Lease Extensions Absorb 14,070 SF in Davenport Building

CAMBRIDGE, MA-In separate transactions, two existing tenants in the Davenport Building at 25 First St. extended for an aggregate of 14,070 additional sf. ProfitLogic expanded by 10,959 sf, and Zipcar added another 3,111 sf.

Terms and rental rates for these two transactions are undisclosed. According to third-quarter data from Boston-based Richards Barry Joyce & Partners, the average asking rental rate for Cambridge office space is $28.63 per sf.

ProfitLogic, a locally based supplier of retail profit solutions, expanded from its existing 38,466-sf space in the four-story, 220,750-sf building. The company, which was recently acquired by Oracle, now occupies an aggregate of 48,536 sf. Zipcar, the locally based nationwide car rental company, expanded from 5,080 sf, taking its total space in the building to 8,191 sf.

John T. Caldwell, managing director of Boston-based Paradigm Properties, represented the building owner, the IBUS Co. Netherlands-based IBUS acquired the building for $53.5 million in February 2002, and Paradigm manages the property. CB Richard Ellis/New England represented ProfitLogic. Richards Barry Joyce represented Zipcar.