"They are a great fit for the property," Reardon tells GlobeSt.com. Danversbank is a leading financial institution on Boston's North Shore, he says, providing an established local moniker to the tenant roster. Growth appears in the firm's future as well given that it is in the process of going public. Danversbank struck a five-year lease with Tea Light LLC, an affiliate of the Goggin Co. of Portland, ME. Besides Reardon, Tea Light was represented by CBRE VP Jason Levendusky.

Goggin has owned the asset since buying it last summer for $16.7 million. Once occupied by lighting giant Osram Sylvania, the complex was acquired by Applied Materials in 2002 with plans to produce equipment related to the semi-conductor industry. When the technology industry cratered and Massachusetts was cast into a lengthy recession, Applied's vision never materialized.

Tea Light's platform was unveiled last summer at a time when the suburban office market was finally coming around. Initially holding out for one or two firms to occupy the three-building park, the ownership shifted to a multi-tenanted program when smaller- and mid-sized companies began to dominate the leasing landscape. Although the summer doldrums have kicked in throughout the office sector, Reardon says 75 Sylvan St. is now receiving interest from prospects circulating in the submarket. "It has been a slow summer, but we're encouraged," says Reardon.

Given the robust economy and expectations that tenants will move beyond core markets like Route 128 Central in search of more affordable office space options, communities such as Danvers are anticipating an increase in demand after Labor Day. The second quarter was relatively flat, with Route 128 North only posting positive net absorption of 15,000 sf during that stretch. The market of 15.5 million sf still has the highest vacancy rate on Route 128 at 16.1%, but is slightly lower than the level for all of suburban Boston, a 99.2-million-sf inventory presently at 16.6% vacant.