The two-story building, which was developed in 1985 by Prudential Realty Group, underwent a gut rehab in 1995. It is located within Andover Tech Center, a master-planned office park at the River Road/Route 93 interchange.
Lease rates for this deal were not available, but the average asking rent for office space in the area--according to Spaulding & Slye Colliers most recent statistics--is approximately $15 per sf. The deal is good news in a market that continues to experience availability rates of about 33%, much of which is being driven by excess sublease space. The vacancy rate for the area--which is for direct space only--is 15%.
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