Lease rates for this deal were not available, but the average asking rent for space in the area is about $22 per sf. The deal is a big one in a market that continues to experience vacancy rates at nearly 20%, according to Cushman & Wakefield's most recent statistics.
Allied Domecq notes that it spent the past six months looking at office space within a five-mile radius of its current corporate offices in order to minimize the impact on employees' commutes. The building at 130 Royall is located near Route 128 and adjacent to Reebok International's corporate headquarters. The interior build-out of the new construction building will be completed over the next year and Allied Domecq plans to occupy the 175,000-sf building in October 2004. Approximately 600 employees will work at the three-story building.
Allied Domecq CEO Jon L. Luther says that the company anticipates that bringing most of its employees under one roof will "increase its existing momentum and stimulate its creativity and efficiency."
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