The property, with the new moniker Redstone Center, is roughly 30% office, according to Callahan, with 20,000 sf of wet laboratory, which has the proper "fume hoods" to enable chemical work. TDG is hoping to attract life science tenants, according to a prepared statement. The renovations will include the building's lobby, installation of a new café and tenant fit-ups.
The goal for the repositioning is to provide a "low-cost alternative" according to a statement. "In this economy folks are going to be looking for very good buildings with tremendous infrastructure," Callahan tells GlobeSt.com. The idea with this building is to provide similar space to that in Cambridge or surrounding Boston suburban regions, but at "greatly reduced rental rates". Callahan would not comment on the specific prices, but Cushman & Wakefield's Q3 Cambridge Office & Lab Report averages Lab space renting at $58.39 per sf.
"The building also houses a state of the art vivarium in a portion of the building that was recently renovated by previous tenant Charles River Laboratories," Callahan explains in a statement. "The unique infrastructure of this facility combined with very low rents, flexible owners with renovation allowances and economic incentives makes Redstone Center uniquely positioned for success in this economy."
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