Greg Hoffmeister and Mark Cote, managing directors at T3 Realty Advisors, LLC, headed up the team that negotiated the deal. The class A office property is part of a 10-building complex that totals more than 500,000 sf.
While small, the deal is important in a city that continues to have excess sublease space drive up its vacancy rate. The Acton office market is only 193,000 sf in an overall one million sf market. The remaining space is used for research and development. According to Trammel Crow Co.'s most recent statistics, the overall availability rate for office space is at 33.1% which, while high, is significantly lower than last year's 59.8% availability rate. But only 6.8% of this year's available space is direct space. Conversely, the overall availability rate in the research and development market has shot up to 42.2% from 29.6% last year, with 18.8% direct space.
The lease rate in this deal was not disclosed but the average rent for office space in Acton is $18.36 per sf.
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