The 58,000-sf, two-story, flex/office building was built in 1983. With this deal, it is now 100% leased. Lease rates were not available, but the average asking rent for office space in the area goes is approximately $17 per sf, while flex space gets nearly $10 per sf.
Tucker Hansen and John Carroll of Meredith & Grew's suburban brokerage group represented PointCare, while Eric Brosler of Investment Property Specialists represented property owner Cedar Hill Nominee Realty Trust. According to Trammell Crow Co.'s most recent statistics, Marlborough's office market experienced overall availability rates of 28.5%. Its research-and-development market had an availability rate of nearly 36%.
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