The building, which is located at 255 Washington St., is leased to a variety of tenants including Achievement Technologies and Med Tac. The deal is indicative of the current market in which tenants are racing to renew their leases and take advantage of the current lower rates. Lease rates for this deal were not available, but the average asking rent for office space in the area is about $25 per sf.
Vacancy rates for the Route 128/ Mass Pike market remain at about 20%, according to the most recent statistics from Grubb & Ellis. But, in a positive note, the statistics indicate that the market experienced positive absorption in the last quarter of 2003 of 323,000 sf.
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