Mark Winters, senior director, and Dave Townsend, associate, of Cushman & Wakefield represented the Law and Economic Consulting Group in the transaction while Joe Flaherty, executive vice president of Meredith & Grew represented the property owner, Forest City Enterprises.
The 125,000-sf office building is located on the corner of Massachusetts Avenue and Sidney Street at the entrance to University Park at MIT. It is a five-story building with retail space on the first floor and office space on the remaining four floors and is adjacent to the Massachusetts Institute of Technology campus.
The deal is good news in a market that has seen its office space bear the brunt of the recent high-tech fallout. While Cambridge's biotech market is still fairing relatively well--with vacancy rates hovering around 11%--the vacancy rate for office space according to Meredith and Grew's 2002 year end report was at 23.2%, up from 19.4% the year before. Leas rates were not released for this deal but average asking rents for office space in Cambridge range from $24 to $32 per sf, a drop of 27% from last year.
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