BOSTON – Avison Young, North America’s fastest growing commercial real estate services company, has successfully brokered multiple leases in the Bulfinch Triangle District totaling 30,000 square feet. Avison Young’s Principal Karyn McFarland and Vice President Matt Twombly led the team that brokered these deals. Notable among these deals were the extension and expansion of VitalSource Technologies, Inc. and new lease for Echo Global Logistics, Inc. at 200 Portland Street whose combined total is over 20,000 SF.
Avison Youngrepresented 200 Portland Street, LLC, the ownership of 200 Portland Street, in the negotiation of two leases. VitalSource Technologies, Inc. is a provider of content enhancement capabilities that enrich the classroom and bring instructional content to life. Echo Global Logistics, Inc. is a leading provider of technology enabled business process outsourcing. 200 Portland Street is a six story, 105,480-sf office building.
“Karyn and Matt work tirelessly to obtain the highest value in tenants for our buildings,” commented Debbie Bateman of The Finch Group.
“The high rate of lease transactions in the Bulfinch Triangle District is further proof of the neighborhood’s increasing appeal as a premier Live-Work-Play destination,” said McFarland.
North Station's Bulfinch Triangle District is the second hottest submarket in Boston, Seaport being #1. It has the infrastructure in place with 8 million square of new development on the way, which includes retail, multi-family housing, condos, hotel and new office space.
The North Station office submarket posted a 6.9% vacancy rate during the third quarter, down 5.8% year-to-date. The decrease comes in right behind the red-hot Seaport submarket which saw vacancies decline 9.1% year-to-date. North Station asking rents grew 2.1% year-to-date, climbing to $31.14 per square foot overall. Class A rents grew at an even faster 4.3% to $39.63 per square foot over the same time period. Leasing activity year-to-date is north of 193,000 square feet and is the highest total through three quarters since 2010.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,500 real estate professionals in 53 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.