Glenn Rhuda, managing partner in the Boston office of Mohr Partners Inc., represented Phonetics in this transaction, while George Nugent of CB Richard Ellis Whittier Partners represented the sublessor, Bull HN Information Systems.
As Rhuda notes, this deal is indicative of tenants being able to take advantage of "the best tenant market in years. In light of the current market conditions, the moves just made sense financially." Bull was subleasing this space and Phonetic Systems was given free rent for the entire remaining lease term, which is two years. The software company only has to pay operating and tax costs. "Phonetic couldn't turn down this deal," says Rhuda.
Rhuda notes that the space became available due to Bull's restructuring and downsizing. Phonetic Systems, which moved from similar sized space at 35 Crosby Dr. in Bedford, MA, does not have a renewal option on the space.
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