Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CAMBRIDGE, MA-Perini Building Co., Inc. a wholly owned subsidiary of Framingham, MA-based Perini Corp. has been selected by Palm Inc., a manufacturer of handheld computer devices, to convert 45,000 sf of its leased office space at 300 Third St. into research laboratories for Alnylam Pharmaceuticals Inc., a locally based biotech company specializing in RNA interference research and therapeutics.

The complex lease deal involved Palm, which held a lease on the space, agreeing to terminate its lease on what will be the Alnylam portion of the property. The Beal Cos. LLP owns the 128,000-sf building which is located in the heart of Cambridge’s biotech research area.

The conversion project reunites the team that designed and built the facility in 2001: Perini Building Company, ADD Inc, and AHA Consulting Engineers. “The conversion of office space to advanced technology research laboratories will require constructing a new, structural steel mechanical penthouse, upgrading electrical service to the building, expanding its cooling capacity, and increasing gas service,” says Matt Collins, Perini Building Co.’s project manager.

While the office market in this city remains sluggish, the biotech market seems to be picking up. The city’s overall vacancy rate was at 24.6% according to Meredith & Grew’s most recent statistics while its biotech market rate was at 17.2%. The report indicates that tenant demand for office space in this market remains slow but biotech demand has increased.

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?

Dig Deeper



Join GlobeSt

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

  • Free unlimited access to GlobeSt.com'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 ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.