According to Jacoby, Genesis renewed its lease early in order to reduce its occupancy costs prior to the actual lease expiration. The facility is part of a three-building, one million-sf office complex.
According to the most recent statistics by Trammell Crow Co., the Andover office market experienced an overall availability rate of 29% a figure that has not changed significantly over the year. The area experienced negative absorption of 5,500 sf in the first half of the year. Lease rates for this deal were not available but the average asking rent for office space in Andover is about $18 per sf.
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