Michael Frisoli, Jonathan Varholak and Ron Friedman of Richards Barry Joyce & Partners represented Xerox, while property owner Hobbs Brook Management LLC was represented by Charles Batchelder of Wyman Street Advisors. Lease rates for this deal were not available, but the average asking rent for office space here is approximately $22 per sf.
The area's office market which was hard hit in the recent recession because of a concentration of high-tech companies continues to struggle to fill its space. According to the most recent statistics by Trammell Crow Co., Waltham has an overall availability rate of 35%. Still, the area did experience positive absorption of nearly 83,000 sf this year as of April, a possible indication that the market's tide is beginning to shift.
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