I think some examples we’ve talked about the building of Washington, D.C., representing about just over 2% of our annualized revenue. The tenant there was kind of — it was on the fence about whether or not they stay, it looks like they’re going to renew, but downsize. And so that will — once that transact, that will kind of reduce or open up some additional vacancy. And then we have a project in Boston, where the tenant is going to leave or is expected to leave midyear. And I would say that there is some activity there, but nothing far enough along to speak to. So, it really depends. We have 10% vacancy across the portfolio. So, there’s going to be ebb and flow about whether or not we see leasing on the known vacates or kind of augmenting that over towards some of the vacancy.
I think in general, we would expect to see leasing on both fronts. I think just as another kind of anecdotal piece, we have, I think, close to 200,000 square feet in advanced discussions of new leasing, some of which may hit this quarter. And so I think that will be kind of a path towards addressing or kind of countering some vacancy and again, with some activity around some of these known vacates.
Bryan Maher: Okay. Thanks for that. And just really quick last for me. If memory serves me, you have cobbled together, I think, an entire city block in Downtown Boston for possible redevelopment. Is there any update there?
Chris Bilotto: On the redevelopment side, there’s not. I mean, I think that it’s something — it’s a great site. I think long-term, I think we’re optimistic about options there. But in Boston, in general, it’s just a very lengthy process to work through potential development. And so I think where we sit today, it’s still something we’re focused on, but nothing to really speak to as far as progress. And so — and I think to complement that, it’s not a scenario in the near-term where we would see any real significant capital spend in support of that project.
Bryan Maher: Okay. Thank you.
Operator: And the next question is a follow-up from Bryan Maher with B. Riley FBR. Please go ahead.
Bryan Maher: Well, I guess that there’s no questions, I’ll throw in one more. When it comes to your dialogue with existing tenants, when their properties are coming up for renewal, can you give a little color on how those are going when it relates to the fact that they might think that they have a little leverage with the whole work-from-home scenario and the macro environment versus your argument that, hey, we have inflationary costs that we need to pass through. Can you give us a little color on how those progress?
Chris Bilotto: Yes, I think it’s a couple of things. I think for tenants who find that it’s important to control their space of the building. So, let’s just use single tenants — single building occupied by single tenants. For example, in that particular case, I think it’s really just a function of market because, in most cases, if the tenant wants to control the space, it’s hard to negotiate something other than a downside because we all know they don’t want to give back space. But really, this is a function of just overall space needs. I don’t know that there’s a scenario where there ‘smore leverage. I mean, I think, clearly, we want to be in a position where we can retain a tenant. And so we’re going to focus on what our market deals and at the same time, recognize that there is a significant amount of value in retention versus the alternative with either a downsize or vacancy.
