Brian Morrissey, assistant vice president and Darryl Morse, executive vice president of The Codman Co., represented Lexicon in the deal, while David Connolly of CB Richard Ellis represented property owner RREEF. Morrissey declined to reveal lease rates for this deal, but he notes that this type of space is priced at between $6 to $8 per sf depending upon the use.

Lexicon currently has an approximately 50,000-sf facility at 3 Oak Park in nearby Bedford. Morrissey tells GlobeSt.com that the company needed this space for flex/warehouse use. Lexicon needed a higher end warehouse that had air conditioning for its audio products.

The 70,000-sf warehouse currently has about 21,000 sf available. Morrissey points out that the flex/warehouse market--in contrast with the area's office market--is still experiencing good demand. "[The warehouse market] didn't have the big boom that the dotcom market did but it didn't fall off the face of the earth either," he says. Morrissey adds that some property owners are even considering taking former warehouse space that they had converted to first class office space and reconverting it back to office/research and development space. "It's better to get 60% of something than 100% of nothing," he says. But, he adds, it's the larger property owners that can afford to consider the possibility.