Mark Cote, managing director of T3 Realty Advisors, represented PanGo Networks, while Jeff Walker of the Staubach Cos. represented Ericsson. Paradigm Properties, property manager and owner of the 75,000-sf building, was also instrumental in finalizing the transaction. Ericsson no longer occupies space in the building.
Cote tells GlobeSt.com that the building is nearly 80% occupied, adding that that the lease rate for this deal is in the mid teens per sf--a figure that is below market rate because it is a sublease deal. Cote notes that while excess sublease space was once a driving force in the office market's vacancy rates in this area, currently there is not much available for a company this size. "Most plug-and-play sublease space in Framingham in this size range" was snapped up, he says.
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