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The 495/North submarket extends along Route 495 north and northwest of Boston and includes the towns of Haverhill, Lawrence, Methuen, North Andover, Andover, Tyngsborough, Lowell, Tewksbury, Chelmsford, Westford, Littleton, Boxborough, Acton and Maynard. The submarket has long been home to many telecom and high technology companies and boasts an attractive and highly skilled labor force for that sector.  In addition, the market’s proximity to Southern New Hampshire offers employees and employers additional labor and job options.  Among the technology companies that anchor the 495/North office market are IBM, Lucent Technologies, Cisco Systems, Sonus Networks and Kronos Incorporated.

The 495/North submarket bounced back in the second quarter of the year after recording its sharpest single quarter decline in occupancy in five years during the first quarter. Despite posting 122,342 square feet of positive net absorption in the second quarter, year-to-date net absorption remained negative at (112,003) square feet. All of the positive leasing activity this quarter occurred in the town of Andover.

Leasing activity was driven by three sizeable renewals, all in Andover. As expected, Verizon renewed into 127,470 square feet at 20 Shattuck Road; CGI executed a 10 year renewal and contraction into 39,798 square feet at 600 Federal Street; and Yankee Alliance renewed and expanded into 14,332 square feet at 138 River Road. In the submarket’s largest relocation of the quarter, Research In Motion signed a five year lease for 49,798 square feet into the top floors of 35 New England Business Center in Andover.

LEASE

Verizon Communications

20 Shattuck Road, Andover

127,470 s.f.

Renewal

Research In Motion

35 New England Business Center, Andover

49,798 s.f.

Relocation

CGI Group

600 Federal Street, Andover

39,798 s.f.

Renewal with contraction

Yankee Alliance

138 River Road, Andover

14,332 s.f.

Renewal with expansion