The building's central location and ease of access were the main reasons for the group's decision to take the site. The group plans on adding an ambulatory surgery center to the location next year.
Mark Carangelo and Brian Morrissey of The Codman Company, Inc., represented Winchester in the deal. Carangelo acknowledges that this area has a "challenging" market and he doesn't see the situation improving any time soon. Vacancy rates are in the high 20% neighborhood according to most statistics. "It will be at least a year before there is a significant blip up in rents, Carangelo tells GlobeSt.com. "There is so much space out there that needs to be absorbed."
This building's current market rate is about $18 to $19 per sf. In May of 2000, space was going for an average of $32 per sf.
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