Permabit, which is relocating from offices at 10 Canal Park in Cambridge, is leasing nearly 12,000 square feet of space at One Alewife Center, said Brookwood, a real estate investment and asset management company headquartered in Beverly.
Brookwood said it purchased the four-story office building at the end of June from NB MS Alewife LLC; the Permabit lease increases the occupancy of a building to 66 percent. With about 90,000 square feet of space, the property is located at the intersection of Routes 2 and 16.
Amy Grey, Brookwood’s asset manager for the property, said in a statement, “Due to the limited supply of space and increasing rents in East and Mid-Cambridge, we believe that we are well-positioned to attract quality tenants and increase the occupancy of the property in the short term.”
Colliers International represented Brookwood with respect to the leasing on this transaction while Permabit was represented by Richards, Barry Joyce & Partners.