Island Oasis Leases 35,000 SF for HQ

DEDHAM, MA-The Route 128 South office market stumbled in 2007, but a full-building lease here is offering a measure of first quarter velocity for local landlords. Island Oasis will occupy just under 35,000 sf at 40 Allied Dr., a two-story structure owned by Murphy & McManus.

A company involved in the beverage industry, Island Oasis will relocate from Walpole in the spring or early summer, says Cushman & Wakefield senior director J.P. Plunkett, who represented the tenant along with C&W senior director Catherine Minnerly and associate Jason Bryer. CB Richard Ellis principal Steve Murphy and first vice principal David Corkery negotiated terms for the landlord.

Route 128 South was the only portion of the famous business loop to post negative net absorption in 2007, according to year-end figures compiled by C&W that registered the submarket 149,000 sf in the red. That compares to 663,000 sf positive net absorption for Route 128 North and 735,000 sf in the core Route 128 Central submarket. Route 128 South and Interstate 495 South, minus 442,000 sf, were the only submarkets among seven tracked by C&W to record negative absorption for the year, with the suburbs overall posting a gain of 1.9 million sf.