John Butterworth, vice president of Meredith & Grew represented Banta in the transaction, while Peter Bekerian and Deb Gould of Spaulding & Slye represented the property owner, JP Morgan. The 140,582 sf, first-class office building is located in CambridgePark, a three-building, 571,672-sf, master-planned office complex located in the Alewife submarket of the city. It is located at the intersection of Routes 2 and 16 near the Alewife T stop.
The area's office market continues to experience relatively high vacancy rates with the most recent statistics from Trammell Crow Co. indicating that overall availability rates for the area are at 37%. Lease rates for this deal were not available, but the average asking rent for Class A office space in the area is approximately $27 per sf.
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