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CAMBRIDGE, MA-The New England School of Acupuncture is leasing 8,328 sf in the Parker Hill Building, at 124 Watertown St. The school was represented by Ellie Fantini, associate and Taryn Wilson, VP with Grubb & Ellis. Property owner Devi Trust was represented by John Nealon at W. J. Nealon Commercial Realty.

“The Parker Hill Building is a great location for New England School of Acupuncture,” says Fantini. “This was a tremendous opportunity for our client to move its clinic to a more central location, into space that better-suited their needs.”

The Parker Hill Building is a former elementary school that was expanded and converted into office space. The property is located on Route 16 and is near the Massachusetts Turnpike. The New England School of Acupuncture is the oldest college of acupuncture and Oriental medicine in the country.

According to Meredith & Grew’s first quarter market statistics, Cambridge’s vacancy rate rose again during the first quarter, reaching a record high of 23.1% as compared to 21.4% at 2002′s year end. Overall absorption for the quarter was a negative 285,000 sf, reflecting more technology weakness and the softening biotech market. Tenant demand for both office and biotech space remains slow.

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