MARLBOROUGH, MA-Axiowave Networks Inc. has defaulted on its 100,000-sf lease obligation at Marlborough Corporate Place, according to San Mateo, CA-based Glenborough Realty Trust Inc., the office REIT that owns the property. On Tuesday, Glenborough said it has commenced legal action against the tenant, which accounts for 1.5% ($2.9 million) of the REIT’s annual revenues. Axiowave was not immediately available for comment Tuesday afternoon. Last month, the company slashed its workforce from 156 to 25. “This action was required to reduce the company’s operating expenditures while the company secures additional financing,” according to a statement by CEO Mukesh Chatter that was posted to the company’s website. Since starting up in 2000, the router maker has received $120 million in venture capital. As a result of the lease default, Glenborough will take a charge of $1.4 million or $0.04 per diluted common share during the fourth quarter representing an allowance for uncollectible rent and related straight line rent receivable.

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