Ipswitch, which also has locations in Atlanta and Augusta GA as well as Amsterdam, is subletting the space in the 291,000-sf building from Rational, which is in the process of downsizing and consolidating its space. The company has more than 150,000-sf of space in the area.
Neil Schneider of McCall and Almy represented Rational in the transaction while Glenn Rhuda of Mohr Partners represented Ipswitch. Details of the lease have not been disclosed.
Rhuda points out that Ipswitch is taking advantage of one of the best tenant market in years. According to CRESA Partners' fourth quarter tenant's report, the suburban market will continue to experience higher vacancy rates and reduced rents as it is driven by tech-based companies, which have yet to recover from the recession. Most recent market reports put the suburban area's vacancy rates at about 26%, including sublease space. The current tenant's market has property owners willing to make concessions and provide reduced rates for good credit tenants.
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