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BOSTON-Baystate Financial Services restructured and renewed its lease for 19,470 sf at One Exeter Plaza. The 14-story building in the city’s Back Bay neighborhood was developed and is owned by Boylston Partners. Lease rates for this deal were not available, but the average asking rent for similar space in the area is about $38 per sf.

Robert B. Cleary, Jr., SIOR, president and co-managing partner, and Stephen W. Losordo, Jr. of the Codman Co. Inc. represented Boylston Partners in the transaction, while Baystate was represented by Frank J. Nelson, senior director of Cushman & Wakefield of MA.

According to C&W’s most recent statistics, the average rent in the area is down slightly from $42 per sf in the previous quarter. That survey also says the Back Bay’s vacancy rates have remained relatively flat over the past year dropping from 12.4% last year to 12.1% at the end of the third quarter of this year.

The 211,000-sf One Exeter Plaza, which is located at 699 Boylston St., is nearly fully occupied with about 32,000 sf available. Among its tenants are Kelly Services, ADP, Massachusetts Mutual Cos., International Data Group, Investors Bank & Trust, Brody, Hardoon, Perkins & Keston, Consulate of Portugal, Massachusetts Software & Internet Counsel, Longfellow Financial, Disney, Cox Enterprises, James Gorman Insurance and Greenough Communications, Inc. Its retail tenants include Lenscrafters, Morton’s of Chicago and Fleet Bank.

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