Meredith & Grew's Joe Flaherty and Tad Lee represented Rowenta in the transaction while property owner, Cummings Properties, was represented in-house by Chris Auth and Steve Drohosky.
The Route 128 North market continues to experience rising vacancies. According to Grubb & Ellis's most recent statistics, the area had a vacancy rate of 22%, up 2% from the second quarter of the year. The market had a negative absorption of 144,371 sf for the fourth quarter of the year but only 42,143 sf for the year. Lease rates for this deal were not available, but the average asking rent for office space in the area is about $22 per sf.
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