commercial real estate market is recovering, quickly:
Tishman Speyer Properties LP, a New York real estate company, has agreed to buy One Federal Street in downtown Boston for about $518 million, according to an executive briefed on the sales negotiations.
Tishman Speyer, a co-owner of a Boston office complex at 125 High St., declined to comment.
The seller is Jamestown, a German real estate investment firm that bought the 1.1 million-square-foot office building in 2001 for $375.4 million.
Source: Tishman Speyer agrees to pay $518m for One Federal tower – By Chris Reidy and Thomas C. Palmer Jr., The Boston Globe