The property is part of a four-story, 240,000-sf class A office building owned by Boston Properties. Lease rates for this deal were not available but the average asking rent for office space in the area is approximately $22 per sf. Christopher Crooks, Daniel Sullivan and Shawn McDonough of Cresa Partners Boston represented IONA in the transaction. RBJ Real Estate represented Colubris.
The area is still experiencing a high availability rate--which includes both sublease and direct space that is available--of 28% according to Spaulding & Slye Colliers' most recent statistics. Excess sublease space continues to drive up those numbers as the vacancy rate, which consists of only direct space, is at 18%.
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