The building is located at the intersection of Routes 2A and 128 and is part of a four-building campus totaling 315,000 sf. The team of Mark Roth, Mark Winters and David Townsend of Cushman and Wakefield represented the property owner in the transaction while Andrew Majewski and Michael Ripp of Insignia/ESG represented Antigenics.

Renovations to the building involved a new metal panel and glass exterior system, a two-story atrium lobby and up-graded building mechanical systems. The project is similar to other Bulfinch projects in Cambridge and Watertown, where the company also renovated buildings for biotech-related companies' use. "We are committed to understanding and responding to the needs of biotechnology companies such as Antigenics, and provide them with office, R&D and lab space that will promote their growth and success," says Michael B. Wilcox, director of leasing at Bulfinch.

New York-based Antigenics currently has its research and manufacturing operations in Woburn, and Framingham, MA. The company, which develops products for a wide range of cancers, infectious diseases, and autoimmune and degenerative disorders, will relocate to the facility this coming summer. "We are extremely pleased to be able to combine our manufacturing and research laboratories in one new building," says Russell Herndon, President, COO of Antigenics.

The deal is a shot in the arm for the Lexington market, which continues to struggle to fill its space. According to Trammel Crow Co.'s most recent statistics, the 3.9 million sf market has 22.3% available space overall. For the same period last year, the overall available space was 14.1%. While the office market's overall available space is at 19.5%, the overall available space for the research and development market has soared up to 32.4%, as compared with 16.2% the year before.

The lease rate for this space was not disclosed but the rental rate for research and development space in Lexington is $23 per sf while the rental rate for office space ranges from $20 to $32 per sf.