Davenport Building Leases Up 100,000 SF

CAMBRIDGE, MA-The Davenport Building leased up 100,000 sf of space. The 220,750-sf building, located at 25 First St., is now nearly fully leased up.

“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.