Colliers, C&W Negotiate 16,325-SF Bedford Lease

BEDFORD — A 16,325-sf lease tendered here at 26 Crosby Dr. is the latest commitment for an office submarket that has been among the most vibrant in suburban Boston thus far in 2012. That strong pulse is reflected in a new Colliers survey showing Route 128 Northwest ahead of eight others in net absorption (plus-332,000 sf YTD) and second lowest in vacancy rates at 16.3 percent for its inventory of 21.9 million sf. That is almost 2 percent under the 18.6 percent rate for all 209.8 million sf covered in the Colliers survey. Nationally known investor RREEF is the beneficiary in the Bedford pact where Minuteman Senior Services is slated to relocate into this summer from its current operations on Third Avenue in Burlington. The nonprofit helps seniors, disabled adults and family caregivers on long-term care issues. Cushman & Wakefield represented the landlord in negotiations on the new lease, whereas the tenant was advised by Colliers Senior VP Matthew J. Daniels and colleague Andrew Whipple. The C&W team representing 26 Crosby Dr. includes Richard Ruggiero and Torin Taylor. Despite dating to 1965, 26 Crosby Dr. continues to attract tenants in a competitive office market, aided by a 2000 renovation and the single-story structure’s presence in the first class Crosby Corporate Center. The sprawling business park features a modern conference center, fitness facility and onsite cafeteria. It is located off Route 3 at the juncture of Route 62, a stretch quickly recovering after the submarket took a hard hit from the 2008 recession. According to the Colliers Viewpoint market quarterly released this week, Route 128 Northwest is now seeing a reversal of fortune to the good for landlords, with the review telling of “moderate rent increases being recognized” there and in the core Route 128 Mass Pike belt.