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DEDHAM, MA-A pair of deals signed here at Dedham Place reflects an improved office-leasing climate beyond the core Route 128 Central submarket, according to officials at Normandy Real Estate Partners, owners of the 160,000-sf building. The two commitments in the Route 128 South strip totaled just over 26,000 sf, as Open Channel Solutions took 14,000 sf and Metatomix Inc. secured more than 12,000 sf.

“The demand for a quality building such as Dedham Place is growing, especially given the low vacancy along the Route 128 corridor,” says Normandy principal Raymond Trevisan. The 20-year-old building at 3 Allied Dr. was purchased by Morristown, NJ-based Normandy in early 2006 for $23.6 million after being completely overhauled in 2002. The acquisition was included in a five-building portfolio purchased by Normandy that included Norfolk Place, a three-story, 47,000-sf office building also in Dedham. That asset at 333 Elm St. was purchased for $8.2 million.

Tenant brokers participating in the latest leases were Taryn Wilson and Lance Carlton of Grubb & Ellis negotiating for OCS, while Ty Janney of Cushman & Wakefield served as agent for Metatomix. CB Richard Ellis principals Steve Clancy and Jim Nicoletti represented Normandy in both transactions. OCS is relocating from nearby Norwood, whereas Metatomix is coming from Waltham, suburban Boston’s corporate hotspot and the anchor for Route 128 Central.

Although the motivations behind the two tenant relocations were not divulged, Nicoletti says companies are ever mindful of rising rental rates, and indicates that cost efficiency and accessibility have been among the selling points for the four-story Dedham Place. Situated just off the East Street exit to Route 128, the property has 375 parking spaces, and is just a quarter-mile from a regional commuter rail station into Boston. Nicoletti says the property offers further benefits by being adjacent to the Dedham Hilton, a full-service hotel featuring two restaurants, conference facilities, a fitness center and an indoor/outdoor swimming pool.

The arrival of OCS and Metatomix also underscores increased recognition of Route 128 South as a viable option for technology tenants, according to Normandy, with the market traditionally dominated by financial services and back-office operations. OCS is a global provider of software and e-business services, while Metatomix provides technology solutions for a range of industries, including life sciences, the legal sector and financial services.

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