Spaulding & Slye Colliers assistant vice president Leslie H. Lanne represented property owner, Lexington Management, and IBM in the transaction. Trammell Crow Co.'s vice president Keith Gurtler represented Revivio.
Revivio says it needs the space to accommodate its rapid growth and increased demand. The new facility will house Revivio's development, customer services, sales and corporate departments. Revivio is moving from its previous location at 10 Maguire Rd.
Lanne says the deal was "completed on an accelerated schedule to accommodate Revivio's tight time frame."
Lease rates for this deal were not available but the average asking rent for office space in the area is about $20 per sf, although sublease deals tend to command a lower rate. The sublease market continues to be a driving force behind much of the vacant space in this market. According to Spaulding & Slye Colliers's most recent statistics, the area's availability rate, which includes available direct and sublease space, was 31% but its vacancy rate, which includes only available direct space, is at 19%.
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