CB Richard Ellis/Whittier executive vice president/partner Chris Tosti and vice president/partner Robert Walles represented the property owner, while CB Richard Ellis/Whittier vice president/partner Robert McGuire and Matt Flaherty, associate, represented TrueAdvantage, a company that provides sales and business information.
The new complex is entering a segment of the Greater Boston suburban market that has one of the highest direct vacancy rates. According to Spaulding & Slye Colliers' most recent statistics, the Route 495/Mass Pike market had a direct vacancy rate of more than 20%. The availability rate, which includes sublease space, was nearly 32%. Lease rates for this deal were not available, but the average asking rent for office space in the area is about $19 per sf.
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