Travelers wouldn’t comment Monday on how much leased space was being emptied by the insurer. However, the property-casualty insurer is a major tenant in
The property-casualty insurer said the consolidation was not touched off by COVID-19, but the completion of renovations on its main campus, which includes the historic
“We’re nearing the end of a multiyear plan to renovate our facilities to create an even more collaborative environment while making better use of our space,” Travelers spokesperson
The campus has two main structures: the tower and the nearby plaza building.
Travelers, which has delayed a return to the office because of the spread of the aggressive delta variant, has said employees are being offered the option to work from home up to two days a week. The insurer also said its offices are likely to be reshaped to accommodate work areas that are shared by workers.
Thermansen stressed that Travelers isn’t moving any of its 6,000 employees in downtown
Even when Travelers moves out of leased space, it is still responsible for paying the rent unless it can sublease the space. Subleasing, however, can push down asking rents when tenants move out of spaces before their leases are up. They can competitively undercut what a building owner is asking for similar space in the same building.
According to sources familiar with the local real estate market, Travelers now leases about 210,000 square feet at the
“Travelers has substantial lease obligations at the
“Over the past couple of years, we have been moving some employees from
In addition, sources said Travelers leases 60,000 square feet at the
The downsizing of office space in markets around the country, including
“Most people that haven’t returned to their offices yet will eventually — at least on a hybrid work schedule — and that will ultimately bode well for the overall health of the downtown
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