Fay, Spofford & Thorndike was represented by David Ross and Joseph Sciolla of CRESA Partners Boston, in the transaction while property owner, New Boston Fund, was represented by Tamie Thompson of Spaulding & Slye Colliers.
Dean Groves, executive vice president of Fay, Stafford & Thorndike, notes that the firm executed an early renewal in order to take advantage of current market conditions, enabling them to lock into a long-term lease at what he calls a "favorable rate."
The Route 128 North market continues to experience vacancy rates of about 22%, according to Grubb & Ellis's most recent statistics, up slightly from 20% the previous quarter. Lease rates for this deal were not available, but the average asking rent for office space in the area is about $22 per sf.
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