BOSTON - Boston Realty Advisors, the largest Boston-based independent real estate brokerage, is exclusively representing the owners at 151 Merrimac St. in Boston, an iconic mixed-use asset prominently situated at the gateway to Boston and the North Station submarket.
Built in 1887 on a highly visible corner in one of the most active neighborhoods of Boston, 151 Merrimac’s six stories are comprised of 43,931 square feet of office space over ground-floor retail. The building is 77.4 percent leased and offers tenants versatile layouts with three walls of windows and accommodative 6,800-square-foot floor plates.
''North Station is one of the most exciting submarkets in Greater Boston,“ said Jason Weissman, Founder and Senior Partner of Boston Realty Advisors. “It’s currently a relief valve for coveted office space in Kendall Square, and we expect tremendous interest in this asset.''
The highly traveled vehicular and pedestrian corridor is surrounded by many historic restaurants and bars, boutique shops, open green space, surface parking lots and garage parking. Public transportation is accessible via North Station MBTA and Commuter Rail lines and exceptional regional highways, Interstate 93 and Storrow Drive.
The neighborhood is home to two of the most substantial Boston developments Boston in decades. At North Station, Boston Properties and partner Delaware North are completing their 1.9-million-square-foot mixed-use development, HUB on Causeway, home to numerous dining and entertainment options as well as anchor tenant Verizon, all just steps away from 151 Merrimac. Just around the corner, HYM Investment Group is redeveloping the Government Center Garage into a 2.9-million-square-foot mixed-use complex.
The North Station area is also benefiting from major infrastructure improvements, including the North Washington Street Bridge, or Charlestown Bridge, project, a $200 million replacement expected to be completed in 2023. These infrastructure improvements will be significant for residents and visitors traveling into and out of the city but most notably for commuters, especially as more employees return to in-office work.
While the past two years of the COVID-19 pandemic saw a rise in the remote work model, at least for a short period of time, the U.S .Bureau of Labor Statistics data show that employers desire the return to in-office work now more than ever.
According to new BLS data on private-sector businesses, only 5.5 percent of businesses have cut office space since the start of the pandemic, while 3.6 percent have increased in size. More than 90 percent haven’t switched up their square footage at all, and 92.4 percent plan to remain the same size in the next 12 months.