According to Dr. Robert Hess, vice president of business development for BioTrove, the company was interested in staying in Cambridge, a biotech center, but, he tells GlobeSt.com, "We couldn't find suitable lab space that we could afford." The deal typifies the current Cambridge market, which continues to have two different stories to tell; one of a struggling office market that is dealing with high vacancies and falling rents; the other of a vibrant biotech market that can continue to command high rents.
Lease rates for this deal were not available, but Hess notes that BioTrove is paying less per square foot than it was in its previous lease. The average rental rate for the Woburn area is about $22 per sf. Cambridge biotech space goes for between $45 to $60 per sf depending upon the space.
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