John Boyle, principal, and David Boyle, senior associate represented Parametric Technology Corp. in the transaction, while Matt Daniels, assistant vice president, and Curt Oberg, senior vice president of Spaulding & Slye, represented By Appointment Only.
The three-story, 284,000 sf stand-alone office building is located off Route 3. Lease rates for this deal were not available, but the average asking rent for office space in the area is approximately $20 per sf. Sublease deals tend to command a lower rate.
Excess sublease space continues to be behind much of the available space in the area. According to Spaulding & Slye Colliers' most recent statistics, the vacancy rate for the area, which involves only direct space is at 19%. The availability rate, which factors in both direct and sublease space, is at 31%.
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