This lease represents a renewal and expansion for RTI International, which recently changed its name from Health Economics Research. The independent, nonprofit organization, which focuses on scientific research and technology development, is headquartered in North Carolina. RTI is a trade name for Research Triangle Institute.
The deal is a small bit of good news in a market that is continuing to experience high vacancy rates. According to Trammel Crow Co.'s most recent statistics, Waltham's overall availability rate is at 33%. Sublease space continues to be a driving force behind those high numbers, with direct vacancy rates at 18.6%. The direct rental rate range for office space here is $18 to $35 per sf depending upon the space.
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