Jones Day Secures Space in South Station Tower
Deal News | Dec 05, 2024 | Hines Interests LP
Texas-based real estate company Hines Interests LP has announced that Jones Day, a prominent global law firm, will be the first tenant of the South Station tower, scheduling a move in 2026. This innovative 51-story skyscraper in Boston, set to complete construction by mid-2025, will encompass 680,000 square feet of office space alongside 166 luxury condominiums, a sky park, and an expanded bus terminal. Hines, navigating complex collaborations with government bodies to continue transportation services during construction, hopes the deal with Jones Day, leasing 41,000 square feet, signals growth in Boston’s recovering office market, which is still faced with high vacancy rates. The location’s strategic positioning and amenities, like a rooftop park and premium views, are expected to attract more tenants, with ongoing negotiations reportedly promising, according to Sarah Hawkins, Hines’s East region CEO.
Sectors
- Real Estate Development
- Legal Services
- Commercial Real Estate Leasing
Geography
- United States – Both Hines and Jones Day operate within the U.S., and the case study underway is located in Boston, Massachusetts.
- Boston, Massachusetts – The South Station tower project is situated in Boston, marking a vital development for the city’s real estate landscape.
Industry
- Real Estate Development – The South Station tower is a major real estate development project, showcasing innovative office, residential, and public space design.
- Legal Services – Jones Day, a substantial legal service provider, is expanding into the South Station tower, reflecting its investment and growth in Boston.
- Commercial Real Estate Leasing – The leasing of office space in the South Station tower to Jones Day indicates a revival in the commercial real estate market in Boston.
Financials
- $1.5 billion – The total development cost for the South Station tower project.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Hines Interests LP | Developer and Leasing Company | Company | Hines is a Texas-based real estate investment, development, and management firm with over 20 years invested in the South Station project. |
| Jones Day | Tenant | Company | Jones Day is a global law firm known for its robust legal representation across various practice areas, setting up a larger office in the new tower. |