The Codman Company Inc./TCN represented InterSense in the transaction, while T3 Realty Advisors represented RSA Security Inc., which is subletting the space. The two-story building will serve as InterSense's corporate headquarters.
Excess sublease space continues to drive much of the vacancies in the area. According to Spaulding & Slye Colliers' most recent statistics, the area's vacancy rate is at 19% but the availability rates, which includes both direct and sublease space, is up to 31%. Lease rates for this deal were not available, but the average asking rent for office space in the area is about $20 per sf. Sublease deals tend to command a lower than average rate.
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