The Back Bay has also been experiencing a wave of development and corporate expansions lately, since several prominent employers decamped for the Financial District. “That will not remain a vacant building for very long,” Carroll said. “You’re seeing companies really double down to make that happen.”Īs for the Congress Street building that Hancock is leaving, Carroll said the company should have no problem finding takers, because many larger companies - such as Amazon - are looking to expand in the Seaport. “There’s value in having your workforce in one location,” Carroll said. Returning to the Back Bay makes sense on two levels, said Brendan Carroll, director of intelligence at the real estate firm Perry Brokerage: It allows Hancock to put all of its Boston employees in one place and lets the company sell or lease a valuable building in a hot real estate market.Ī number of blue-chip employers, including Vertex Pharmaceuticals,īoston Consulting Group, and Akamai Technologies, have consolidated Boston-area operations under one roof or are in the process of doing so, Carroll said - despite technology that makes it easier to work remotely. Hancock’s parent, Manulife Financial Corp., owns the 14-story Congress Street building, which sits on land leased from the Massachusetts Port Authority, and has the right to sell or lease out the structure. The company hasn’t decided whether it will sell or lease out the 465,000-square-footīuilding in the Seaport that it’s leaving. Harrison also noted that the move enables Hancock to save on real estate costs. ![]() ![]() In her memo, Harrison told employees that Hancock is continuing to work on plans for the tower, but did not elaborate. Several Boston-area real estate professionals said that if Hancock is rooting itself in the Back Bay, the proposed building would provide the logical next place to grow.
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