Terms of the sale were not disclosed. Houder says a privacy agreement with Wyeth prevented him from naming the price, but he confirmed that deal cost Preferred several million dollars. "The opportunity to acquire one of [Wyeth's] facilities is something that we jumped at. What we see is a very, very strong Cambridge biotech market."
The demand for research, development and laboratory space here has tightened in recent years. Since 2004, the combined vacancy rate for office and research space in the Cambridge and Boston biotech corridor dropped from 16.6% to a current 12.3%, according to a study by CB Richard Ellis/New England.
But Houder says it wasn't just the location that attracted Preferred's investment dollars. The building is also a single-user facility. "What you have here is the opportunity for a tenant/owner buyer to own their own building. That's a pretty unique opportunity in that market."
Wyeth did not return phone or email messages from GlobeSt.com by deadline. The acquisition was Preferred's second in the Bay State. The firm also owns the Attleborough Corporate Center.
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