LEXINGTON, MA-IBM renewed its lease at the Kiln Brook Office Park. The space the company occupies is comprised of 97,571 sf at 20 Maguire Rd., 59,518 sf at 81 Hartwell Ave. and 43,821 sf at 83 Hartwell Ave., a three-building campus. The lease is one of the largest in the greater Boston area this year.

Lenny Owens, executive vice president of McCall & Almy, represented IBM in conjunction with Ken Lowell, program manager of real estate operations at IBM. The Kiln Brook Office Park is owned by a Morgan Stanley-advised client. Morgan Stanley was advised by Trammell Crow Co.’s John Boyle, principal; Keith Gurtler, senior vice president; Pat Cooper, property manager; and Deanne Conte, vice president.

John Buza, head of Morgan Stanley’s US asset management business, notes that, “the execution of the IBM lease clearly adds to the long-term strength and stability of the Kiln Brook Office Park.” He adds that the lease was negotiated during a “particularly challenging time in the suburban Boston office market and is a desirable outcome for the property and our client.”

Kiln Brook Office Park is a class A, five-building office park totaling 355,700 sf. The property is located one mile from Route 128 and 11 miles northwest of Downtown Boston. Lease rates in the area average about $21 per sf. According to Trammell Crow Co.’s most recent statistics, Lexington’s overall availability rate is at 20%, a figure that is 1% higher than the vacancy rate in January.

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