"This wouldn't be a big industrial deal in the suburbs, but itis huge for Boston," says J.P. Plunkett, a senior director atCushman & Wakefield who represented the tenant along withC&W colleague James Brady. "It's great for [Boston] to be ableto add some blue collar jobs," Plunkett tells GlobeSt.com. TheHub's so-called working port has been shrinking for decades, andthat trend has become even more acute as the gentrification of theSeaport District continues. Millions of square feet of office,retail, hotel and residential space is slated to be built on docksthat once served as the industrial gateway to Massachusetts.

According to first quarter figures compiled by C&W, theinner Boston industrial loop has just 4.6 million sf of the state's62.9 million of industrial inventory. The space, which is 8.7%vacant, does command a superior per square foot price of $20.56,double the overall average of $10.09 per sf. Plunkett did notdivulge the lease rate in the Black Falcon lease to Boston BuffaloExpress, but one company document showed asking rents in thebuilding running from $13.25 per sf up to $28.50 per sf.

Despite the higher rate, 88 Black Falcon Ave. has just 38,000 sfof the 200,000-sf industrial space remaining, Plunkett says, whoreports encouraging activity on the unused space. Other industrialtenants in the building are EGL Logistics and Wall USA. Constructedin 1999 and opening in 2000, 88 Black Falcon Ave. has two floors ofoffice space above the first level of industrial space.Headquartered in San Francisco, AMB is involved in nine investmentsin Massachusetts encompassing more than five million sf of space.Perishable Management represented Boston Buffalo Express.