The company says the expansion is needed to accommodate growth and this deal allowed the firm to continue to grow its business and remain in a building and locationthat has worked for them, according to the brokers involved.
Christopher T. Cuddy, vice president of CB Richard Ellis/Whittier Partners, represented Hoffman Recruiters in the transaction while property owner Taurus Investments was represented by its in-house representative Mark Donohoe.
The deal is indicative of what many companies are looking to do in the city's current tenant's market. With rents now in the mid $40s per sf for Class A space according to Codman Co.'s 2003 third quarter market report, the trend is for tenants to restructure their leases to take advantage of favorable rates. Current asking rents are nearly 50% lower than the all-time highs of 2000. Vacancy rates continue to rise in the city with Codman Co. reporting that the current figure is 10.9% which shoots up to 16.9% when sublease space is included.
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