Cushman & Wakefield, the world’s largest privately-held commercial real estate services firm, announced today that it represented Millennium Partners in a long-term retail lease with Primark, a leading European fashion retailer, at the Millennium Tower/Burnham Building in Boston’s famed Downtown Crossing. The landmark transaction marks the most significant retail deal in modern-day Boston history.
Primark will lease a total of 112,000 square feet on four floors in the 8-story Burnham Building of which 70,000 square feet will be selling space. The transaction follows the recent leases to Havas Media/Arnold Worldwide and Roche Bros. market. The renovation of the Burnham Building, originally completed in 1912 for Filene’s Department Store and the only structure in Boston designed by legendary Chicago architect Daniel Burnham, began in summer 2013 and will be completed in 2015.
The restoration is part of Millennium Partners’ $689 million redevelopment plan for the vacant site of the former Filene’s Department Store. Adjacent to the Burnham Building, Millennium Tower is a striking 625-foot new building currently under construction with its first occupancy scheduled for the summer of 2016. Millennium Tower will have 68,000 square feet of flagship retail space offering the most visible and modern retail space in Downtown Boston.
“Primark’s commitment along with the prior lease to Roche Bros. market for 37,000 square feet signifies that the retail leasing effort at Millennium Tower/Burnham Building has created a retail revolution in the city of Boston,” said Cushman & Wakefield Vice Chairman Gene P. Spiegelman. “Notably, both transactions represent new entrants to the City of Boston and its historic Downtown.”
Cushman & Wakefield was the sole brokerage firm in the transaction, representing Millennium Partners. The leasing team was led by Mr. Spiegelman, Kazuko Morgan and Emily Ou.
“With the completion of this lease transaction with Primark, the Burnham Building is now at 97% occupancy, with the exception of a prime 1,900 square foot corner space that’s available for lease,” said Mario Palumbo, partner at Millennium Partners. “The transaction validates Millennium Tower/Burnham Building as one of the top retail locations in the United States.”
Millennium Partners’ latest project follows the company’s success with The Ritz-Carlton, Boston Common Hotel and Residential Towers, and Millennium Place, which sold out earlier this year to become one of the fastest selling condominium developments in Boston’s history.