John Boyle, with Trammell Crow Co. in Boston, tells GlobeSt.com that the relocation, which will reduce the size of the firm's operation by about 10,000 sf, offers more efficient workspace for the company's 100 employees. "It was a good value," says Boyle. "It's a quality building with pretty affordable rent."
Terms of the long-term lease were not disclosed, but Boyle says space in the 285,000-sf, three-story building runs in the mid-$20 per sf. The lease by First Notice puts the building at about 70% occupancy, he notes.
Boyle says the company and landlord, Normandy Real Estate Management, a subsidiary of Morristown, NJ-based Normandy Real Estate Partners, will put about $500,000 to improve the office space before First Notice Systems takes possession in November. The company, a wholly owned subsidiary of Concentra Operating Corp., will utilize the space as offices for its insurance claims reporting services.
The transaction was handled for the tenant by Boyle, Eric Solem and John Woolsey, also with Trammell Crow. Mark Roth and Ty Janey of Cushman & Wakefield represented the landlord in the deal.
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