lease

"It's a done deal," relays one source, and reportedly one inked just prior to the end of the opening quarter. Astra Tech is expected to move later this summer into the building, which has undergone an extensive overhaul by the landlord, HBM Management Inc. Sources say the lease is for 10 years and has a rental rate that runs from the high $30s per sf to the low $40s over time. If accurate, that would be near the top of the market for suburban Boston, although a few deals have reportedly been struck in the mid-$40s in Waltham in recent months, reflective of its standing as the core business address on Route 128.

Calls to Astra Tech officials and HBM principal Donald Oldmixon were not returned by press deadline. Also unavailable for comment was Wyman Street Advisors' principal Charles Batchelder, listing agent for 590 Lincoln St., while NAI Hunneman SVP James Boudrot declined comment. Boudrot served as leasing agent for the tenant along with NAI Hunneman EVP Stephen James.

Despite the lack of input from the parties involved, sources insist that the agreement has been signed. The pact helps boost a market that seems to be generating solid leasing velocity despite slowness in some pockets and concerns among observers that the shaky economy could dampen activity this year. According to first quarter figures just released by Colliers Meredith & Grew, Route 128 Central posted 151,000 sf of net positive absorption in the opening frame, dropping the vacancy rate in that 25.6 million-sf submarket to 12.9%.