Meredith & Grew vice president John Buttterworth and associate Elias Demakas represented Ounce Labs in the four-year sublease. Lycos, which is subletting the space, was represented by Michael Ripp and Drew Nelson of CB Richard Ellis Whittier Partners.
The seven-story, 150,000-sf, Class A office building is located in the Prospect Hill Office Park. Butterworth notes that the fact that the space was a "plug-and-play" opportunity--meaning it is fully outfitted with furniture and computers--made it a good fit for a start up like Ounce Labs. Jack Danahy, CEO of Ounce Labs points out that company's facility needs have more than tripled in the last year.
Lease rates for this deal were not available, but the average asking rent for office space in Waltham is approximately $22 per sf. Sublease deals tend to command a lower than average rate.
Excess sublease space continues to drive some of the office market's vacancies in this city. According to Trammell Crow Co.'s most recent statistics, the overall availability rate for Waltham is at 35% for direct space and sublease space. The vacancy rate for just direct space is at 25%.
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