Michael Dalton, senior vice president, Tom Kent, vice president, and Brian Hines, principal of Trammell Crow Co. represented Insulet in both the sublease and the direct lease. Corning was represented by John Wilson, partner, and Brian Connolly, associate, of Richards Barry Joyce & Partners. David L. Pergola, executive vice president, David J. Pergola, Jr., vice president, and Matt Adams, assistant vice president of Meredith & Grew represented Callahan.
Kevin Schmid, vice president of manufacturing for Insulet, says the location and layout of the building attracted his company to this facility. "This property facilitates a seamless expansion of our manufacturing and distribution capabilities."
"This transaction was a win-win-win for all three parties involved," adds Dalton. "Corning had a specialized, clean room facility that Insulet could re-use and William Callahan, the building's owner, stabilized the buildings tenancy for almost four additional years."
Lease rates for this deal were not available, but the average asking rent for research and development space in the area is approximately $9 per sf, although sublease deals tend to command a lower-than-average rate. The area's R&D market continues to struggle with an overall availability rate of nearly 35%, according to Trammell Crow Co.'s most recent statistics. Excess sublease space continues to drive some of the area's vacancies as the vacancy rate for Bedford, which includes only direct space, is at 20%.
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.
