The Christian Science church’s office building at 177 Huntington Ave. in Boston could be down one tenant in 2014. And while that might not sound like a lot, it is significant when that one tenant occupies about 80,000 square feet of an approximately 200,000-square-foot office tower.

Wayfair, a home furnishings retailer, occupies 10 floors of the 25-story 177 Huntington Ave. office tower. But the company is projecting growth in the coming years and could need up to 120,000 square feet of space, according to several industry sources. Wayfair did not respond to requests seeking comment.

The church is in the process of marketing the office property to potential investors. Interested parties can buy the building, but the church would retain ownership of the real estate.

The vacancy rate is five percent, and there are about eight or nine other tenants in the building currently, but their leases are short-term, expiring between 2014 and 2016. That’s a good thing for investors who are expected to pay between $70 and $80 million for the property, said Benjamin Sayles, a director with Holliday Fenoglio Fowler, the firm marketing the building.

“It’s likely the buyer will upgrade the property and reposition it to a first-class office building,” Sayles said. “The idea is that as the leases roll over, you can increase the rent. Average rent is significantly below market.”

‘When You’re Hot, You’re Hot’

Those below market rents are somewhere between $33 and $36 per square foot, sources told Banker & Tradesman. The church is also not in the central Back Bay business district and has somewhat restrictive 7,700-square-foot floor plates. Those factors could concern some investors when it comes to finding new tenants if current occupants decide not to renew.

If they do, those leases would be honored and transferred to the new owner, said Barbara Burley, the church’s senior manager for real estate planning and operations.

But if Wayfair does vacate the space, the potential price tag of the property could suffer.

“It would definitely drive down value of the property if [Wayfair] moved out,” said William Motley, managing director of Jones Lang LaSalle. “It’s just on the edge of the Back Bay, so there’s some risk associated with it.”

But according to a local real estate investor, the building will fetch a high price either way. The floor plates would be a concern, especially if tenants do start dropping like flies, but with the location and the views, it will still “be a big one” on the investment sales market.

“If the property were leased up that would offer more stability,” the source said, asking for anonymity because of potential conflicts of interest. “But it’s the story of a lot of capital trying to find a home. Investors want to be in four or five markets in the country, and Boston is one of them. When you’re hot, you’re hot. Right now, we’re hot.”