Bruce Grean, managing director and Mark Reardon, senior managing director, both at the Boston office of Insignia/ESG, represented the sublessor, Brooks Automation. John Butterworth, managing director and Torin Taylor, director, also at the Boston office of Insignia/ESG, represented the subtenant, Bowstreet, in the transaction.
The 76,536-sf research and development and office building is situated in a campus-style development. Grean emphasizes that the deal satisfied the needs of both clients thanks to its location and the flexibility of the lease term.
The deal is indicative of the nature of the Tewksbury market, which had a positive absorption of 265,575 sf in 2002, according to Trammel Crow Co.'s latest statistics. While the area's overall available space was at 34.5% as of January, 2002 that figure dropped to 18.9% as of this past January.
Lease rates for this deal were not available but the average asking rent for research and development space in Tewksbury is $15 per sf.
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