X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CAMBRIDGE, MA-A global customer care and billing solutions provider that once leased as much as 106,000 sf in East Cambridge’s Riverfront Office Park has downsized its office space to 38,211 sf under a five-year lease renewal. The deal gives the firm reduced rent and the top two floors of the 14-story 1 Main St. property.

Adam Subber, with Cresa Partners in Boston, tells GlobeSt.com that Englewood, CO-based CSG Systems renegotiated the terms of its lease at the two-building, 650,000-sf , class A office park in one of the first significant transactions since the property was purchased by Rreef in January.

“CSG evaluated the market heavily but we were able to retain the top two floors of what is arguably one of the finest buildings on the market and reduce our rent,” Subber says. Terms of the lease were not released but he says rents in the building are in the low to mid-$30 per sf price range.

The company, which had been in the building for about 10 years, had been slowly subleasing its former space as it downsized its operation.

Riverfront Office Park, in East Cambridge, won recognition from the city last year for its recycling and energy conservation efforts. The property, which counts the Shaw Group and New England Pension Consultants among its tenants, features amenities that include underground parking, a fitness center, deli and conference center.

Subber, along with Dan Sullivan and Chris Crooks, also with Cresa Partners, represented the tenant. Mark Winters and Dave Townsend from Cushman & Wakefield handled the negotiations for the landlord.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.