BOXBOROUGH, MA-An office property completed six years ago as a built-to-suit for Agilent Technologies is now on the leasing market, as owner Piedmont Office Realty Trust seeks to take advantage of an improving suburban Boston economy. Based in Norcross, GA, the non-traded REIT acquired the 175,000-sf 90 Central St. in May 2002 as Wells Real Estate Funds, an affiliate of the Wells Real Estate Investment Trust that became Piedmont this summer.

“We're excited about the Greater Boston real estate market right now and the surge of activity that is being felt in the region,' says Piedmont principal Brett Miles in announcing that his firm has retained Richards Barry Joyce & Partners as exclusive leasing agents for the three-story building. RBJ principal John Wilson, who is handling the assignment with colleague James Lipscomb, says he believes the opportunity will be well-received by the technology community, a constituency enjoying an enhanced level of IPO and venture capital financing in recent months.

There is presently 62,000 sf available at 90 Central St., and the landlord is willing to subdivide in increments of 8,000 sf. Designed by ADD Inc. of Cambridge, a leading architect of corporate facilities, 90 Central St. has the amenities, systems and location to be crowned a “best-in-class” destination, according to Wilson, who is quite familiar with the property. Not only was he Agilent's broker initially, Wilson joined Lipscomb in subleasing the space for the Hewlett-Packard spin-off after New England's economic meltdown rocked the market, prompting Agilent to depart for a nearby property. The space managed to attract subtenants such as Applied Micro Devices, which took nearly 65,000 sf on 90 Central St.'s second floor, a coup at a time when vacancy rates for I-495 were approaching 40%.