The 34-story 10 Light St. tower is the longtime home of law firm Miles & Stockbridge PC. The firm, which leases 120,000 square feet, is moving next year to the nearby 100 Light St. tower, effectively leaving 10 Light St. vacant.
The downtown rental occupancy rate surpasses 90 percent, and a report commissioned by Downtown Partnership estimates the neighborhood needs 5,800 new residential units by 2017 to meet growing demand for housing.
Mayor Stephanie Rawlings-Blake in a statement said the redevelopment of 10 Light St. "addresses ... my top priorities for downtown." Rawlings-Blake has set a goal to bring 10,000 new families to the city.