Roy Hirshland, president, and Mark Cote, managing director, of T3 Realty Advisors brokered the transaction. The space in the building, which is owned by Equity Office Properties, formerly served as RSA Security's corporate headquarters. The company expanded several years ago to another office park in the city, Bedford Woods.
"The 170 Systems sublease represents our largest sublease to date," says Dan Ryan, director of real estate and facilities for RSA Security. With this deal, RSA Security has subleased nearly 100,000 sf of excess space at Crosby Corporate Center since the company relocated to its new campus.
Hirshland notes that both 170 Systems and RSA Security were founded in Cambridge and moved to the suburbs when they wanted to expand due to the lower rent costs. According to Grubb & Ellis' most recent statistics, the area's average asking rent is about $22 per sf, as compared with the average asking rent in Cambridge at $31 per sf. Sublease deals tend to command an even lower rate.
Excess sublease space remains a major factor in the area's high vacancy rates. The northwest suburb's vacancy rate is still at about 19% for direct space and at 31% when sublease space is factored in, according to the most recent statistics from Spaulding & Slye Colliers.
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