Bank of America will be keeping its flagship Boston location at 100 Federal Street, having extended its lease through a 15-year contract for 545,000 square feet at the Class A office tower. The early renewal of the lease that was set to expire in 2022 comes after Boston Properties, which owns a majority stake in the tower, completed The Exchange, a steel-and-glass pavilion that serves as an adjacent retail and event space, last year.
The 37-floor Art Moderne tower, which is one of the tallest in Boston, occupies an entire city block bounded by Federal, Franklin, Congress and Matthews streets in the city’s financial district, overlooking Post Office Square Park. Built in 1971, the 1.2 million-square-foot property is 99 percent leased.
NYSE-listed REIT Boston Properties bought the property from an affiliate of Bank of America for $610 million in 2012. The REIT sold a 45 percent interest in the asset to Norwegian sovereign wealth fund Norges Bank Investment Management in 2014. The deal for the property, together with a 45 percent interest in Manhattan’s 601 Lexington Avenue, totaled $1.5 billion.
The new glass atrium designed by Perkins+Will includes 8,500 square feet of retail space and 500 square feet of kiosk space, along with a year-round, 8,990-square-foot garden. “The Exchange at 100 Federal has become a popular and vibrant new gathering space at the base of the tower and created new opportunities to enhance our customers’ experience,” commented Bryan Koop, executive vice president for the Boston Region at Boston Properties, in a prepared statement.