Whitney Foley, a senior leasing associate with Boston-based owner Paradigm Properties, tells GlobeSt.com that Paradigm worked closely with New York Mortgage Company to ensure that it would stay in the four-story class B building to keep the property at nearly 100% occupancy.
"It's a great location for them and they have great retail presence on the first floor," notes Foley. Although terms of the lease were not disclosed, Foley says market rents in the area generally go for $25 to $26 per sf. Foley along with John T. Caldwell, also with Paradigm Properties, handled the lease negotiations for the owner. The tenant was self-represented.
The mortgage firm, which first leased the building in 1998 when it operated as Guarantee Mortgage, shares the property with such firms as Washington Mutual Insurance Co., the law firm of Gilmartin Magence Camiel and Ross and Ex Libres USA, a firm that supplies software solutions for libraries and information centers.
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