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ANDOVER, MA-In a bid to take advantage of favorable rental rates, a local insurance firm has renegotiated its lease on 12,636 sf of office space at 10 New England Business Center. The company added eight years to its existing 10-year term.

Meadowbrook Insurance Group, a full-service risk management company, secured an early-lease renewal of its space on the third floor of the 88,024-sf, three-story office where it has been a tenant for almost 10 years. “They were paying above-market rents and had 18 months left on their lease so they wanted to renew early and take advantage of the vacancy in Andover,” Joseph Doyle with Cresa Partners in Boston tells GlobeSt.com.

Terms of the lease were not disclosed. As the largest tenant in the property, Meadowbrook shares the building, which is about 36% vacant, with other smaller tenants, including engineering, insurance and law firms.

Doyle says an overall vacancy rate of 35% in Andover caused by the decline of the high-tech industry has left many buildings in the north shore city vacant. But while the high vacancy rate has been a burden for landlords, it has created an opportunity for tenants looking for lower rents or upgraded space. Meadowbrook negotiated more favorable rental terms and the company also will get some improvements to its offices, he notes.

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