The 106,656-sf building is a single-story office and laboratory facility with steel frame construction and brick and cement block exterior walls. The building is situated on nearly 10 acres and has been leased to Instrumentation Laboratories since it was constructed in 1968. The property has parking for 371 vehicles.
Phelan notes that this building has "withstood the test of time" thanks to its "superior" location and "quality sponsorship."
This 3.4 million sf market has taken a hard hit in the recent economic downturn. The 2.7 million sf office market had an overall availability rate of 19.5% according to the most recent statistics by Trammel Crow Co. as compared with 13.5% overall availability rate a year ago. The 721,000-sf research and development market is showing more signs of a struggle. Its overall availability rate of 16.2% last year has shot up to 32.4%.
Lease rates for this space were not disclosed but average market rate for office space in Lexington is $25.85 while average market rate for research and development space is $23 per sf.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
