Debra Lee Stevens, principal of GVA Thompson Doyle Hennessey & Stevens, represented Cigna, in the transaction, while Patrick Cavanaugh, of CB Richard Ellis, represented property owner JF White Properties.
Stevens tells GlobeSt.com that the Philadelphia-based Cigna is renewing at a lower lease rate. She declined to reveal what the company is paying, but says that this market south of the Massachusetts Turnpike is seeing a lot of tightening. She notes that average lease rate in the area is in the mid $20s per sf, as compared with the city where the average rate is not that much higher at high $20s per sf to low $30s per sf.
Stevens attributes the market's tightening to a strong demand and less supply in the area. She notes that in areas such as Burlington and Woburn an oversupply of product has lead to high vacancies and lower rents.
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