Volex Relocates with 8,637-SF Lease

QUINCY, MA-Volex Inc. leased 8,637 sf at 1900 Crown Colony Dr. The company relocated to a relatively new building in the Crown Colony Office Park which is located along Route 128. Eric Foster, of Spaulding & Slye, represented the tenant in the transaction while Thomas M. Powers, executive vice president of the Codman Co. Inc., represented property owner Arbella Capital Corp. Lease rates for this deal were not available, but according to Grubb & Ellis’s report average lease rates for class A space in Quincy is about $24 per sf.

Volex relocated from nearby One Batterymarch Park for expansion purposes. The company wanted to remain in the city and this building provided Volex with a block of contiguous space. Powers notes that, as is typical of the current market, this deal took a long time to put together.

According to Grubb & Ellis’s second quarter market report the area’s vacancy rate is a respectable 10.6%. The report indicates that the inner suburban South market also had a strong positive absorption this past quarter of 168,096 sf bringing its year to date absorption up to a positive 233,999 sf.