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MAYNARD, MA-QuadTech, Inc. signed a 19,000 sf lease renewal that will enable the electronic test equipment manufacturer to remain at 5 Clock Tower Place, the location of its worldwide corporate headquarters since 1999. The term of the lease is six and a half years. Lease rates for this deal were not available, but average asking rent for office space in the area is about $23 per sf.

John Lashar, Brian McKenzie and John Wilson, partners, and James Lipscomb, associate, at Richards Barry Joyce & Partners, structured the lease for QuadTech. CB Richard Ellis represented property owner, Wellesley Management. The historic Clock Tower Place is located along the Assabet River.

Kim Southern, vice president of finance at QuadTech, notes that the company was able to “take advantage of the current market and achieve immediate cost savings in our real estate expense.” Lashar notes that the restructuring of the lease coupled with a lease extension allowed QuadTech to realize that reduction in their real estate expense.

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