Meredith & Grew Inc. vice president David J. Pergola, Jr. and Matthew S. Adams represented the property owner, Winstanley Enterprises, in the transaction while Marci Alvarado of Cushman & Wakefield represented Acton Research.
The deal is positive in this 1.5 million sf market of which 852,000 sf is used as research and development space. While the overall availability rate for office space a year ago was at a whopping 59.8% that figure has come down to 33.1% according to the latest statistics compiled by Trammel Crow Co. But the research and development market has not fared as well. The overall availability rate was at 29.6% a year ago for that market. The latest figures put the availability rate up to 42.2%.
Lease rates for this deal were not released but average rent for research and development space in Acton is $8.50 per sf. Average rent for office space in this city is at $18.36 per sf according to Trammel Crow Co.
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