LEXINGTON, MA-Abacus Technology leased 7,208 sf of office space at 420 Bedford St. The company, which provides research and consulting support for both private and public sector organizations, is renewing its lease. Debra Lee Stevens, CCIM, principal of GVA Thompson Doyle Hennessey & Stevens represented Abacus, while Stacey Baker of Boston Properties repped the property owner in house.

The location is part of a two-building office complex located on Route 128. 420 Bedford consists of 83,370 sf, while the adjacent building, 430 Bedford, consists of 84,338 sf. The two buildings are nearly fully occupied–with about 22,000 sf available in both–and Stevens notes that the occupancy rate is indicative of the current state of the area’s office market.

“The market is in the process of changing for the better,” Stevens tells GlobeSt.com. She points out that according to GVA Thompson Doyle Hennessey & Stevens’ most recent market report, Lexington’s direct vacancy rate is at nearly 11% while its total vacancy rate is at 13.8%. “Anything between 10 and 12% is normal,” says Stevens.

According to Stevens, lease rates in the area are at about $25 per sf and she anticipates that they will continue to rise. “We won’t see 2000 rates in the immediate future,” she says,” but we will see higher rates.” She adds that Abacus’s deal included a large tenant improvement as part of the package.

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