Wayfair, one of the largest online retailers of home furnishings and decor, has leased an additional 170,000 square feet at Simon Property Group’s The Offices at Copley Place in Boston’s Back Bay. In anticipation of a June relocation, the additional space brings Wayfair’s new office space to a total footprint of 275,000 square feet. Financial details were not revealed but average rents in the Back Bay are about $54 per square foot.
Copley Place’s office space is contained in four towers, each featuring an individual elevator core. Onsite amenities include 75 retail shops, two large convention hotels, and 1500 parking spaces. More than 40 restaurants are either onsite or nearby.
Currently based at 177 Huntington Avenue, Wayfair announced a 105,000 square foot lease at Copley Place and plans for a June 2014 move last spring. However, following a year of rapid growth and expansion, the company now requires additional square footage to accommodate its Boston-based employees in a headquarters relocation to take place later this year. The new space is roughly three times the size of the company’s current headquarters and provides further expansion options to accommodate continued growth.
“With more than 1,600 employees, Wayfair is quickly becoming one of the largest employers in Boston,” noted Niraj Shah, CEO and co-founder of Wayfair, in a statement. “We are excited to expand our footprint in the city of Boston and look forward to our move later this year.”
“We are very pleased that Wayfair is increasing its commitment to Copley Place even before they move in,” said David J. Contis, president, Simon Malls. “With world-class shopping, an office setting ideal for technology companies, and a planned 52-story residential tower with over 500 units, Copley Place will be one of the most dynamic mixed-used projects in the country.”
Michael Joyce, Jonathan Varholak and Thomas Ashe of Transwestern | RBJ represented Wayfair in the transaction. Simon Property Group was represented by Transwestern | RBJ, the exclusive leasing agent for The Offices at Copley Place.
Photo courtesy Simon Property Group