"It's a nice couple of deals for the property and the market,"says Cushman & Wakefield senior director J.P. Plunkett, whojoined C&W senior director Catherine Minnerly and associateJason Bryer as agents for the landlord on both leases. The largestis a 29,000-sf pact by Bridge Medical at Building Six, accompaniedby a 9,000-sf commitment from the Music & Arts Center, whichwill occupy space in Building One. CB Richard Ellis principal SteveClancy was Bridge Medical's broker, while Auburndale Realty Corp.President Robert Nahigian orchestrated negotiations for Music &Arts Center.

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[IMGCAP(2)]Walpole Park South is one of suburban Boston's mostestablished business addresses, having been founded in 1972 bycompany namesake John Murphy and continuing on as a family ownedoperation now led by son Donnell Murphy. The 54-acre complex abutsRoute One near the intersection of Interstate 95. The property isalso near Interstate 495 and roads leading into Connecticut andRhode Island. The park has traditionally retained a low vacancyrate, but development of speculative product in the past few yearsdid increase that level into double digits before being broughtdown again through the latest deals.

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At three million sf, the South flex/R&D sector is secondsmallest among seven submarkets tracked by Jones Lang LaSalle, andis just barely ahead of the tiniest, the 2.9-million-sf Interstate495 South region. It is also second tightest in vacancy rate at13.5%, again trailing neighboring I-495 South's 7.3%, the onlyflex/R&D submarket in single digits. The average suburbanvacancy rate is 18%, according to JLL. The firm's researchestimates minus 37,000 sf of net absorption in the South flexsubmarket last year after a slightly negative fourth quarter.

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Financial terms on the latest Walpole Park South leases were notprovided. JLL puts the average asking rate in the South at $8.96per sf, third lowest after the least expensive average of $8.51 persf in I-495 South and an $8.68 per sf average in Interstate 495North. The average asking rate for 40.7 million sf in the JLLreview is $10.68 per sf.

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