The 65,942 sf red-brick building, located near Harvard Square, was constructed in 1986 and acquired by Paradigm Properties in 2001. The building features a two-story atrium lobby and a two-level underground parking garage. It is currently fully leased. Among its tenants are Cypress Communication, Delphi News Corp., Design Within Reach, Idea, Inc., the Stubbins Assocs. Inc. and Utrecht.
Lease rates for this deal were not available, but the average asking rent for office space in the area has remained flat at about $31 per sf for Class A space and $23 per sf for Class B space, according to a recent market review by CRESA Partners' Cambridge Group. The report indicates that overall office vacancy for Class A and B space in the area has dropped a few points, to 22.4%.
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