Located along the Route 2 and Route 3 corridors from Route 128, Boston’s inner beltway, out to just before Route 495, the Norwest submarket has historical been a hotbed for established high technology and defense companies and new emerging start-ups. Burlington anchors this submarket and Lexington, Bedford and Billerica are other towns with significant commercial space. High profile companies including Sun Microsystems, Oracle, Raytheon, Instrumentation Laboratory, and RSA Security call this submarket home, and benefit from its easy access into Boston and Cambridge, as well as the amenity rich environment including the Burlington Mall retail area.
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After recording notable occupancy gains in the first quarter, the Northwest submarket contracted in the second quarter recording 138,083 square feet of negative net absorption. The negative absorption was due to an abundance of available space options introduced to the submarket combined with very limited leasing activity. Landlords continued to pursue aggressive leasing strategies and in many cases marketed space well in advance of lease expirations in order to compete with mounting sublease supply. Notably, IBM began marketing 102,384 square feet for sublease at 15 Wayside Drive in Burlington as a part of a larger consolidation to Littleton. The space was formerly occupied by Cognos, a company acquired by IBM in January of 2008. In Lexington, Endo Pharmaceuticals, which acquired Indevus Pharmaceuticals in March, began marketing 53,891 square feet of sublease space at 33 Hayden Avenue.
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LEASE
BTS Asset Managers
420 Bedford Street, Lexington
10,858 s.f.
Relocation
Click Software
35 Corporate Drive, Burlington
8,822 s.f.
Renewal
Boston Educational World
128 Wheeler Street, Burlington
2,700 s.f.
Relocation
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