Mark Mulvey and Michael Dalton of Trammell Crow Co. represented Optimems in the transaction while Rick Fahey and Rick Graham, also of Trammell Crow Co., represented the sublessor, Creo Americas.
The single-story industrial building has 60,000 sf and is situated within the 500,000 sf of research and development and industrial space on Manning Road. The building is located off the Middlesex Turnpike and near Route 3.
The deal further demonstrates the continued strength of the industrial market in the Greater Boston suburbs. According to Spaulding & Slye Colliers' 2002 fourth quarter statistics, the overall availability rate for industrial space in the Greater Boston area was at 16.2% as compared with 22.3% for office space. Local brokers attribute the thriving market to the dearth of available space, which is partly due to the conversion of a lot of warehouses to telecom space in the late 1990s. Much of the industrial space that is available are non-modernized facilities that would have a tough time being leased in the best of times.
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