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Commercial Real Estate News and Property Resource

February 21, 2006

Registry of Motor Vehicles To Move HQ to Quincy

By Beverly Ford

QUINCY, MA -The Massachusetts Registry of Motor Vehicles plans to move from its pricey headquarters at Boston ’s Copley Place to more modest digs in Quincy this summer. That's the result of a newly signed letter of intent state officials inked for 60,000 sf at 25 Newport Ave.

The relocation will make the registry the first state agency to be headquartered in Quincy since the Department of Education moved out of Boston for Malden about 10 years ago. Registry officials say the agency will have about 40,000 sf less space. The good news is that the move will save taxpayers about $6 million annually since lease rates in Quincy will be $29 less than the $57 per sf the Registry currently pays in Boston. J.P. Plunkett, with Cushman & Wakefield in Boston, who negotiated the deal for the property’s owners, Taruus Investment Holdings LLC and Greenstreet Capital Partners, declined to discuss lease rates at the 90,000-sf property but said the savings to the taxpayers will be substantial. “The rent structure will result in a seven-figure-plus savings over the course of the lease,” says Plunkett. “That’s a great thing for everybody who lives in this state.”

The move also signals an added bonus for the South Shore real estate market. Plunkett says the building’s quick lease-up since being vacated by Blue Cross/Blue Shield in December indicates that the market south of Boston is growing increasingly vibrant. A sister building at 100 Newport Ave., also owned by the joint venture group and occupied by Blue Cross/Blue Shield, was sold last month to Granite Communications for $11.4 million. The buyer will occupy about 75% of that four-story, 126,419-sf property.

“The exciting news beyond these two organizations bringing jobs to Quincy,” says Plunkett, “is that it is happening so quickly. Typically it takes nine to 24 months for buildings like this to be back-filled, so this is fabulous news for the south suburban economy and for the real estate market.”

Plunkett, along with Cathy Minnerly and Jason Bryer, all with Cushman & Wakefield in Boston, handled the transaction for the building owner. The Motor Vehicle Registry was self-represented.

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