Six months ago, the company, a division of Goodman Co. Ltd. signed a lease for 16,000 sf at the building, Mark Cote, managing director for T3 Realty Advisors in Waltham, tells GlobeSt.com. Cote, citing a confidentiality agreement, declined to discuss the terms of the five-year lease, but says space in the office park, which counts Teradyne among its tenants, generally rents for between $18 and $20 per sf.
The two-story building, which was about 50% vacant just six months ago prior to LightLab's occupancy, is now about 90% occupied, according to Cote. He says the Westford and Chelmsford area has shown a rapid revitalization in recent months due in large part to higher tenant demand. "This (the Route 495 stretch north of Boston) is probably the first market to make a dramatic recovery. Cote notes that few subleases are available in the area as tenants grab up the remaining space.
Cote and Greg Hoffmeister, also with T3 Realty Advisors, negotiated the lease on behalf of the tenant. The owner, the Gutierrez Co., was self-represented by Doug Fanielli.
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