"They are a fast growth telecom company and they needed more space," John Wilson, managing director at the Boston office of Insignia/ESG, tells Globest.com. Insignia/ESG represented Quantam Bridge in the transaction. Meredith & Grew represented the landlord, Boston Capital Institutional Advisors.
The lease rate for the two-story building is $22 per sf, lower than the current market rate in this area because the seven-year lease was negotiated last May. Area rates are now as high as $30 per sf. "It is safe to say that this is an emerging high-tech area," notes Wilson. Among the other companies leasing space in River Road are PictureTel, Agilent Technologies, Bell Atlantic, Putnam Investments and CMGI. The location is about 15 miles from Downtown Boston and ten miles from Route 128.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
