"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.


[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.


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.


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.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.