IMPAC was represented by Darryl Morse, executive vice president/principal of The Codman, Company, Inc. and Drew Nelson, managing director of Insignia/ESG. The Monitor Group, a strategy consulting firm, was represented by Shawna Plociak, associate, and Bob Richards, president of Richards Barry Joyce & Partners.

The 190,000-sf building is owned by TA Realty Associates and was developed in 1999 as a build-to-suit for Monitor Group. IMPAC is taking the top floor in the five-story building for three years but Morse tells GlobeSt.com that the lease has a two year option to give Monitor Group the ability to recapture the space if it wants to.

Morse, a specialist in the Cambridge market, notes that the transaction, while relatively small, is one of the larger office transactions in the city so far this year. He points out, though, that the deal, as it represents a positive absorption of about 10,000 sf is good news and is indicative of the start of the stabilization of the Cambridge market. "Two million sf of office space came back on the market here," acknowledges Morse, who adds that the demand for office space remains light. But he points out that most of the give back of space has probably happened and the rents are starting to hold steady. Average rates in the area for office space now range from $25 to $35 per sf. Two years ago those numbers ranged from $55 to $65 per sf.