Marilyn Rubbico and Joseph Sciolla of Cresa Partners Boston, a corporate real estate advisory firm specializing in tenant representation, spoke for Foliage Software Systems in the transaction, while Douglas Wynard represented property owner, the Nordblom Co.
The single-story building is part of the 1.5-million-sf Northwest Park. Lease rates for this deal were not available, but the average asking rent for similar space in the area is about $20 per sf. The deal is indicative of the market where tenants are rushing to renew their leases to take advantage of the current relatively low rates. According to Spaulding & Slye Colliers' most recent statistics, the area is experiencing an availability rate of 31%.
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