Glenn Rhuda of Mohr Partners represented Pathfinder in the transaction, while Laura Marshall with HUB Properties II LLC represented the property owner, a real estate investment trust.

According to Rhuda, Pathfinder redesigned and increased its space by 1,200 sf. Rhuda adds that the deal enabled the firm to reduce its current obligation by 20% and save more than $200,000 in existing lease liability. The property, located at a bend in the Charles River, is a renovated turn-of-the-century brick mill building with balconied corridors and office windows overlooking a three-story 200-ft long atrium.

The deal is indicative of the current market, where many tenants are still racing to renew their leases under favorable terms. According to Grubb & Ellis's most recent statistics, the area has vacancy rates of about 18%. Lease rates for this deal were not available, but the average asking rent for office space in the area is approximately $22 per sf.