Charles E. Batchelder, senior vice president of R.M. Bradley, represented owner Hobbs Brook Management, in the transaction, while Brooks Murphy and Tim Weinhold of The Staubach Company represented Novell.
Bachelder emphasizes that the deal demonstrates that in the current market conditions there is a flight to quality among tenants looking for space. He notes that this building's construction and location made it an attractive deal. The space taken by Novell was formerly occupied by IBM and Batchelder points out that the space wasn't even on the market a day before it was snatched up. "There are fewer opportunities for big chunks ofpace," he says.
Batchelder is quick to add that the deal is not an indication of any forthcoming changes in the area market, which is currently experiencing vacancy rates in the low 20% range. "This was the right space at the right time," he says. Current lease rates in the building are in the low $30s per sf.
Built in 1990, the five-story 450,000 sf office building is located off Route 128 and features dining facilities, roving security, a conference center and a FitCorp fitness facility. Hobbs Brook Management, LLC will continue to provide on-site management services. Batchelder says that the building is currently about 75% leased and adds that Novell will be substantially redeveloping the space. The company anticipates moving in mid-December.
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