The two-story, 70,892-sf office and research and development building is located near Route 495 and features efficient building systems including a VAV air conditioning system and 4,000 amps, 480 volt and three-phase power capabilities.
The deal is welcome news for a city whose market has been decimated by the recent downturn in the economy. According to Trammel Crow Co.'s most recent statistics, the overall availability for the Chelmsford market--which is largely research and development space--is at 41.6% as of this past January, up from 21.3% a year ago. The city had a negative absorption of 650,273 sf in 2002.
Lease rates for this space were not available but the average rent for office space in Chelmsford is $22 per sf and for research and development space is $11.31 per sf.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.