CAMBRIDGE, MA-A lease pending in Kendall Square is offering further proof that the office market here has recovered from a prolonged–and atypical–slump, with technology firm ChoiceStream Inc. said to be taking upward of 40,000 sf at Two Cambridge Place. The deal would help carry the momentum of a brisk opening frame into the second quarter. Nearly all the city’s leasing velocity in 2007 has been concentrated in East Cambridge and the Kendall Square center of that 12-million-sf market. The office submarket ended the first quarter at just 6.9% vacant after 90,000 sf of net absorption, according to Jones Lang LaSalle.

Calls to leasing brokers for the 65,000-sf building, also known as 210 Broadway, and to officials at ChoiceStream were not returned by press deadline, but sources insist the company has committed to take over space being vacated by ADD Inc., the architectural firm which helped former owner Bulfinch Cos. upgrade the property into first-class office space earlier this decade. MetLife acquired Two Cambridge Place as part of a $103-million portfolio purchase in September 2005 that included the abutting 50 and 60 Hampshire Sts. Two Cambridge Place is currently 75% occupied and is advertising space at $38 per sf.

ADD Inc. recently announced the purchase of a building in Boston’s Fort Point Channel and is relocating its operations there, freeing up the Cambridge Place block to allow growing ChoiceStream to expand from its current total of 17,000 sf. The tenant is being represented by Meredith & Grew brokers Joseph Flaherty and Tucker Hansen, who were both unavailable to discuss the matter. Lincoln Property Co. represents MetLife.

Sources could not say whether the ChoiceStream lease has been finalized, but report that the tenant is already working on a phase-in plan to take over portions of the 22,000-sf third floor as they come available. About 4,000 sf of the third floor previously sublet to Razorfish will be ready sooner, says one source, while ADD Inc. is expected to be out of the property by early 2008.

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