Jayson Rhuda of Mohr Partners' Wakefield, MA office acted as tenant advisor in the transaction while Steve Rich of Equis represented Channel Wave. A partnership of Lincoln Properties and JD Roberts Co. owns the building. "Channel Wave stepped up at the last minute and provided Permabit with a no-brainer option that doubled its capacity and minimized its expenses," says Rhuda. He notes that this type of sublease space goes for about $25 per sf.
Rhuda tells GlobeSt.com that Channel Wave has a 20,000-sf lease for the building and previously subleased 7,000 sf to Permabit for a nine month term. As the lease came to term, Permabit wanted more space and a longer term. Channel Wave agreed to a two-year term and swapped its space on the first floor of the building with the space Permabit was previously subleasing on the third floor.
The deal, notes Rhuda, is indicative of the strength of the sublease market for tenants. "[Tenants] can great deals on sublease space," he says, provided they are prepared for a short term lease.
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