Downtown's Union Trust Building has obtained its first major office lease since it was purchased by new ownership with Siemens Engineering signing a 10-year lease to occupy three to six floors in the landmark building, officials said today.
Siemens is consolidating its Environmental Engineering operations and plans to occupy the building later this year with as many as 500 employees -- with completion of the move scheduled for the fourth quarter, said Jeremy Kronman, executive vice president of CB Richard Ellis, who headed a team that represented the landlord, MIKA Realty Group.
Kronman said Siemens is planning to grow and the space could accommodate up to 1,200 personnel and will bring Siemens people together from 441 Smithfield St. and Oxford Centre, both Downtown, along with personnel in the Crane Building, Strip District.
The 600,000-square-foot, 11-story building, currently undergoing a major renovation, was purchased by MIKA of California earlier this year for $24.1 million and was 99 percent vacant. It had formerly been occupied by Mellon Bank as an operations center.
Kronman was assisted by Dan Sliger, Andrew Miller and Theresa Fabrizi in negotiating the lease.
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