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Cereva Subleases 140,000 SF From 3Com

Pace of deal reflects active suburban Boston market.

By Joe Clements | Updated on July 28, 2000

MARLBOROUGH, MA—For Greater Boston’s space-starved office tenants, it was a welcome repast, but the 140,000 sf of sublease space offered up recently by 3Com has already been gobbled up. Cereva Networks, which initially committed to half the space, will now lease the entire two floors at the sprawling 500,000-sf campus.

Cereva is said to pay an estimated $29 per sf, a record for the market. According to Scott R. Hughes of Hughes Properties Corp., the previous high-water mark was $25 per sf.

Noting that rents are currently 60% to 70% below those in Silicon Valley, M&G director of research Leslie A. Ouelette notes that there was little slowdown in leasing activity during the second quarter, despite the 40% correction in the Nasdaq.

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