Page 34 - BusinessWest January 22, 2024

“To have that kind of absorption in the downtown office market helps everyone in the downtown. It’s all about supply and demand; there’s been a
lot of vacancy in the downtown, and when there’s vacancy, we
have to be very cost-effective and competitive in our pricing; when there’s
that much space in the market, there’s downward pressure on lease rates.”
addressing what all these developments mean and what might come next because of them.
Dressed for Success
As the tour stopped at Keezer’s, Plotkin first pointed out artwork crafted from recycled plastic and took a moment
to look over a table loaded with vintage sweaters, a small part of a much larger collection that also includes shirts, suits and sport jackets, overcoats, shoes, designer jeans, and more.
He said his sons tell him these threads are trendy and in- demand, and he’s seen some evidence that they are correct in that assessment.
“They have one-of-a-kind items you can’t find anywhere else,” he said. “And I didn’t realize the draw of that kind of retail, but according to my kids, who are in their 20s and 30s, that’s what they love, because it is one of a kind; you can find something there that no one else has. So it’s a big draw for young people.”
The arrival of Keezer’s — this is the third store for the Cambridge-based retailer — and the other businesses in the incubator, which range from a nail salon to a business spe- cializing in cryotherapy, is just one of many developments that have brought new vibrancy to 1350 Main, a property that has been lagging other office towers in the downtown when it comes to occupancy rates.
But those numbers are much improved through the absorption of more than 60,000 square feet of space, most of it through the arrival of those two state agencies men- tioned above.
DCF, formerly located on High Street in the former Wes- son Hospital, now occupies two full floors, seven and eight (last occupied by Unicare and vacant for more than 15 years) and a large part of the 13th floor as well.
Meanwhile, the Committee for Public Counsel Services and its Public Defender division, Children and Family Law
A pending deal could bring 1350 Main to 80% occupancy.
unit, and Youth Advocacy division now occupy the entire sixth floor, space that had not been occupied since 2012.
Overall, Plotkin and his partners invested nearly $4 mil- lion to renovate those spaces and turn the lights back on, he said, adding that these investments have paid off in long- term leases (10 years in each case) from both of those agencies.
Their arrival brings overall occupancy in the building to roughly 70%, a nearly 20% jump, he said, adding that the
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34 JANUARY 22, 2024 << COMMERCIAL REAL ESTATE >> BusinessWest