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Koll Bren to Erect 175,000-SF Office Building on Spec

BOXBOROUGH, MA-The project will be developed behind an existing building acquired last year by the real estate company. Since the beginning of the year, rents have risen from $13 per sf to $18 per sf.

By Joe Clements | Updated on September 07, 2000

Responding to a surge of growth in the Metrowest market, Koll Bren Schreiber Realty Advisors is pushing ahead with a 175,000-sf spec office building on the Boxborough/Acton border. According to one source familiar with the property, a ground-breaking is imminent for the three-story structure.

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.”

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