"We're seeing great activity," says Cushman & Wakefieldbroker Torin Taylor, who along with colleague Richard Ruggierorepresents the park that Rreef acquired in June 2006. CrosbyCorporate Center has undergone substantial upgrades under Rreef'sstewardship, and the brokers say that has played a role inattracting new tenants.

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The biggest completion in the latest round is SoundbyteCommunications, which is leasing 38,000 sf for six years at 22Crosby Dr. McGraw Hill signed on for 21,000 sf, while DataIntensity will occupy 17,000 sf. Others taking space are iRacingwith 12,000 sf; IDC with 9,000 sf; and Transwitch to occupy 5,000sf.All of the leases were fresh deals, and part of the migration toCrosby Corporate Center can be attributed to "sticker shock" amongcompanies located along the Route 128 belt just south ofBedford.

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"We've been lucky to get some of the runoff from tenants whodon't want to pay those higher rates," says Ruggiero, with CrosbyCorporate Center's priciest space pegged around $25 per sf. Down onRoute 128, Waltham is seeing deals in the $45-per-sf range, whileeven Burlington is achieving rates well into the $30s per sf, witha few properties such as New England Executive Park bumping up near$40 per sf. An improving economy and limited new supply iscontributing to the rising rates, and Ruggiero concurs that Rreefis one of a handful of properties that can accommodate a six-figurerequirement. Even as the occupancy continues to increase, CrosbyCorporate Center has about 160,000 sf of contiguous spaceavailable.

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Taylor estimates that nearly nine out of 10 prospects are comingoff Route 128 from the Burlington, Lexington and Waltham stretch.Recent road improvements to Route 3 and Crosby Drive have enhancedthe location, he says, adding that those who arrive are enthused byRreef's tenant-focused style and a range of amenities, including afull-service cafeteria, day care, fitness center and corporatemeeting facilities. Crosby Corporate Center features "everythingthose tenants already have on 128 at a fraction of the price," saysTaylor. "They're finding they don't have to give up on the qualityof a first-class park."

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Taylor and Ruggiero negotiated all six leases on behalf ofRreef, and assisted iRacing in its lease. Richards Barry Joyce& Partners principal John Wilson represented SoundbyteCommunications, while John Boyle of DTZ FHO Partners was the brokerfor McGraw Hill. GVA Williams principals John Hennessey and SteveLombardi were agents for Data Intensity.

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