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LEXINGTON, MA- Richards Barry Joyce & Partners LLC nailed the leasing assignment for Lexington Corporate Center. The 285,000-sf, four-building complex was sold by Nordic Properties and Berwind Property Group to Essex River Ventures–a joint venture between Essex River Ventures and the Praedium Group LLC–for $35.3 million last month.

The complex is located at 10 Maguire Rd. near Route 128 on a 20-acre parcel. It is nearly 50% occupied with 130,000 sf of space available. The current tenant roster includes IBM/Rational, SGS Thomson, Marketsoft and AHA Associates. Jonathan M. Varholak, a partner at Richards Barry Joyce & Partners who will be directing the marketing effort with Brian McKenzie, partner, and Ron Friedman, associate, says that the firm is currently in discussions with several new tenants for the complex.

The property was originally built by Itek Co. in the late 1960′s and was then acquired by Litton Industries. Nordic Properties redeveloped the property into class A office space when they purchased it in 1997. Once the property was redeveloped and mostly leased, Nordic admitted Pennsylvania-based Berwind Property Group as a capital partner.

According to Grubb & Ellis’s most recent statistics the vacancy rate for the Route 128/Northwest market is at 25%. The office market in the area experienced positive absorption of 321,522 sf as of the second quarter of the year.

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