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NEEDHAM, MA – Key3Media Group Inc. leased 98,277 sf of office space here at 117Kendrick St. in Cutler Lake Corporate Center. The transaction is good news in an otherwise quiet market, where potential tenants have largely adopted a wait-and-see attitude.

Los Angeles-based Key3Media, which produces expositions and conferences for the information technology industry, was looking to expand its offices beyond the 50,000 sf it currently leases at 300 First Avenue here. The company’s seven-year lease in this 212,000-sf office complex was welcome news for WP Commercial LLC, which had originally leased the offices to MarchFIRST, a Chicago-based Internet consulting firm that filed for bankruptcy.

Lease rates on the space are reportedly upwards $30 sf. Gregg Jordan, a principal in Gregg Jordan & Associates, represented Key3Media in the deal with the Newton office of Grubb & Ellis Co. Peter Eliot LLC of Boston was also involved in the transaction.

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