Mark Winters and Mark Roth of Cushman & Wakefield represented Louis Berger. Patrick Cavanaugh and Andrew Majewski of CB Richard Ellis represented property owner TA Associates Realty. The Class A office building is adjacent to the Sheraton Hotel and the Highland Avenue interchange. The building features covered parking and is near Route 128.
Lease rates for this deal were not available but the average asking rate for office space in the area is about $24 per sf. According to Grubb & Ellis's most recent statistics the vacancy rate for the area is at 18%. As of this past April, the area experienced positive absorption of nearly 227,000 sf.
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.
