Akamai Commits to $700M Lease, Largest in Mass.

Akamai Technologies inked a 15-year lease for 630,000 square feet of office space in Cambridge, MA’s Kendall Square. The approximately $698.4 million agreement with landlord Boston Properties is the largest lease consideration in Massachusetts in three years. The deal allows Akamai to consolidate six existing offices under one roof at the planned, 19-story building.

The lease for the first 486,048 square feet at Kendall Square, 145 Broadway, begins Dec. 2., 2019 at a rate of $68.50 per square foot, with annual $1 increases. Akamai also committed to leasing an additional 150,000 square feet of space in Cambridge from Boston Properties, but the deal has not been finalized.

Boston Properties is planning to build the office tower on the site of an existing 79,616-square-foot building the company developed in the early 1980s. The project is still awaiting approval. The tower is part of Boston Properties’ 1.1-million-square-foot, mixed-use Kendal Square development.

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