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WATERTOWN, MA-Snowbound Software is leasing 9,980-sf at Building 312 at the Arsenal on the Charles. Vice president of CB Richard Ellis/Whittier partners Charles P. Kavoogian represented Oxigene, a biopharmaceutical company in the sublease deal while Ron S. Friedman of Richard Barry Joyce & Partners represented Snowbound. Lease rates for this deal were not available, but the average rate for space in the complex is about $20 per sf, although sublease deals tend to command a lower price.

Kavoogian emphasizes that the Arsenal on the Charles has an “excellent” location in what he terms “the midst of the East Coast’s hub for high technology, research and development.”

In a controversial move, Harvard University bought the 30-acre, 770,000-sf complex two and a half years ago for $160 million. The town had spent millions fixing up the complex and, because it was banking on the property tax revenue, objected to its ownership by a tax-exempt educational institution. Eventually, the university worked out a deal with the town if it converts the site to educational use, but as of a few months ago, the complex was having trouble finding commercial tenants and remained nearly half empty. The Watertown market in general continues to struggle to fill its space with the overall availability rate at about 24%.

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