Agfa was represented by SVP Peter Yannotta, SVP Robert Hoffman and associate vice president Sam Horowitz from Chicago-based UGL Equis Corp. Griffith Properties--the landlord--represented itself in the transaction.
The company is remaining on a single floor--53,983 sf--reducing its footprint by two-thirds. The savings came from "reorganization and more efficient use of space from improved operational efficiencies," UGL tells GlobeSt.com. "The leasing team was able to extend with a smaller footprint prior to the existing lease expiration." UGL explains that the tenant had improved its operation to the point that they no longer needed all of their previous space, actually renting unused portions, which prompted the reduction in their space.
Agfa has been a tenant at the two-building property since its inception in 1984, when it was owned by Agfa's parent company Agfa-Gevaert. The Belgium company sold the property to a joint venture of Praedium and Griffiths Properties in 2004, but remained as a tenant.
The property consists of two buildings linked by a small interconnection. The buildings sit on 36 acres right off Route 128 in the 128 North Boston submarket, where class A office space goes for an average of $29.19 per sf, according to Cushman & Wakefield's Q2 2008 Boston Suburban Office Market Report. The price of the lease is undisclosed.
"UGL Equis was able to fulfill our space requirements in an extremely timely fashion, obtaining the very best terms, which translates into significant cost savings for the company," Dave Merry, facilities manager of Agfa says, in a statement. "This lease solidifies our commitment to the New England Region and demonstrates the importance for Agfa to maintain a Boston-area presence."
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