Jeff Becker, with NAI Hunneman Commercial, tells GlobeSt.com that the firm originally talked with Lincoln Property Co., which manages and leases the building for a New York investor, in March about taking space in the 10 story property and managed to cut a deal at rates below current rents. "It was a heck of a deal," says Becker.
Terms of the lease were not disclosed but rental rates in the area are generally in the mid to high $20 per sf range, according to market reports.
The firm, a leading third-party supplier of BACnet software, will lose some space when it moves out of the 12,000 sf at its current 125 Summer St. office.
Becker handled the transaction for the tenant, while Philip Sullivan, with Lincoln Property, negotiated the deal on behalf of the landlord.
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