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WALTHAM, MA-Kodiak Venture Partners signs a long-term sublease for 11,000-sf of space at 1000 Winter St. in the Bay Colony Corporate Center. The venture capital firm is relocating from an office in Concord, MA.

T3 Realty Advisors president & C.E.O. Roy Hirshland represented Kodiak Ventures in the transaction. A representative of T3 Realty tells GlobeSt.com that because of a nondisclosure agreement, information regarding the sublessor cannot be revealed but he says that the company has no additional space to sublet in the building, which is owned by San Francisco-based Shorenstein Company.

Mike Schiavo, Kodiak partner and chief financial officer says that the company’s move is due to growth and this space was appealing because its location is in a market that is home to many of the area’s leading venture capital firms. According to a release approximately two-thirds of Greater Boston’s venture capital firms have their office in Bay Colony and nearby office parks. “We have grown and needed to relocate to a location which would enhance our overall business strategy,” says Schiavo.

The corporate center is comprised of three four story buildings and one three story building totaling one million sf of space. The park was completed four years ago and sits on a 58-acre site on Route 128.

It is the glut of sublease space that continues to drive up the vacancy rates in the suburban Boston area to the 20% range. Despite a number of recent large deals in the Greater Boston market–in which both the 530,000 sf former 3Com campus and the 500,000-sf former Lucent campus are in the process of changing hands–the availability of sublease space is what is still defining the market.

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