In the larger of two transactions involving sub-lessor Sigmatel, Navic Networks secured 20,000 sf to promote its expanding interactive television platform. The firm will be relocating from 140 Kendrick St. in Needham. CBRE/New England broker John Butterworth handled negotiations on behalf of the tenant.
The other lease was struck by InnoCentive, which has committed to more than 9,000 sf in the building. That firm promotes collaborations among life sciences professionals to resolve complex medical problems, offering financial rewards of up to $1 million.
InnoCentive is relocating from the New England Business Center in Andover. DTZ FHO Partners brokers Michael O'Leary and Ted Lyon were agents for the company, while Sigmatel was represented in both subleases by DTZ FHO principal John Boyle. Among the highlights of the new quarters cited as reasons for luring both tenants are a full-service cafe, fitness center and a shared conference facility. The six-story, 300,000-sf building is situated at the key Route 20 interchange near the Massachusetts Turnpike.
Details of the subleases were not provided. At the core of the Route 128 Central office market, Waltham commands the highest rents in the suburbs, with DTZ FHO putting the average direct rate at $42 per sf in its third-quarter market summary. The firm reports a 12.2% vacancy rate for Waltham's inventory of 8.5 million sf of office space through three quarters following a tepid amount of positive net absorption year-to-date of 72,000 sf.
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