The property is a 755,000 sf multi-tenant office park located within what the brokers involved call the "emerging" technology area of Watertown. The park, owned by the Bulfinch Cos., is situated directly across from Harvard University's Arsenal on the Charles and is near the Arsenal Mall and the Watertown Shopping Center.
Mike Brown, principal, Ted Lyon, senior associate and Brandon Henry, senior associate of Trammell Crow Co., represented OATSystems in the transaction, while Michael Wilcox of the Bulfinch Cos. represented their interests.
While the Watertown market has managed to fill some of its sublease space, the vacancy rate for its direct space has been at 29.4% throughout the year, according to Trammell Crow Co.'s most recent statistics. In January the overall availability rate--when sublease space is factored in with direct space--was at 36.1%, but by April the overall availability rate dropped slightly to 32.4%.
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