The building is located within Technology Square, a 1.1 million square foot complex that is owned by the Massachusetts Institute of Technology. A number of high-tech companies lease space in the complex including Forrester Research, Akamai and Dyax. Bob Richards, president of Richards Barry Joyce & Partners, represented TolerRx in the transaction while Steve Lynch of InsigniaESG represented MIT.
Just a year ago, the vacancy rates in this area were hovering around 1%. Any lab space that came on the market was snatched up immediately as tenants panicked that they would not be able to expand. The picture here has changed considerably. According to fourth quarter numbers released recently by Spaulding & Slye Colliers, this area's vacancy rates have shot up to 9.4%, and the availability rate, which includes sublease space, is at a whopping 20.5%, up from 4.7% for the same period last year.
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