"We are pleased with these two additional tenants joining Stony Brook's excellent tenant roster," says Meredith & Grew EVP James Elcock, a member of the park's exclusive leasing team. Elcock was joined by M&G colleagues John Carroll III and Elias Demakes representing landlord ING Clarion in both transactions, including a headquarters lease by Bay Financial Associates for the other 9,000 sf. M&G negotiated terms for Brandeis as well, whereas Alex Dauria of Jones Lang LaSalle was agent for Bay Financial Assoc.

Elcock cited a variety of factors helping Stony Brook to continue attracting leasing prospects, including its presence in suburban Boston's core office market. Not only is Route 128 Central commanding the highest rents in the suburbs, with some space leasing in the mid-$40 per-sf range, Elcock says a renovation of Stony Brook that began in 2004 has provided the amenities needed to compete against other high-end product, including a bevy of speculative projects now underway in Waltham. Stony Brook has a full-service cafeteria, fitness center and features restored common areas and new landscaping. "ING Clarion has done an exceptional job continuing the success of Stony Brook since its 2006 acquisition," Elcock says, with the firm having paid $55 million for the development.

At 25.1 million sf, the submarket anchored by Waltham had the second lowest vacancy rate through three quarters, according to M&G's research department. The rate of 13.8% has trended down a full percentage point from 14.8% registered at mid-year thanks to nearly 300,000 sf of positive net absorption in the third quarter. That spurt puts the submarket at 382,000-sf positive for the year overall.