Cresa Boston negotiates 250,000 s/f lease to PTC at 121 Seaport Blvd.

Boston, MA Cresa Boston negotiated an 18.5 year lease of 250,000 s/f at 121 Seaport Blvd. in the Seaport District, on behalf of PTC, a global provider of technology that transforms how companies design, manufacture, operate and service the “things” in the Internet of Things (IoT). 

In addition to lease negotiation, Cresa Boston will manage sublease and disposition services for PTC’s current lease at 140 Kendrick St. in Needham, Mass., and its project management team will oversee the build-out and relocation to PTC’s new global headquarters at 121 Seaport. Margulies Perruzzi Architects (MPA) has been selected to provide interior design services for PTC’s new headquarters.

Following a competitive RFP process, Cresa Boston was engaged by PTC as a global partner across multiple service lines, including site selection, lease administration, transaction management, workplace strategy, and project management. PTC is expected to house 1,000 of the company’s 6,000 worldwide employees at 121 Seaport, with an expected occupancy date of early 2019. As the first signed tenant, PTC has leased 63% of the building.

Jack Burns, Adam Subber and Dan Sullivan of Cresa Boston negotiated the lease for PTC, and Bill Anderson and Dave Martel of Newmark Grubb Knight Frank represented Skanska Development.

“It is an exciting time to be at PTC as we look forward to moving to the heart of Boston’s Innovation District and contributing to the technology innovation that has given rise to Boston’s global reputation as a hub for technology leadership,” said Eric Snow, senior vice president, corporate marketing, PTC. “121 Seaport’s design, amenities, and location made the selection of our new global headquarters an easy one. Cresa Boston, Skanska Development, and their respective partners were instrumental in helping us to achieve this major lease in a short time.”

Developed by Skanska Development, one of the world’s leading project development and construction groups, and designed by Boston-based CBT Architects, 121 Seaport is a 17-story, 400,000 s/f, class A elliptical-shaped glass office building now under construction in the Innovation District. Slated for base building completion in the first quarter of 2018, 121 Seaport boasts large floor plates, two floors of retail, and spectacular views of the Boston Harbor and Downtown. With progressive design and technologies, the highly-sustainable, energy-efficient building is targeting LEED Platinum certification and an anticipated 15% energy savings due to less direct solar exposure from the innovative elliptical design.

PTC will occupy the building’s top nine floors with direct access to the rooftop deck from the top floor and access to a common area with outdoor deck on the third floor. A design highlight of PTC’s new headquarters includes its Customer Experience Center (CXC), an interactive showcase for PTC’s industrial innovation platform and related solutions. PTC selected MPA to design a transformational workplace that is productive, persuasive, and integrated with exciting and disruptive new technologies of the future.

Founded in 1985, PTC revolutionized the computer aided design software market and, in the 1990s, brought to market the first web-based product lifecycle management system. Today, the company is recognized as a market leader in the Internet of Things and Augmented Reality – two of the most disruptive technology trends in decades. The company’s headquarters have been in the Greater Boston area since its inception. PTC expects that its new headquarters will be occupied by employees across all company operations, including executive leadership, customer success, research and development, sales, marketing, finance, and legal teams.

Cresa is one of the world’s largest tenant-only commercial real estate firms. By representing only one party – the tenant – Cresa avoids inherent conflicts of interest and provides conflict-free advice to clients. The firm leverages its expertise, market insight and years of experience to give clients leverage with the landlord. Cresa applies strategic solutions that reduce costs, improve operations and enhance the performance of a client’s workforce. Integrated services cover every aspect of a real estate transaction from site selection and financing to project management and relocation services. Cresa offers clients customized solutions with more than 60 offices in 75 markets worldwide.