Spaulding & Slye Colliers vice president Matthew J. Daniels negotiated the transaction on behalf of First Call Mortgage. CB Richard Ellis/Whittier Partners vice president W. Hunter Emerson and Urban Commercial senior vice president Peter Dominski represented the building's owner, Lehman Brothers.
The move represents a consolidation of two offices for First Call from locations in North Andover and Reading and also provides space the company needed to accommodate its growth. "We have room to continue to grow, a central location among thriving communities, and all the amenities in the park to serve our employees. In addition, we got a fantastic deal, " says Carl McFadden president and founder of First Call Mortgage.
The building is located just off Route 495 on Route 28 and is part of a one million sf, three-building office complex. "The deal structure allows First Call Mortgage Company guaranteed phased-in growth," notes Daniels. Lease rates for this deal were not available, but the average asking rent for office space in The Route 495 North market is about $16 per sf. According to Grubb & Ellis's most recent statistics, the area has a vacancy rate of nearly 32%.
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