The owner of a massive Boston office complex is launching a $100M renovation effort as it prepares to lose its largest tenant. The Chiofaro Co. told Bisnow Wednesday it plans to begin work in the coming months on renovations to International Place, a 1.8M SF property with two towers reaching 46 and 35 stories tall. The renovations will include a new 16K SF amenity floor spanning the two towers, a rebuilding of the Fort Hill Plaza and updated lobbies in both towers. In total, the owner said it will renovate 100K SF on the property. This project is the latest in a series of older office buildings undergoing major renovations to help compete in a market with record-high vacancy where demand has favored newer buildings. The Chiofaro Co. President Don Chiofaro Sr. told Bisnow these new renovations will help the office building attract and retain new tenants in today's changing market. “We’ve always been in the mix when you think about relocating,” Chiofaro Sr. said. “We expect to be looked at as a choice, we expect that for the future. We know that it is a competitive market, and the way people use space is transitioning.”The company hasn't secured a loan… Read the full story here. |