According to Brian Mackenzie of Richards Barry Joyce & Partners Synqor is moving out of three facilities in Marlborough and Hudson where it leases about 40,000 sf. The company's leases were up in those locations.

Mackenzie tells GlobeSt.com that Synqor has been looking for space for about two years. "They knew the market was in their favor so they waited it out. They were looking for the right opportunity and rent structure," he says.

Their patience paid off. Synqor's lease is structured to allow the company to phase into the industrial space over the next two years. Mackenzie emphasizes the company was able to negotiate the deal because the building, along with 159 Swanson Rd., was recently purchased by Newton-based National Development this past January from Setra Systems Inc. Setra leased back the 102,000-sf 159 Swanson Rd., which Mackenzie points out enabled National Development to "underwrite fairly extensive downtime on the space. They were able to structure a deal and be flexible and aggressive with potential tenants and it played out in their ability to attract Synqor."

Lease rates for this deal were not available, but similar space in the area hovers in the single digits per sf on a triple net basis. Mackenzie, along with John Lashar, a partner at Richards Barry Joyce & Partners, represented Synqor in the transaction while Jerome Kyllingstad, vice president and director of acquisitions for National Development represented his company.