Calls to California-based Koll Bren were not returned, but Insignia/ESG has been retained to market the building, acknowledges principal Stephen J. Murphy. He believes a spike in rental rates, coupled with a lack of supply, makes construction of new office product in the area a viable notion.

"It's on fire right now," says Murphy. "That market has absolutely skyrocketed in rental rates and activity, and it just keeps going… We're very excited about the new building."

Murphy estimates that Boxborough and surrounding communities such as Littleton, Westford and Acton have seen rents grow from $13 per sf at the beginning of the year to $18 per sf now. Insignia anticipates that rates will be in the $22 per sf range by the first quarter of 2001.