Cosmetics giant Estée Lauder is possibly looking to relocate its head office from Boston Properties’ General Motor Building, and has enlisted the help of property company CBRE to help ascertain whether it should remain in the building.
According to the Commercial Observer the company is set to move from the building of which it is one of the earliest residents. The company occupies 300,000 square feet of the office space spanning nine floors.
Sungate Trust acquired a 40 per cent stake in the building in 2013 for $1.4bn, valuing it at $3.4 billion; the most expensive building in the country at the time. A group including Dubai-based private equity firm Meraas Capital and the sovereign wealth funds of Kuwait and Qatar own the remainder.
Estée lauder has declined to comment.