"That's a done deal," one source tells GlobeSt.com, although noofficial acknowledgement has been issued. Broker John Boyle of DTZFHO Partners referred calls to the Beal Cos., owners of LedgemontCenter, which were not returned by press deadline. Boyle and DTZFHO colleague Kimberly Roop reportedly represented the landlord.Concert Pharmaceuticals broker Neil Schneider of McCall & Almyalso did not respond to inquiries from GlobeSt.com.

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The source tracking the lease negotiations notes that it removesone of the last remaining blocks of existing laboratory product inthe Route 128 Central belt. Led by the defection of ShirePharmaceuticals from Cambridge into approximately 400,000 sf at theLexington Technology Park, other major life sciences deals signedin the submarket in recent months include Altus Pharmaceuticalsleasing 85,000 sf at 610 Lincoln St. in Waltham; ImmunoGen Corp.securing 88,000 sf at 830 Winter St. in Waltham; and Microbiataking 40,000 sf at 60 Westview St. in Lexington. In its justreleased Biotech REview report, Colliers Meredith & Grew saysnearly 750,000 sf of laboratory space has been leased or is aboutto along the Route 128 corridor since last summer.

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CM&G puts the overall vacancy rate for 5.1 million sf ofsuburban laboratory space at 9.1%, down sharply from 17.1% atmid-year 2007. The defection of Cambridge companies has been a bigreason, as tenants seek to escape tight supply and rents running upto $70 per sf. While suburban pricing has risen, CM&G estimatesthat space in that market ranges from $25 to $43 per sf, dependingon age, location and quality.

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Although the surge of activity has been unprecedented in thepast year for Route 128 lab space, the concept is nothing new toLedgemont Ctr., which is considered one of the first suburbanalternatives for life sciences companies. The Beal Cos. has beenpromoting such a use since acquiring Ledgemont Center in the 1980s,feeding off the park's close proximity to Cambridge.

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Financial terms of the Concert Pharmaceuticals lease were notavailable. Beal has secured several other deals there recently,with medical device concern Tepha Inc. taking 20,000 sf at OneLedgemont Ctr. and Pulmatrix leasing 15,000 sf.

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