The deal represents a consolidation as the firm plans to relocate its Worcester and Newton offices to the new space. Carlin, Charron & Rosen was represented by John M. Lashar and Brian M. McKenzie, partners at Richards Barry Joyce & Partners in the deal. The building is owned by Laborers' Pension/Westborough Investment Corporation
The new location will be home to 175 of the firm's employees after an anticipated move-in date of October 2004. The new location exceeds the total space of the Newton and Worcester offices. Carlin, Charron & Rosen had been headquartered in Worcester since its inception in 1997.
"As one of New England's fastest growing companies, Carlin, Charron and Rosen, LLP needed to find space that would support its expansion," says Lashar. "We worked closely with the firm to find a location that would be convenient to its employees and clients. The building is close to major highways, offers expansion and, most importantly, delivers operating efficiencies through the consolidation of two offices."
Lease rates for this deal were not available but the average asking rent for office space in the area is about $19 per sf. According to Meredith & Grew's most recent statistics, the Newton area has an overall availability rate of about 22% while Worcester's rate is about 25%. However, the Westborough area struggles with even higher vacancies as the availability rates in that area are as high as 34%. The area experienced a negative absorption last year of 335,851 sf.
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