Tad Lee, vice president of Meredith & Grew, Inc. represented the tenant. Joseph Flaherty, Meredith & Grew executive vice president, represented property owner, New Boston Fund.
Excess sublease space continues to be a factor in the vacancy rate in the area. According to Trammel Crow Co.'s most recent statistics, the overall availability rate--which includes both direct and sublease space--is at 29%. The vacancy rate for just direct space is at 15%. The city experienced a negative absorption of 302,000 sf as of April of this year.
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