Meredith & Grew Inc.'s John E. Butterworth, vice president, represented PharMetrics in the transaction, while the Beal Co.'s Molly Walker represented property owner, Harvard University. The five-year deal represents an expansion and relocation for PharMetrics, which develops products and services for the pharmaceutical industry and clinical research organizations. The company is moving from 150 Coolidge Ave. Walker tells GlobeSt.com that with this deal, this building in the park is approximately 60% leased.
The Arsenal on the Charles is the largest speculative office redevelopment in the Greater Boston area with 770,000 sf of space on 37 acres. In a controversial move, Harvard University bought the complex 2.5 years ago for $160 million. The town had spent millions fixing up the site and, because it was banking on the property tax revenue, objected to its ownership by a tax-exempt educational institution. Eventually, the university worked out a deal with the town if it converts the site to educational use, but as of a few months ago, the complex was having trouble finding commercial tenants and remained nearly half empty. The local market in general continues to struggle to fill its space with the overall availability rate at about 24%.
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