The lease is one of the largest in the Route 128 submarket since last year when Fresenius Medical Care North America moved out of Two Ledgemont Center and into 205,000 sf at Waltham's Reservoir Woods, says Brian Hines, with Trammell Crow Co.'s Boston office.
"This is great news for the Route 128 central market," Hines tells GlobeSt.com. He negotiated the deal for the tenant along with colleague Keith Gurtler. "It's a good sign that things in that market are tightening." Current market studies show that class A vacancy in the Route 128 market is currently 9%, the lowest vacancy rate in that market since 2001.
Terms of VistaPrint's lease were not disclosed but a broker familiar with the transaction tells GlobeSt.com that the deal comes in at about $26 per sf, well below the $30 to $40 per sf commanded by some class A properties.
VistaPrint's relocation from its current 55,000-sf headquarters at 100 Hayden Ave. to 95 Hayden Ave., just across the street, will create a ripple effect in the market as Global Insight moves into space vacated in March by the online graphic design and printing firm, Hines notes. "It's one of these triple plays, and when you start seeing that, it's very good for the market," he says.
Mike Manzo, senior vice president with the Beal Cos. of Boston, owner of Lexington's Ledgemont Center, tells GlobeSt.com that the VistaPrint deal is not only an indication of a tightening office market, but it is also a sign that the Bay State's economy is on the upswing.
"Companies like VistaPrint are the public profile of that innovative spirit of what is happening here in Massachusetts," Manzo says; he together with colleague Bob Doherty handled the transaction for the landlord.
Manzo says the 202,000-sf building at 95 Hayden Ave. should be fully leased by the time VistaPrint moves its operations into the property in March.
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