"Parexel is signed," one source relays to GlobeSt.com, a notion supported by another industry professional familiar with the negotiations. Headquartered in Waltham, the biotech services firm has been one of the state's top performers in recent years, and is said to be leasing 2 Federal St. for expansion purposes. GlobeSt.com initially reported that Parexel had shifted focus for the requirement from a Chelmsford building to 2 Federal St., which is part of the Fields office park.

A call to Parexel broker Brian McKenzie of Richards Barry Joyce & Partners was not returned. A Rreef spokeswoman would not discuss the matter, saying only that "we don't talk about our leases" when contacted by GlobeSt.com. A member of the building's leasing team at Cushman & Wakefield also declined comment. C&W brokers handling the assignment are Matt Adams, David Pergola, Richard Ruggiero and Torin Taylor. While insisting that the deal is completed, sources could not say how long the deal is running for or provide additional lease terms, although the space had been marketed at $10 to $12 per sf. Rreef has owned 2 Federal St. since buying it for $9.3 million in 2005.

The agreement with Parexel helps carry over the momentum enjoyed in the Route 3 commercial belt in 2007, offering promise that the coming year will provide further gains for a submarket that suffered greatly for much of the decade. According to Jones Lang LaSalle, the Northwest submarket had an astounding 1.1 million sf of net absorption in 2007, more than half the total net absorption for the entire 82 million sf suburban inventory tracked by JLL. The 13.3-million-sf submarket has benefited from a widening of the roadway and rising rental rates to the south in such markets as Waltham, Lexington and Burlington. According to JLL, the average asking rent for the Northwest is now $27.23 per sf, versus $32.19 for the Route 128 Central stretch anchored by Waltham, providing a substantial cost differential for prospective tenants.