Formerly located at 206 Newbury St. in Boston's Back Bay, Rapid7, was looking for a short-term deal that would allow for expansion space while keeping the company in the same neighborhood, Mike Shreve, with T3 Realty Advisors, of Waltham, tells GlobeSt.com.
"We got lucky because there's just not a lot of small space in the Back Bay," notes Shreve, explaining that space gets scooped up quickly in the neighborhood's hot office market.
Shreve says the firm selected the location because its deal offered a reduced rate over the average $35 per sf charged under direct lease deals. The 12-story, class A property also provided the company with its own identity, he says. Terms of the lease were not disclosed.
Shreve handled the transaction for Rapid7 while Steve Klebaner of Boston Realty Advisors in Boston represented the sub-landlord, Fulgent Media.
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