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CHARLESTOWN, MA-Service Employees International Union Local 888, which represents 1.5 million members internationally, is leasing 13,763 sf at the Schrafft’s Center. Peter Bean and John F. Hennessey, principal of GVA Thompson Doyle Hennessey & Stevens represented the union, in the transaction while Bill Bush and Sabrina Dellorusso represented property owner, the Flatley Co. Lease rates for this deal were not available, but the average asking rent for office space in this area according to Grubb & Ellis is about $24.50 per sf.

The 625,000-sf building, which is located on Medford Street, is currently 92% leased with about 81,000 sf available.

The deal is an important one for this city in the northern section of the inner suburbs which is still contending with vacancy rates of about 19.4% according to Grubb & Ellis’s most recent statistics. The area had a positive absorption of just 2,108 sf this past year as compared with the southern section of the inner suburbs, which experienced positive absorption of 233,999 sf this year.

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