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BEDFORD, MA-The ink continues to flow on leasing documents here, as several tenants have committed to space at the Crosby Corporate Center. Owned by Rreef Funds, the 51-acre, 590,000-sf office park has filled more than 100,000 sf in six transactions.

“We’re seeing great activity,” says Cushman & Wakefield broker Torin Taylor, who along with colleague Richard Ruggiero represents the park that Rreef acquired in June 2006. Crosby Corporate Center has undergone substantial upgrades under Rreef’s stewardship, and the brokers say that has played a role in attracting new tenants.

The biggest completion in the latest round is Soundbyte Communications, which is leasing 38,000 sf for six years at 22 Crosby Dr. McGraw Hill signed on for 21,000 sf, while Data Intensity will occupy 17,000 sf. Others taking space are iRacing with 12,000 sf; IDC with 9,000 sf; and Transwitch to occupy 5,000 sf.All of the leases were fresh deals, and part of the migration to Crosby Corporate Center can be attributed to “sticker shock” among companies located along the Route 128 belt just south of Bedford.

“We’ve been lucky to get some of the runoff from tenants who don’t want to pay those higher rates,” says Ruggiero, with Crosby Corporate Center’s priciest space pegged around $25 per sf. Down on Route 128, Waltham is seeing deals in the $45-per-sf range, while even Burlington is achieving rates well into the $30s per sf, with a few properties such as New England Executive Park bumping up near $40 per sf. An improving economy and limited new supply is contributing to the rising rates, and Ruggiero concurs that Rreef is one of a handful of properties that can accommodate a six-figure requirement. Even as the occupancy continues to increase, Crosby Corporate Center has about 160,000 sf of contiguous space available.

Taylor estimates that nearly nine out of 10 prospects are coming off Route 128 from the Burlington, Lexington and Waltham stretch. Recent road improvements to Route 3 and Crosby Drive have enhanced the location, he says, adding that those who arrive are enthused by Rreef’s tenant-focused style and a range of amenities, including a full-service cafeteria, day care, fitness center and corporate meeting facilities. Crosby Corporate Center features “everything those tenants already have on 128 at a fraction of the price,” says Taylor. “They’re finding they don’t have to give up on the quality of a first-class park.”

Taylor and Ruggiero negotiated all six leases on behalf of Rreef, and assisted iRacing in its lease. Richards Barry Joyce & Partners principal John Wilson represented Soundbyte Communications, while John Boyle of DTZ FHO Partners was the broker for McGraw Hill. GVA Williams principals John Hennessey and Steve Lombardi were agents for Data Intensity.

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