Block Financial's lease was up on its 14,600-sf of space in the building. The company moved from the first to the second floor of the 130,000-sf building to get its additional space. Meredith & Grew, Incorporated ONCOR International's Joe Flaherty, and Tad Lee, represented the property owner, New Boston Fund in the transaction. Grubb & Ellis's Brian Smallman represented Block.
The six-story building, which is nearly fully leased, is located on Concord Avenue at Fawcett Street in the Alewife commercial district of the city. According to third quarter statistics for this year from Cushman & Wakefield, the Alewife/Fresh Pond area had vacancy rates of 14.8% as compared with 5.9% for the same period the previous year. Vacancy rates for Cambridge for the third quarter of this year were 19.8%, up from 12.1% the previous year.
This building's average lease rate of $28 per sf is close to the area's average rental rate of $26.32, according to Cushman & Wakefield's statistics, but is lower than what the firm reports as the city's average rental rate of $36.82.
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