The move represents an expansion and relocation for Akceli which was previously at One Hampshire St. in Cambridge, MA. The biotech company was founded in 2001 by a team of scientists from MIT's Whitehead Institute for Biomedical Research and is backed by venture capital firms Atlas Venture and Apple Tree Partners.
The deal is a good one for Medford where the overall vacancy rate has soared from a high of 40.2% this past January, according Trammel Crow Co.. to a whopping 54.4% last month. Lease rates for this deal were not available, but the average asking rent for this city is at about $25 per sf, lower than Cambridge's rental range, which goes from $30 to $42 per sf.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.