Hoban of Haynes Management, Inc. leases 2,560 s/f of office space in Wellesley Hills
Michael Hoban of Haynes Management, Inc. represented the landlord, Wellesley/Prescott LLC, in three transactions totaling 2,560 s/f to finish leasing up the entire building at 16 Prescott St.
16 Prescott St. is a three-story, multi-tenant office building strategically situated just west of the junction of Rte. 16 and Rte. 9 in close proximity to the Wellesley Hills Commuter Rail Station and the Wellesley Hills Post Office.
Haynes Management Inc. is a Wellesley based real estate management, leasing and development company that specializes in commercial office properties in the western suburbs of Boston, Massachusetts and in southern New Hampshire. Haynes manages 48 office properties and 3 retail properties that total over one million s/f of commercial space. Most of our properties have been designed to accommodate tenants that require 1,000 s/f to 5,000 s/f.
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To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
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Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid: