"We are pleased with these two additional tenants joining StonyBrook's excellent tenant roster," says Meredith & Grew EVPJames Elcock, a member of the park's exclusive leasing team. Elcockwas joined by M&G colleagues John Carroll III and Elias Demakesrepresenting landlord ING Clarion in both transactions, including aheadquarters lease by Bay Financial Associates for the other 9,000sf. M&G negotiated terms for Brandeis as well, whereas AlexDauria of Jones Lang LaSalle was agent for Bay Financial Assoc.

Elcock cited a variety of factors helping Stony Brook tocontinue attracting leasing prospects, including its presence insuburban Boston's core office market. Not only is Route 128 Centralcommanding the highest rents in the suburbs, with some spaceleasing in the mid-$40 per-sf range, Elcock says a renovation ofStony Brook that began in 2004 has provided the amenities needed tocompete against other high-end product, including a bevy ofspeculative projects now underway in Waltham. Stony Brook has afull-service cafeteria, fitness center and features restored commonareas and new landscaping. "ING Clarion has done an exceptional jobcontinuing the success of Stony Brook since its 2006 acquisition,"Elcock says, with the firm having paid $55 million for thedevelopment.

At 25.1 million sf, the submarket anchored by Waltham had thesecond lowest vacancy rate through three quarters, according toM&G's research department. The rate of 13.8% has trended down afull percentage point from 14.8% registered at mid-year thanks tonearly 300,000 sf of positive net absorption in the third quarter.That spurt puts the submarket at 382,000-sf positive for the yearoverall.