Friday, February 15, 2008

Druker aims for towering rents at his next building

Druker aims for towering rents at his next building

Boston Business Journal - by Michelle Hillman
Friday, February 15, 2008

Ronald Druker isn't building the next John Hancock Tower. All the same, he hopes to charge as much for rent as the owners of one of Boston's best-known skyscrapers do.

While Druker is building a decidedly smaller building than the 60-story, 1.6 million-square-foot Hancock Tower, what his building lacks in stature it will make up for in location. The nine-story, 221,000-square-foot office building will sit on the corner of Boylston and Arlington streets diagonally across from the Public Garden and steps away from the Four Seasons Hotel.

Druker hopes his tower, designed by Argentine architect Cesar Pelli, will make a strong statement for years to come. The limestone and glass building still needs to be approved by the Boston Redevelopment Authority. Druker also needs to satisfy the notoriously outspoken neighborhood groups.

While Druker's structure won't have the height of the Hancock, he plans to add a few extras that are sure to get tenants' attention. A few of the perks include a private health club for tenants only, valet parking, a doorman, a dog walker, concierge services, catering services, state-of-the-art security and 150 parking spaces.

Sound familiar? Many of the same tenant services are offered at Druker's award-winning residential, office and retail project Heritage on the Garden. He said the 15,000 square feet of ground floor retail will be designed like its sister property.

Druker said there's nothing like the type of full-service, boutique office building he plans on constructing in Boston -- at least not as new.

He hopes to break ground next summer and open sometime in 2011.

Druker said he's already received calls from interested tenants, but he won't start marketing the building for lease for at least another year.

"I'm not smart enough to know where things are going to be 18 months from now when we'll be doing our leasing," Druker said. "The dynamics of the office market in the Back Bay at this time and forecasting out into the future into 2011 are extremely solid."

And Druker is setting his sights on tenants that don't consider price an issue: star hedge fund advisers, private foundations and financial institutions.

So how much will it cost for boutique office space in the Back Bay?

Asked if his tenants would pay $100 per square foot, Druker replied, "I hope so."

"I have no idea whether that's a realistic expectation or not," he said. "The only thing I can say is our rents will be the highest in the city."

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