Joe Fallon, principal and Paul Leone, senior associate of Trammell Crow Co. represented Vision-Sciences in the transaction while Garry Holmes, president and managing partner of RW Holmes Realty represented the property owner, 14 Burr Street Realty Trust. Lease rates for this deal were not available but the average asking rent for office space in the area is about $24 per sf.
The deal is an important one in a market that is still experiencing difficulties, according to Cushman & Wakefield's most recent statistics, a vacancy rate of about 25%, a figure that has remained relatively flat for the past few quarters. Sublease space continues to tell part of that story as the direct vacancy rate is about 17%.
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