CB Richard Ellis/Whittier executive vice president/partner Chris Tosti and vice president/partner Robert Walles represented the property owner, while CB Richard Ellis/Whittier vice president/partner Robert McGuire and Matt Flaherty, associate, represented TrueAdvantage, a company that provides sales and business information.
The new complex is entering a segment of the Greater Boston suburban market that has one of the highest direct vacancy rates. According to Spaulding & Slye Colliers' most recent statistics, the Route 495/Mass Pike market had a direct vacancy rate of more than 20%. The availability rate, which includes sublease space, was nearly 32%. Lease rates for this deal were not available, but the average asking rent for office space in the area is about $19 per sf.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
