Meredith & Grew Inc.'s John E. Butterworth, vice president, represented Allen & Gerritsen in the transaction while the Beal Co.'s Molly Walker represented property owner Harvard University. The company, an advertising agency, is relocating from 85 School St. for expansion purposes.
The building has recently experienced a flurry of leasing deals including PharMetrics Inc. taking 22,000 sf and ArcStream Solutions Inc. leasing 8,300 sf. The recent transactions have brought the building up to 60% occupancy.
The Arsenal on the Charles is the largest speculative office redevelopment in the Greater Boston area with 770,000 sf of space on 37 acres. Harvard University bought the complex 2.5 years ago for $160 million and as of a few months ago the complex was having trouble finding commercial tenants and remained nearly half empty. The local market in general continues to struggle to fill its space with the overall availability rate at about 24%.
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