"They are a fast growth telecom company and they needed more space," John Wilson, managing director at the Boston office of Insignia/ESG, tells Globest.com. Insignia/ESG represented Quantam Bridge in the transaction. Meredith & Grew represented the landlord, Boston Capital Institutional Advisors.
The lease rate for the two-story building is $22 per sf, lower than the current market rate in this area because the seven-year lease was negotiated last May. Area rates are now as high as $30 per sf. "It is safe to say that this is an emerging high-tech area," notes Wilson. Among the other companies leasing space in River Road are PictureTel, Agilent Technologies, Bell Atlantic, Putnam Investments and CMGI. The location is about 15 miles from Downtown Boston and ten miles from Route 128.
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