Neither Wellington Management nor Bank of America representatives could be reached for comment by GlobeSt.com and no other lease details were available.
The deal represents one of several significant leases currently in the pipeline. Babson Capital Management LLC will take about 84,000 sf when it relocates and expands its 45,000 sf Cambridge office to Independence Wharf at 470 Atlantic Ave. Boston-based investment management firm Eaton Vance is looking to add about 100,000 sf to its current 160,000 sf Boston offices.
But Rick Lowe, a principal with Cresa Partners and head of the firm's Boston Market Group, tells GlobeSt.com that large blocks of office space are growing increasingly difficult to find. "There's just not a lot of large blocks of space available," He notes that despite that shortage, the overall market for office space appears to be improving. According to statistics on Boston's office market released by Meredity & Grew, Boston's office vacancy rate for the third quarter of this year was 14.2 %, down slightly from the 15.4 % recorded in the second quarter and nearly 2% less than the 17.2% vacancy from one year ago.
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