Duncan Gratton, managing director for building owner Equity Office Properties Trust, represented his company in the transaction. Cushman & Wakefield senior directors Mark Winters and Mark Roth and associate David Townsend represented the Exeter Group.
The company will take over the top floor of this four-story building, which is located next to Lechmere Canal in East Cambridge and is part of the Lechmere Canal Redevelopment Area. The building was developed in 1987 and consists of 98,154 sf.
According to Winters the building is 80% leased with 23,000-sf of space still available. Winters declined to reveal the lease rate for the building but the average lease rate in this area for office space ranges from the high $20s per sf to the high $30s per sf, depending upon the building and the location. Winters emphasizes that this deal is a significant one for the area and points out that while vacancy rates for biotech space in this area remains extremely low, "most of the excess capacity is in the office inventory."
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