The center is located on Route 128, 10 miles from Downtown Boston. The complex consists of three four-story buildings and one three-story building on a 58-acre parcel.
This past spring, Bay Colony lost an anchor tenant when Oracle relocated to the campus it built in Burlington. But according to JoAnn Stock, senior leasing representative of Shorenstein Realty Services, "We've been very fortunate in this economic environment. With Oracle moving to Burlington, their space came back to us in April and could have left us with substantial exposure. However, it appears that the business community is positive about the future and as a result we've been able to bolster our tenant roster and maintain our occupancy over 92%."
Last year, Private Healthcare Systems renewed for a five-year term on 200,000 sf of space. New leases have been signed with Genome Therapeutics for 31,501 sf, Verdasys for 16,911 sf, Modus Media for 16,159 sf, Amadeus North America for 9,553 sf, Commonwealth Capital for 5,931 sf, Maxymillian Technologies for 5,021 sf, WD Partners for 3,712 sf and Ultreia Capital for 3,034 sf.
Sue Donovan, Keith Gurtler, John Boyle and Rick Fahey of Trammell Crow Co., along with Stock, handled the lease negotiations on behalf of the property owner. Dan Cordeau and Jay Nugent of Spaulding & Slye represented Genome Therapeutics. Keith Gurtler of Trammell Crow represented Verdasys. Roy Hirshland and Greg Hoffmeister of T3 Realty Advisors represented Commonwealth Capital and Modus Media. David Campbell of Codman Co. represented Amadeus North America. Tyler Spring of Grubb & Ellis represented Maxymillian Technologies. Robert Walles of CB Richard Ellis represented WD Partners. Ron Friedman of Richards Barry Joyce & Partners represented Ultreia Capital.
Waltham continues to struggle to fill its space. According to Trammell Crow's most recent statistics, the area had an overall availability rate of 35% in April, down just 1% from January. Lease rates in the area average about $22 per sf.
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