HBM Inks 85,000-SF Deal With Astra Tech

WALTHAM, MA-The suburban Boston office market is receiving another shot in the arm on the leasing front, as Astra Tech Inc. is taking all of 590 Lincoln St., an 85,000-sf office building located in the Hobbs Brook Office Park. Initially reported by GlobeSt.com, the lease negotiations are complete, according to industry sources.

“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.