The firm will be downsizing by nearly 50% from the previous 31,000 sf it held for the last five years at 465 Medford St. in Charlestown, Darryl Morse, with the Codman Co. in Boston, tells GlobeSt.com. "They wanted to be closer to the pharmaceutical companies they do business with and the rent had decreased back to the levels they were comfortable with so they were able to make a flight to quality."
The firm, which develops pharmaceutical software, was located in Cambridge's Kendall Square until it moved to Charlestown about five years ago, Morse says. At its new location, Tenant Quintiles will get offices in a class A six-story, 130,000 sf brick building that was built in 1985, with tenants that include such high profile names as Cambridge Trust Co. "It's pure growth for Cambridge," Morse says. "The glass is filling up and nothing is being taken away."
While terms of the lease were not disclosed, Morse says properties in the area generally rent in the mid-$20 per-sf price range. Morse handled the transaction for the Raleigh, NC-based tenant. The owner, New Boston Fund, was represented by Tad Lee with Meredith and Grew.
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