Sun Microsystems previously occupied the space, but consolidated and relocated its office here to Burlington, MA. Brian McKenzie, partner with Richards Barry Joyce & Partners, represented KBS in the transaction, while Bruce Lee of Lee Partners represented Goodrich.

Mackenzie declined to reveal the lease rates in this deal, but says that the rental structure "bodes well for the market. It is a reasonable rental rate and signals some stabilization." Average lease rates for similar space in the area are about $20 per sf.

Mackenzie tells GlobeSt.com that the property had been on the market for about 12 months, which, he emphasizes, is a typical time frame in the current climate. Mackenzie points out that a deal this size is a positive development for the market because of the net absorption it creates, but he adds that it doesn't indicate a huge turnaround. "There are some good-sized requirements out there," he says. "But real estate is getting more scrutinized." Mackenzie notes that he was in discussions with Goodrich for about nine months before the deal was closed. "Three and a half years ago, this would have moved more quickly," he says.

The two-story office and research and development property is owned by investment management firm, KBS Realty Advisors. "We are very pleased to have attracted such a highly regarded company as Goodrich Corp. to our property at 5 Omni Way," says Charlie Valentino, senior vice president at KBS. "It is a testament to the quality of the building and its location."

Formerly known as B.F. Goodrich, the Goodrich Corp. is one of the world's largest providers of commercial jet equipment, parts and services. The company currently has a market capitalization of approximately $2.8 billion. Newport Beach, CA-based KBS Realty Advisors was founded in 1992 and has invested over $4.5 billion on behalf of its clients.