nTag Takes 18,000 SF at Schrafft Center

BOSTON-Displaced from Fort Point Channel, technology company nTag Interactive Corp. has landed in the Hub’s Charlestown district after committing to nearly 18,000 sf at the Schrafft Center. The firm will occupy the first floor of the six-story, 609,000-sf building, which is owned by the Flatley Co. The move was mandated after Cambridge architectural company ADD Inc. bought 311 Summer St., the Fort Point office building where nTag is presently headquartered and into which ADD Inc. is relocating.

Having Boston’s subway network across the street and quick access to Interstate 93 and Route One are among the pluses of the Schrafft Center, says Stevens Group principal Debra Stevens, who negotiated the lease on behalf of nTag along with Christopher McMahon of GVA Thompson Doyle Hennessey. The tenant is creator of an interactive identification badge for use at trade shows and other networking events. Sabrina Tarantino and Bill Bush represented Flatley in-house.

The commitment by nTag comes in the wake of a torpid beginning to 2007 for the Charlestown office market, during which signed leases were a rare occurrence. According to figures compiled by Jones Lang LaSalle, there was negative net absorption of 2,600 sf in the district during the first quarter. Cushman & Wakefield had negative absorption of 16,000 sf. Charlestown also ranks with the highest vacancy among the city office submarkets, with C&W registering a 16.6% mark and JLL pegging the rate at 18.5%. The average vacancy rate in Boston after the first quarter was 7.5%, says C&W, while JLL estimates it at 8.2% overall.