A Boston Properties spokesperson confirms for GlobeSt.com that the company has purchased the development rights but declined to disclose the purchase price. Unconfirmed reports put the amount at $13 million or $63 per sf.
While this area has seen its vacancy rate go up recently, interest in properties here continues to be high. While rental rates have come down slightly from the highs of last year, rental space is still getting an average of mid to high $30s per sf with Class A space achieving average rents in the mid $40s.
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