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Boston Properties, Delaware North Sign Boston's Biggest Office Lease This Year

Verizon to Lease 70% of TD Garden Office Tower for 20 Years
July 31, 2018
An affiliate of Verizon Communications signed a 20-year lease, the biggest of the year in Boston, for 440,000 square feet of office space at a 31-story office tower planned as part of a $1.2 billion joint venture between national office investment trust Boston Properties and privately held hospitality company Delaware North.

Verizon's lease is for the 627,000-square-foot office tower under construction above North Station at The Hub on Causeway. The 1.5 million-square-foot retail, office, hotel and residential project, which includes an expansion of Delaware North-operated TD Garden, Boston's sports and entertainment arena, is now 75 percent leased.

Local media had previously reported that Oath Inc., a subsidiary of Verizon Communications that serves as the holding company for its digital content subdivisions including AOL and Yahoo!, had been in negotiations to lease space in the project.

The first phase of the Gensler-designed Hub on Causeway, which incorporates a redesigned entrance for the TD Garden arena, is set for October. The retail and office space are scheduled to open in late 2019.

The second phase, which includes a hotel and residential spaces, will also be completed late next year. Completion of the 31-story office tower, the tallest built in Boston in more than two decades, to be occupied by Verizon is scheduled for mid-2021.

Construction topped off in early July at Boston’s first citizenM hotel, a 269-room hotel in an eight-story tower on top of the west podium planned to open in fall 2019.

Boston Properties is managing all development aspects of the project under construction by John Moriarty & Associates. The Cushman & Wakefield brokerage team led by Josh Kuriloff in New York and John J. Boyle III in Boston represented Verizon in the lease.

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