In the latest twist in the topsy-turvy office market, Reebok has listed its entire Boston Seaport District office as available for sublease, five years after its splashy move into the custom-built space featuring a two-story gym and a boxing ring.
The available space encompasses over 194,000 square feet across five floors at 21-25 Drydock Ave. in the Innovation and Design Building at the Seaport’s edge in Boston. That includes the 30,000-square-foot gym that Reebok designed to be among the best fitness facilities in corporate America, complete with a CrossFit box and studios for yoga, dance and more.
“We can confirm that we are currently evaluating our office space. The process is ongoing,” Reebok spokesperson Daniel Sarro said, declining further comment.
The Boston-based company has no other office in the region. The shoe and apparel maker’s long-time parent, Adidas, sold the company to Authentic Brands Group in March for about $2.5 billion. Ahead of the sale’s closing, Reebok laid off 150 employees, most of them in Massachusetts. There have not been layoffs since then, Sarro said.
Reebok moved its headquarters to the Seaport from a sprawling Canton campus in 2017. It was a prime example of a shift away from suburban office space before the pandemic, by companies that wanted to be closer to where young talent lived and gathered after work. The Seaport was a particularly popular destination, attracting major employers such as General Electric Co. and PTC from suburban locales.
See Reebok’s office space in the Seaport District:
The Seaport remains a draw for businesses, but Covid-19 and the economic slowdown have brought big changes to the larger office market. According to a Colliers report this week, office vacancies now stand at about 16% in the city of Boston, the highest mark since the pandemic started. More than 900,000 square feet has been made available for sublease this year in the city, including blocks of space across multiple Wayfair buildings, according to the Colliers report. Like Reebok, Bose listed its entire Boston office for sublease earlier this year.
The Reebok lease for the space runs through March 2030, according to a brochure reviewed by the Business Journal.
Reebok’s office is being marketed as a “unique move-in-ready tech” opportunity, according to the brochure. While now an office, the space could draw interest from life sciences companies. Related Beal and Jamestown LP are converting a large chunk of other parts of the Innovation and Design Building into labs.
Reebok’s former Canton headquarters was even more packed with athletic amenities, including basketball and tennis courts, a baseball diamond and an outdoor track. That campus is now occupied in part by Point32Health, the organization formed by the merger of Tufts Health Plan and Harvard Pilgrim Health Care.
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