Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CAMBRIDGE, MA- Archemix, a Cambridge biopharmaceutical firm, has snapped up more than 30,000 sf of additional space at its Kendall Square building. The deal brings the company’s total to 67,000 sf.

The lease was a 10-year, early renewal and expansion at 300 Third St. provided for under an option in the original lease, John Hennessey, with GVA Thompson Doyle Hennessey & Stevens’ Boston office, tells GlobeSt.com. The firm then sublet 22,300 sf of that space for four years to Momenta Pharmaceuticals, a life sciences company. Momenta will move into the space in March.

Archemix, which signed the initial lease on 34,014 sf last year, expects to need all 67,451 sf in the near future as the market’s lab space continues to tighten. “It just shows how tight the lab market is,” Hennessey says. “Tenants are in a defensive mode as far as controlling their future lab needs.”

He says Archemix, which now leases the first and second floors of the four-story building, expects to grow into the space once the four-year sublease to Momenta expires. Terms of the lease were not available but Hennessey says lab space in the Cambridge market generally leases in the low $50 per sf triple net range.

The 130,000-sf building, located in the heart of Kendall Square, was acquired for $73 million in March by Alexandria Real Estate Equities, Inc. Since then the building has been fully leased to a variety of life science firms.

Hennessey represented the tenant in the transaction while Mark Winters of Cushman & Wakefield’s Boston office handled the negotiations for the landlord.

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?



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.