CAMBRIDGE-The Massachusetts Institute of Technology has recently completed construction on 300 Technology Square, one of a group of buildings and parcels that the University purchased from Beacon Capital Partners Inc. for $279 million in February 2001. In deciding to redesign the 175,000 sf of space from office to laboratory space the University undertook the painstaking tasks of ensuring that ceiling height, floor loads and technical upgrades were all up to the latest building codes.

But the expensive gamble appears to be paying off. Two tenants have already signed long-term leases for space. Dyax Corp. is moving and expanding their company from Kendall Square in Cambridge, leasing 91,000 sf that they hope to occupy by the Jan. 1. ToleRX Inc. another pharma company has just signed a 10-year lease for 37,000 sf of space. Both companies are doing their own build outs and an industry source tells that lab-space in Cambridge rents for around $60 a sf on a triple net lease.

The first floor of the 300 Technology Square building will have about 18,000 sf of retail space. Stephen Lynch, senior managing director of Insignia/ESG Inc., who represented MIT in the transactions, tells that though the remaining space in the building is not yet committed “it is actively under consideration.”

The lab-space market in the Cambridge area remains strong because construction has not kept up with need in the area, largely as a result of the Cambridge Zoning Board’s rigorous and time-consuming approval process. Lynch tells that demand for lab-space is being driven not only by the local pharmaceuticals but also by national and international company’s looking to establish research facilities and headquarters in the Cambridge area. It is this demand that MIT is anticipating with its construction of a 258,000-sf research space next door to 300 Technology Square to be completed by late spring or early summer of 2002.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.