The center is a four-building, 980,000-sf first class office campus situated on a 58-acre site on Route 128 approximately 10 miles from Downtown Boston. With Oscient leasing the space at 1000 Winter St.--a four-story, 279,189 sf building--Bay Colony is now 93% occupied.
Senior vice president Daniel Cordeau and assistant vice president Jay Nugent of Spaulding & Slye Colliers negotiated on behalf of property owner, Shorenstein Co. Trammell Crow Co. principal John J. Boyle III and senior vice president Keith A. Gurtler represented Oscient.
Stephen Cohen, senior vice president and chief financial officer at Oscient, notes that the company was attracted to this building because of its location and the facilities of the park as well as the fact that the new office can accommodate the company's growth.
Lease rates for this deal were not available, but the average asking rent for office space in the area is approximately $22 per sf. According to Trammell Crow's most recent statistics, the overall availability rate for office space in Waltham has only dropped very slightly in recent months, from 36% in January to 35%, representing a positive absorption of nearly 83,000 sf.
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