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Tuesday, June 22, 2010

Pioneer Honchos Go Real Estate Hunting

News summary by MFWire's editors

Pioneer Investments is not only seeking a new owner, it is also searching out new space for its offices. The firm has a lease in two spaces in the Boston area that total some 264,000 square feet. Both leases expire over the next nine months.

Neither is likely to be renewed, reports the Boston Business Journal, instead Pioneer is seeking new space in can occupy starting in the spring of 2012.

The firm's current headquarters is located at 60 State Street in Boston's Financial District. That lease runs out in March and covers 157,000 square feet, according to the report. Pioneer officials are reportedly actively seeking space to in downtown Boston for new offices.

A second Boston area location is covers 107,000 in Medford, Massachusetts. That lease expires at the end of September.

The move would come amidst a possible say of the firm. Top leaders at Italy’s UniCredit Group -- which purchased Pioneer in 2000 -- have told stockholders that they are seeking a buyer for Pioneer's global operations. [See MFWire's living timeline of the Pioneer auction for more details and history.]  

Edited by: Sean Hanna, Editor in Chief

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