Glenn Rhuda, managing director at Mohr Partners, represented both the buyer and the seller in the transaction. Simpson Gumpertz Hager, the engineering firm occupied the building until this past September. The building is currently vacant, but Rhuda tells GlobeSt.com that the property has not been marketed because the owners were interested in selling.
According to Rhuda, average office lease rates in the area range from $15 to $20 per sf on a gross basis. The northwest suburban market continues to struggle to fill its space with the overall availability rate for the area, according to Spaulding & Slye Colliers' most recent statistics, at 31%. That figure is above the average rate for the Greater Boston suburbs.
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