Newmark Grubb Knight Frank (NGKF) is pleased to announce that Coverys, a leading provider of medical professional liability insurance for healthcare professionals, is expanding and relocating its Boston headquarters to One Financial Center.
Coverys signed a 15-year lease for 56,936 square feet, taking the entire 12th and 13th floors, with expansion rights on the 14th floor. The company, which currently occupies 49,000 square feet at 101 Arch Street on three non-contiguous floors, is expected to move to its new location in January.
“Our client was looking for a first-class building with superior amenities for its employees,” says Chris Rogers, senior managing director at Newmark Grubb Knight Frank, who with Ellen Fantini Cullinan, managing director, represented the tenant in the lease negotiations. “They also wanted to bring their staff together to share contiguous space to foster collaboration, efficiency and teamwork. One Financial Center fit the bill.”
The 46-floor, Class A office tower spans almost 1.3 million square feet and was awarded BOMA’s 2012 Outstanding Building the Year. The LEED-Certified Silver property offers a full-service conference center and an emergency day care center. Coverys will share the building with other such prominent companies as Loomis Sayles & Company and Mintz Levin. The building is owned by Beacon Capital Partners, a private real estate investment firm that invests in high-quality office buildings that offer value-add opportunities.
“Beacon Capital has done a great job creating a sought-after office building that attracts prime tenants with its mix of energy efficiency, generous amenities and space opportunities for expanding companies,” says Ms. Cullinan. “This building offered tremendous value for our client.”
Beacon Capital was represented by Cushman & Wakefield.
Coverys is one of the top 10 medical professional liability insurance providers in the country based on direct written premium. Coverys member companies insure more than 25,000 physicians, surgeons, dentists, certified nurse midwives and allied healthcare providers, as well as more than 500 hospitals, health centers and clinics in 23 states from coast to coast.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.