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Wednesday, February 21, 2007

Barnes & Noble to house Filene's Basement?

Last week, the Boston Globe reported that Filene's Basement is in talks to lease the former Barnes & Noble building in Downtown Crossing.

According to the article, the main sticking point of the deal between Filene's Basement and the owner of 399 Washington St, Robert Posner, is that Mr. Posner is looking for "a 15-year lease at $3.2 million each year for the first five years."

I learned through a source that is close to the negotiations that there are also many other prospects for that space. Filene's Basement would need to be in the space for only 2 years, so another, more permanent tenant may be a more favorable alternative.

Filene's Basement is looking for a new home because the building it is in now, the former Filene's building that was bought by Vornado Realty Trust, is due to be renovated into a 495 ft. tall residential and retail tower.

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