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The Route 128/Mass Pike area contains 10 towns including Allston, Brighton, Brookline, Needham, Newton, Waltham, Watertown, Wayland, Wellesley and Weston.  This submarket is anchored by Waltham, and is the largest and most established suburban submarket.  The submarket’s location at the crossroads of Route 128 and the Mass Pike offers easy access to Cambridge and Boston and proximity to the most desirable and affluent residential communities.  The diverse tenant base consists of high technology, health care, defense, and services firms.  Considered “Main and Main” in suburban Boston, the premium buildings in this submarket typically benefit from any flight to quality trend and achieve the highest rental rates in the suburbs. 

Market conditions continued to soften in the second quarter as short term renewals, increased availability and declining rents highlighted the 128/Mass Pike submarket. One of the lone bright spots for the submarket was the delivery of 40 Sylvan Road in Waltham. The 455,000-squarefoot, Class A building was delivered fully leased to National Grid and Verizon. As a result, the submarket recorded 269,509 square feet of positive net absorption during the second quarter. Even with the substantial occupancy gain from 40 Sylvan Road, the submarket has recorded 104,318 square feet of negative net absorption for the year.

The largest blocks of space added this quarter included 80,000 square feet of sublease space at 93 Worcester Street in Wellesley by Harvard Pilgrim Health Care and three spaces totaling nearly 100,000 square feet of future direct space marketed by Boston Properties at 200 West Street in Waltham. As a result, the availability rate increased by 0.5 percentage points over the past quarter and has increased 6.1 percentage points over the year to its current rate of 20.1 percent. The second quarter marked the first time in four years the rate has exceeded 20.0 percent.

LEASE

Constant Contact

1601 Trapelo Road, Waltham

128,074 s.f.

Renewal with expansion

Alkermes

850 Winter Street, Waltham

100,235 s.f.

Relocation

Brain Shark, Inc.

130 Turner Street, Waltham

37,637 s.f.

Relocation

Gunderson Dettmer, Inc.

850 Winter Street, Waltham

32,000 s.f.

Renewal

Kahn, Litwin, Renza & Co.

800 South Street, Waltham

15,000 s.f.

Relocation