Case Study

Ropes & Gray

Challenge

Ropes & Gray is a leading global law firm with offices in Boston, Chicago, Hong Kong, London, New York, San Francisco, Silicon Valley, Tokyo, and Washington, D.C. Ropes & Gray started a search in June 2005 for space options in Boston, Massachusetts that would accommodate its current and future growth.

Because of Ropes & Gray’s size, and need for high-rise space and flexible expansion rights, there were few existing buildings that met its specifications. The alternatives were to stay in place at One International Place relocate to an existing building or relocate to one of the new developments in the pipeline.

Strategy

Colliers International performed extensive due diligence, including property tours, fit planning, financial analysis, and demographic/location studies. Colliers ultimately concluded that Ropes & Gray’s best option was to relocate to the Prudential Center, which had available space in a high-rise contiguous block with rectangular floor plates, well-suited to the firm’s planning and lay out. Additionally, due to the size of the Prudential complex, there were many opportunities to accommodate future growth. The 24/7 environment at the Prudential Center was also a plus and proved to be a vibrant location for a firm consisting of professionals who work late evenings and weekends.

The parties worked efficiently and cooperatively to structure a transaction that was acceptable to all involved. The transaction included a comprehensive long-term lease, complex growth options, and the use of the Internal Revenue Code §467 for the tax treatment of rental payments.

Results

In July 2007, Ropes & Gray executed a lease for over 400,000 square feet in the Prudential Center. At the end of 2010, after over 140 years in the Financial District, Ropes & Gray left its location at One International Place to occupy the Gillette’s former space in the high-rise portion of the iconic Back Bay tower.

Multi-Market Guidance

Colliers has also provided real estate guidance to Ropes & Gray in San Francisco, Washington, D.C., London and New York in various roles, from cursory assistance in London, to deep involvement in its Manhattan lease requirement.

Prudential Center
800 Boylston Street
Boston, MA, USA

Team
Boston Brokerage

Statistics
Landlord: Boston Properties
Size: 478,888 RSF
Floors: 26, 27, 30, 35-40, 42-43, 45-49, portions of 2 & 44
Lease Term: 21 years

Services Provided
Tenant Advisory

Boston