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NEEDHAM, MA-FastChannel is leasing 19,174 sf of office space at 250 First Ave. in First Needham Place. The deal represents a renewal and expansion of space for the company, which develops products for the marketing and advertising industry.

Meredith & Grew’s John E. Butterworth, a vice president, represented FastChannel in the transaction while property owner the Bulfinch Cos. was represented in-house by Michael Wilcox.

The 72,831-sf three story building is located directly off Route 95 and is visible from the highway. The facility was developed by Bulfinch over five years ago and is nearly fully leased with about 7,000 sf still available. Its key tenant is Brooktrout Technology Inc.

Lease rates for this deal were not available, but the average asking rent for office space in the area is about $25 per sf. Vacancy rates remain at about 20% according to Grubb & Ellis’s third quarter statistics.

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