Zipcar, which provides access to on-demand transportation, leased 5,080 sf of office space. Kavoogian and Cole represented IBUS in this transaction as well, while Christopher Crooks of CRESA Partners represented Zipcar.
Among the other tenants at the four-story building are 170 Systems, Art and Technology Group, LNS Communications, Painted Word, Interwise, Cignal Global, Profitlogic, AOL Digital City and Bellotti & Barretto. Lease rates for this deal were not available, but the average asking rent for office space in the building is $23 per sf. According to Grubb & Ellis's most recent statistics, the vacancy rate for the office market in Cambridge is about 22%.
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