Meredith & Grew, Inc.'s Tad Lee and Joe Flaherty brokered the transaction between ETEX and the property owner, Forest City Development.
The deal is a good sign in a still strong lab market that is starting to show some signs of weaknesses. According to Spaulding & Slye Colliers' 2002 fourth quarter report on lab space, this city has an availability rate of 16%, which, while high for the area compares with the availability rate of 22% for lab space in the Greater Boston suburbs. The report indicates that Cambridge had a positive absorption rate of 820,000 sf as compared with a negative absorption of 238,616 sf in the suburbs. But Cambridge has 1.1 million sf of space currently under construction or being rehabilitated in a time when financing for biotech companies is starting to become scarce.
Lease rates for this deal were not released but average asking rents for lab space in Cambridge range from $45 to $60 per sf depending upon the space.
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