Mark Mulvey, vice president and Rick Fahey, principal with Trammell Crow Co., represented Viisage in the transaction, while Hunter Emerson of CB Richard Ellis/Whittier Partners represented Eistream.
"The arrangement provides us flexibility for both short and long-term growth," says Bill Aulet, chief financial officer and senior vice president of Viisage. "It offers us a highly productive environment while also being a financially responsible investment."
The three-story, 165,822-sf office is located near Route 3 and features a cafeteria as well as a health-and-fitness facility. 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 than average rate.
Excess sublease space continues to be a driving force in the high availability rates in this area. According to Spaulding & Slye Colliers' most recent statistics, the vacancy rate for the area is at 19%. But when available sublease space is factored in the availability rate shoots up to 31%.
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