"Such a high volume of lease activity during such a short time frame at the property shows that deals are still being made, if owners are creative, aggressive and if a solid reputation of excellence is behind each transaction," says John T. Caldwell, managing director of Paradigm Properties, which manages the building owned by IBUS. According to Trammell Crow Co.'s most recent statistics, the availability rate for Cambridge is about 26%. The area had a positive absorption of nearly 87,000 sf so far this year.
Sapient Corp., a business consulting and technology services firm, is moving back to the building with a four-year, 28,000-sf lease for space on the fourth floor. The company is relocating to the building from One Memorial Dr. Richards Barry & Joyce represented Sapient in the transaction while Paradigm Properties represented the building.
ProfitLogic, a locally based provider of analytical solutions to retail corporations, expanded and extended its lease for 22,604 sf of space on the third floor of the building. Richards Barry & Joyce represented ProfitLogic in the transaction, while Paradigm Properties represented IBUS.
Atlantis Components, an implant dentistry product developer, signed a 17,220-sf, four-year lease for space on the first floor. In this transaction, Curtis Cole and Chuck Kavoogian of CB Richard Ellis represented Paradigm and IBUS, and Steven Purpura of Richards Barry Joyce represented Atlantis.
Locally based Interwise, a provider of integrated data, video, and voice conferencing solutions, signed a lease for 8,331 sf for space on the fourth floor. Paradigm represented IBUS and Cresa Partners repped Interwise in the transaction.
Zipcar, a locally-based car rental company, leased 5,080 sf of space for five years on the fourth floor of the property. Curtis Cole and Chuck Kavoogian of CB Richard Ellis represented Paradigm and IBUS, while Christopher Crooks of Cresa Partners stood in for Zipcar.
Nature America Inc., the London-based scientific publishing arm of Macmillan Publishers Ltd, leased 4,227 sf on the first floor of the property. Curtis Cole and Chuck Kavoogian of CB Richard Ellis represented Paradigm Properties and IBUS while Lincoln Property Co. spoke for Nature America.
"We've had a high volume of lease activity at the Davenport Building because of its great location and because of the fact that the building is the best brick and beam rehab in the Boston area," says Caldwell. "Also, Paradigm provides cutting-edge services and IBUS provides an aggressive lease rate."
Lease rates for these deals were not available, but the average asking rent for space in the building is about $23 per sf.
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