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LITTLETON, MA-A trio of leases completed here at One Monarch Dr. is creating welcomed momentum for the Interstate 495/West submarket and also filling nearly half of the space at the 103,000-sf office building. The pacts totaled 45,000 sf of activity for landlord FPK Realty.

“We were very pleased to help secure three quality tenants for this fine asset,” CB Richard Ellis EVP and principal Mark Reardon says of new arrivals LiveWire Mobile, WaveMark and Movic Networks. Part of the exclusive leasing team for One Monarch Dr., Reardon cites the location of the property near Route 2 and other major southern New England highways as a key reason for generating the interest, as well as the building’s amenities and features such as its brick exterior, two-story skylight lobby and modern mechanical systems.

Other members of the CBRE team representing One Monarch Dr. are Jason Levendusky and Kerry Olson. CBRE principal Jim Nicoletti and Reardon also were agents for Movic, a network infrastructure company which is taking just under 6,000 sf. The largest of the deals is LiveWire’s 27,000-sf commitment. A subsidiary of NMS Communications, LiveWire will use the building for its North American headquarters. The firm retained Paul Leone and James Lipscomb of Richards Barry Joyce & Partners as brokers in the Littleton lease, while that pair also negotiated the 12,000-sf lease on behalf of WaveMark, a healthcare solutions provider.

Built in 1986 and renovated extensively last year, One Monarch Dr. already houses such firms as Cartiza Networks, Image Stream Medical and Sunguard Financial Systems. Financial terms of the latest leases were not provided, but CBRE estimates the average asking rate for office space in the Interstate 495 West submarket near Route 2 at $16.52 per sf. The real estate services firm tracks 4.7 million sf in that corridor, placing the vacancy rate at 17.1% through Q1. The submarket did have a sluggish start to 2008 on net absorption, which CBRE puts in the red by 85,000 sf. That contrasts to 850,000 sf of positive net absorption for suburban Boston overall, reports CBRE in its review of 102 million sf.

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