Mike Brown, principal and Will Foley, vice president of Trammell Crow Co. represented NaviMedix in the transaction while Ted Wheatley and Timothy Weinhold of The Staubach Co. represented Novell, which subleased the space. Novell is the sole tenant in the nine-story, 177,000-sf building which is owned by Boston Properties. The company has its executive headquarters in Waltham, MA and its corporate headquarters in Provo, UT.
The sublease deal is for a six-year term and is indicative of the kind of deals tenants are getting in this market. According to Trammell Crow Co.'s most recent statistics sublease space continues to be a driving force behind the high vacancies in the area. As of this past April, direct vacancies in Cambridge were at 16.5%, but when sublease space is factored in, that figure jumps to 24.7%.
8 Cambridge Center is a nine-story office building that is part of the 2.7 million sf Cambridge Center complex. The complex is comprised of mixed-use development containing offices, retail restaurants and hotel facilities.
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