Mark Mulvey and Michael Dalton of Trammell Crow Co. represented Holy Family Hospital while property owner Brickstone Properties represented itself in this transaction.
The five-story 330,000 sf building features onsite amenities including daycare facilities and a fitness center. The 245-bed, not-for-profit, acute care community hospital serves Greater Lawrence, the Merrimack Valley, and southern New Hampshire and is a member of the Caritas Christi Health Care System of the Archdiocese of Boston.
While the lease is only for three years it is still good news in a market that had a negative absorption of 973,296 sf last year. According to Trammel Crow Co.'s most recent statistic's, overall available space was at 35.4% this past January, up from 25.3% the year before.
Lease rates were not available for this deal but the average asking rent for office space in Andover is $22.60 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.
