Boston Properties’ BXP flexible office concept, Flex by BXP, has a new 35,000-square-foot address at The Hub on Causeway, in Boston per a report.
The company took the joint-venture (JV) route to develop The Hub with Delaware North as its partner. The project, a mixed-use one, worth $1.2 billion, includes an office tower, which will be occupied by Verizon Communications VZ and Boston-based cybersecurity company Rapid 7 RPD. Moreover, it includes an apartment tower, a 270-room CitizenM Hotel, Big Night Live Music venue, restaurant offerings like Guy Fieri Tequila Cocina, Banners Kitchen & Tap, Arclight Cinemas and a Star Market Grocery Store.
Boston Properties has collaborated with city-based construction management firm — Corderman & Co. — to complete the $6-million buildout for the Flex by BXP space. It is located on the third floor of the 31-storey office tower, and has been designed architecture and interior design firm Design Farm.
Boston Properties has taken a strategic decision to enter into month- to-month leases over a traditional long-term tenure lease of 10 years. Per the company, this will create value for its customers as they are creating no personal or corporate liability for themselves. These short-term agreements are anticipated to suit organizations who have want to move in fast and have an outlook for high growth.
Boston Properties has taken the flexible office concept to the Prudential Tower, 100 Federal Street and two Waltham locations, highlighting how the company has been banking on this.
Boston Properties' top-notch properties in select high-rent, high barrier-to-entry markets allow it to enjoy robust leasing volumes. Particularly, a healthy job-market scenario is helping office REITs, including Boston Properties, Cousins Properties CUZ, and others to experience favorable office real estate market fundamentals. This apart, Boston Properties’ focus on accretive acquisitions and development projects are likely to contribute to cash flow over the long run.
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