CAMBRIDGE, MA-Metabolix, Inc. signed a 10-year lease for 28,000 sf at 21 Erie St. The privately held biotechnology company is relocating its corporate headquarters and research and development facility from 303 Third St. and will use the location for expanded laboratory and office space.Steven M. Purpura, partner of Richards Barry Joyce & Partners, represented Metabolix in the transaction while Greg Lucas of CBRE/Lynch Murphy Walsh Advisors represented property owner, Lyme Properties.Jim Barber, president and CEO of Metabolix notes that having the “proper laboratory and office space is a vital consideration for our company’s success, and will enable us to expand and accelerate our commercialization work.” Purpura points out that the building is a good fit for Metabolix due to its location, the fact that it offers existing laboratory space and a property owner with a history of working with growing biotech tenants.Lease rates for this deal were not available but the average asking rent for office space in the area is about $29 per sf. Lab space goes for an average of about $36 per sf.

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?


NOT FOR REPRINT

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

Dig Deeper

 

GlobeSt

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

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