Navic Networks Subleases 11,500 SF

NEEDHAM, MA-Navic Networks is leasing 11,500 sf at 140 Kendrick St. The company, which provides data connections among digital settops, is relocating from its previous location in Newton, MA.

Built in 2000, 140 Kendrick is a three-story, 380,000-sf office building that features a full-service cafeteria and a fitness center. Chip Batchelder and Robert Borgman of R.M. Bradley, represented the subtenant, Navic Networks, in the transaction while Peter Richardson of Spaulding & Slye, represented the sublessor, Parametric Technology Corp. Details of the lease are not being disclosed.

While the deal indicates that there is some activity in the market, most area brokers do not see the market recovering until at least next year. According to Spaulding & Slye Collier International’s third quarter report, there is 10.35 million sf of vacant space in the 76.4 million sf suburban market. But when available sublease space is factored in, the number jumps to 20.14 million sf of space.