"Because they were already in the space the landlord didn't have to do any work and there was no downtime, the landlord was able to be more aggressive than with the typical lease," Ryan Weber, a Life Sciences specialist at NAI Hunneman Commercial, tells GlobeSt.com.
Terms of the lease were not disclosed but Weber says laboratory space in Cambridge generally leases in the $30-per-sf range and above. Weber negotiated the lease agreement along with a two-year renewal option, for the tenant. The landlord was self-represented.
The property, owned by Wight & Co., is comprised of a 14-story office building and a connected five-story building, totaling 172,000 sf. Other tenants located in the property include Cambridge Cable Television, Cytel Software Corp. and the Cambridge Housing Authority.
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