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BOCA RATON, FL-LexisNexis has signed a five-year, 40,000-sf lease at the Meridian Centre at 6501 Arvida Park of Commerce Boulevard.

The lease represents an expansion for LexisNexis, an information and service provider. CB Richard Ellis senior associate Tony Jones represented the tenant in the transaction. Jerry Lehman, of locally based Prudential CRES, represented the landlord, Meridian Venture LLC. Built in 1987, Meridian Centre is a two-story, 51,006 sf class C building located within the Arvida Park of Commerce.

According to a CB Richard Ellis Q2 office market report, Boca Raton has witnessed vacancies decrease from 14.2% to 8.1% while average asking rents have risen from $16.21 to $18.19 over the past two years. The market consists of 10.3 million sf with 45,803 sf under construction. In the class C submarket, conditions are even tighter with a 5.8% vacancy rate compared to 7.5% for class A and 8.7% for class B. Average asking rents are $20.52 per sf for class A space, $16.50 per sf for class B and $16.18 per sf for class C.

With little new construction under way, Jones anticipates that conditions will get even tighter in the coming months. “With limited new supply, increasing operating expenses and tenants vying for the same space opportunities, rents are expected to increase in the second half of 2006 and 2007. So whether tenants are considering relocating, renewing, expanding or downsizing, I believe they should act now to align their real estate requirements with corporate objectives,” Jones says.

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