The 85,788 -sf, four-story office and retail property is located seven miles west of Boston in Newton Corner. The building, which is owned and managed by Paradigm Properties, was constructed in 1925 and renovated in 1986 and again in 1998.
Lease rates for this deal were not available, but the average asking rent for office space in the area is about $23 per sf. According to Trammell Crow Co.'s most recent statistics Newton's vacancy rate for direct space in its office market was only 9%. But when sublease space is factored in, the figure goes up to 21%. The town had a positive absorption of 5,411 sf so far this year.
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