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BURLINGTON, MA-The Lahey Clinic is leasing 19,453 sf of first-class office space at 25 Burlington Mall Rd. The medical center is relocating its finance and legal departments from nearby 31 Mall Rd. Lease rates for this deal were not available, but the average asking rent for similar space is about $22 per sf.

Meredith & Grew Inc.’s David L. Pergola, EVP, and Elias T. Demakes represented property owner, Time Square Real Estate Investors, in the transaction. CB Richard Ellis’s David Wright and Amy Friedman represented Lahey.

The 277,000-sf, first-class office building is located near Routes 128, 3, 3A and 62 as well as the Burlington Mall. Among its features are a cafeteria, a fitness center and on-site management.

The deal is significant in a market where vacancies continue to rise. According to Cushman & Wakefield’s third quarter market statistics, the overall vacancy rate for the Route 128 North market is at 34.9%, up from 28.7% last year.

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