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Phase Forward Confirms 165,000-SF HQ Lease

WALTHAM, MA-The deal puts 77 CityPoint at full occupancy prior to completion of the 209,000-sf office building.

By Joe Clements | Updated on February 19, 2008

WALTHAM, MA-As fast-track projects go, 77 CityPoint is operating at warp speed, with owner Boston Properties acknowledging that the first class speculative office building has reached full occupancy even before coming on line. The final piece is a 165,000-sf, 10-year pact making Phase Forward anchor tenant of the six-story, 209,000-sf building overlooking Route 128. GlobeSt.com initially reported the deal in its Oct. 17 edition, but official confirmation is finally being made by the parties involved.

“The CityPoint message of urban convenience in a suburban setting really resonated in the market,” says DTZ FHO Partners principal John Boyle, who represented all three tenants committing to the building, the others being Administaff–9,000 sf–and PRTM–35,000 sf. The office building is the inaugural phase of a $500-million mixed-use complex Boston Properties is building at the interchange of Route 128 and the Totten Pond Road/Winter Street exit, and Boyle says the planned amenities were key elements in the decisionmaking process for his clients.

DTZ FHO Partners principal Brian Hines concurs, and maintains the response to 77 CityPoint also reflects a desire for new construction. The vacancy rate for class A office space on Route 128 between Routes 2 and 9 is now just 11%, he says, even though Waltham has seen nearly two million sf of new construction under way since the start of 2007.

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