Developer Daniel Stone marked an unusual 1990s milestone yesterday as four new office leases increased the occupancy of the Marsh & McLennan building to 100 percent.
"It's been an adventure," said Mr. Stone, who opened the 61,000-square-foot building at 300 W. Pratt St. in 1990. "We've come through the dark forest and out the other side."
The four new leases are the U.S. Trustee's office, a team of lawyers that manage creditor cases for the U.S. Bankruptcy Court; The Travelers Co.; ProServ Inc.; and the Stonemill Group, a current tenant that is expanding.
ProServ and Travelers are moving from the much larger 250 W. Pratt St. building across Howard Street from the Marsh & McLennan Building.
Together, the new leases will occupy 12,000 square feet.
The Marsh & McLennan building has character, said Tom Schmeltzer, manager of corporate real estate and facilities for Travelers, "but the real deciding factor was Dan himself."
Mr. Stone said what was more surprising than filling the building was the rental rates the building commanded, an average of nearly $18 a square foot for a building that falls in the murky boundary between the Class A and Class B office markets.
"We achieved quite respectable rental rates," Mr. Stone said. "Things are improving in a steady way."