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raftKings is set to vacate the Back Bay and return to downtown Boston, moving its headquarters to 225 Franklin St. in 2027. The new location, adjacent to Post Office Square, will house roughly the same 125 000 sq ft that the company currently occupies at 500 Boylston/222 Berkeley, where Wayfair also has offices. DraftKings’ former downtown site on Summer Street was its base before the Back Bay move nearly seven years ago.
Wayfair will leave its long‑time headquarters at Copley Place and a nearby St. James Ave. office, consolidating its Boston staff into a single corporate space at 500 Boylston. The 340 000 sq ft lease will accommodate about 2 500 employees and allow room for future expansion. The company’s Boston workforce has shrunk from over 5 000 in 2018—when it received $31 million in state tax credits—to roughly half that number after recent layoffs and the revocation of most credits three years ago. Wayfair previously announced a 1.3 million sq ft lease in February, but that figure will be cut dramatically once the new headquarters is operational.
Both firms are experiencing strong sales growth this year. DraftKings, the smaller of the two, is accelerating as legal sports betting expands across more states. “DraftKings remains deeply committed to Boston where we have built and grown our company,” said spokesperson Stephen Miraglia. “This new space will reflect the evolution of today’s work environment featuring modern amenities, convenient access and a design that meets the dynamic needs of our employee base.”
The arrival of DraftKings is expected to energize the Financial District, which has struggled to rebound from widespread remote work during the pandemic. “It’s great for Post Office Square, which can obviously use a little more vibrancy,” said Tucker White, head of office market intelligence at Avison Young. “It’s definitely a plus for downtown to see some heavier leasing in those Class A towers, particularly the bottom half of those towers [because] that’s what’s been plagued over the last several years.” White noted that downtown has seen more leasing activity this year than the Back Bay, largely because the Back Bay has limited available space, especially in its premium towers.
DraftKings’ move to 225 Franklin follows Oxford Properties’ renovation of an amenity floor, including a major overhaul of the “Retreat” event space. The 1960s‑era tower, once State Street’s headquarters, is considered the Financial District’s first modern skyscraper. Holding onto DraftKings and Wayfair as key tenants “seems like a huge win for Oxford,” said Mark Fallon, research director at Hunneman. “I’m not sure we’re going to see a dramatic shift in fundamentals, but we are seeing improvement in the sentiment. … The vibe is shifting.”
Jon Chesto can be reached at [email protected]. Follow him @jonchesto.
