Eisai Research Institute of Boston Inc. owns the 66,000-sf building. With this transaction the building is 100% leased and home to five tenants, including Eisai, which leases about half the building. Juliette Reiter, associate, of GVA Thompson Doyle Hennessey & Stevens, represented the property owner in the transaction, while Cushman & Wakefield represented Brown & Caldwell.
Eisai, which performs discovery research on complex synthetic and organic chemical compounds, owns and operates four buildings here. The firm is a wholly owned subsidiary of Eisai Co. Ltd. of Japan.
Lease rates for this deal were not available, but the average asking rent for office space in the area is about $18 per sf. According to Trammell Crow Co.'s most recent statistics, the overall availability rate for office space in Andover is 29%, a figure that has been holding steady since January 2004.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
