February 26, 2011
The Real Reporter – Joe Clements
WOBURN, MA – BCD Travel is not going anywhere after signing a 5-year lease renewal for nearly 9,000 sf of first class office space at TradeCenter 128. The LEED Gold-certified property overlooking its namesake Route 128 is owned by Cummings Properties, among suburban Boston’s largest landlords.
In announcing the commitment this week, BCD Travel’s real estate advisor, Debra Stevens of the Stevens Group, offers several reasons the renewal route was embraced after considering other options in the market. Building amenities and TradeCenter 128’s sustainability elements are among the positives cited, as is access to Route 128 and Interstate 93. Also, Stevens adds, “the attention BCD has received from their landlord was a direct consideration for this decision.” Cummings was represented in-house in the lease negotiations by Derek Cook.
Terms of the renewal were not provided. According to a report by Jones Lang LaSalle, the Route 128 North office sector has an average asking rent of $21.90 per sf for Class A space after rents rebounded by 5 percent in the past 12 months following a market-wide slump. JLL estimates the submarket’s vacancy rate for 12.6 million sf to be 16.4 percent.
A tenant representation specialist, Stevens counseled BCD Travel when her client first landed at TradeCenter 128 in early 2008 shortly after the speculative office development boldly opened in the teeth of a brutal recession. Small and mid-sized tenants have populated the cavernous complex through the downturn, creating a “dynamic” atmosphere that appeals to such firms, explains Stevens. The location has also proven valuable to BCD Travel, she says, offering quick access into downtown Boston and Logan International Airport.