Brian Hines and Joe Fallon of Trammell Crow Co. represented the tenant, Private Healthcare Systems while Rick Fahey and John Boyle also of Trammell Crow Co. represented the property owner, Shorenstein Company.

The corporate center is located on Route 128, 10 miles from downtown Boston. The complex consists of three four-story buildings and one three-story building totaling one million sf of space and sited on a 58-acre complex. According to the Shorenstein website, the center is nearly fully occupied with 50,000 sf available for direct lease. Private Healthcare Systems, which has its headquarters at this location with regional offices located throughout the country, is the largest proprietary PPO network in the country with 380,000 providers and more than 3,500 facilities.

The deal is good news in the Waltham market that cannot afford to have an additional 200,000 sf of empty space on its hands. According to Trammell Crow Co.'s most recent statistics this 9.5 million sf market has 3.1 million sf of its space available. Whereas last January, the city's overall available space was 30.2%--which is already considerably higher than a few years ago when high tech companies were snatching up space as soon as it came on the market--that rate has increased to 33% this January. Further bad news is indicated by the past year's negative absorption rate of 400,000 sf.

Calls to the brokers involved in the deal were not returned by press time but the rental rate range for office space in this city is $18 to $35, depending upon the space.

The Shorenstein Co. is headquartered in San Francisco, CA and has a portfolio of over 22 million sf across the country.