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WESTBOROUGH, MA-Liberty Mutual Insurance Co. has leased 27,000 sf at 114 Turnpike Rd. Spaulding & Slye Colliers’ vice president, Philip DeSimone, negotiated the transaction on behalf of the owner, Advance Realty Group. Robert Shulman, principal at CRESA Partners, represented the tenant.

The three-story, 71,000 sf office building is located in Westboro Executive Park,which is on Route 9 in the heart of the Route 495 business corridor. The Park comprises three buildings totaling 215,000 sf, of which there is currently 75,000 sf available for lease. DeSimone notes that “having Liberty Mutual in the Park underscores the quality of the project’s ownership, building and management.”

Dan Minkoff, vice president-asset management of the Bedminster, NJ-based Advance Realty Group stresses that the transaction is an indication that “creative solutions” can be found despite the current competitive environment. According to the most recent statistics compiled by Meredith & Grew, the overall suburban market ended the second quarter with a vacancy rate of 13% on direct space. When sublease space is included, the overall vacancy rate jumps to 21.8%. Comparatively, at the end of the first quarter, the respective vacancy rates were 11.4% and 19.5%.

In its second quarter report, Meredith & Grew notes that there has been an increase in activity recently, which it attributes to property owners’ pursuit of creditworthy tenants as well as tenants with expiring leases.

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