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BILLERICA, MA-Taking another piece of sublease space off the suburban Boston office market, Luminus Devices has committed to 46,000 sf at 1100 Technology Park here. Luminus will occupy the middle and top floors of the three-story building, space controlled by tenant GE Sensing, a division of GE that concentrates on development of measurement and sensory equipment.

Although the ubiquitous swapping of facilities that occurred earlier this decade as a result of the regional recession has become increasingly rare in suburban Boston, Richards Barry Joyce & Partners principal Jonathan Varholak says the process remains a viable alternative in the Route 128 North submarket given a concentration of technology firms. “Subleasing arrangements between two high-tech companies are not unusual because the building set-up and infrastructure have already been optimized for similar uses,” explains Varholak, who represented Luminus in structuring the sublease along with partner John Wilson. Torin Taylor of Cushman & Wakefield acted on behalf of GE Sensing.

Although Route 128 North was among the best performers among office submarkets to begin 2007, RBJ research indicates the vacancy rate remains alarmingly high at 23%, with only the Interstate 495 submarket’s 26.3% above that mark. RBJ director of research Brendan Carroll does, however, note in his mid-year report that Route 128 North has enjoyed 900,000 sf of positive absorption in the past 12 months, including 316,000 sf during the second quarter. That figure was tops among all suburban Boston office submarkets, while Carroll also reports that class A rental rates have accelerated by 12% in the 24.1-million-sf Route 128 North office district during the past four quarters.

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