"We are pleased to have attracted an excellent tenant," saysVinCo Properties president Vince O'Neill. The presence of labfacilities in the single-story building helped secure the Valeritascommitment, O'Neill maintains, as did "terrific visibility" infronting Route 9, aka Boston Turnpike Road, one of the maineast/west business corridors in New England. VinCo acquired thedevelopment in December 2005 for $3.9 million. Besides thelaboratory and office product, 800 Boston Turnpike Rd. also offersmanufacturing/warehouse space.

According to Richards Barry Joyce & Partners, the facilityhas about 34,000 sf available, but did not indicate what type ofproduct that represents. A full-service real estate services firm,Boston-based RBJ is exclusive leasing agent for the building, andnegotiated terms for both parties in the Valeritas agreement.Principals John Lashar and Brian McKenzie joined RBJ VP Paul Leonein handling the lease on behalf of the landlord, while Lashar andLeone also assisted the tenant. The property is owned by a VinCoaffiliate, the Taming of the Shrewsbury LLC.

Shrewsbury is located in the Interstate 495 West region, asubmarket that has 16.7 million sf of office space, according toRBJ's first-quarter 2007 industry survey. The vacancy rate stood at17.9%, but an increase of activity has many observers anticipatinga substantial drop in that indicator by the mid-year point.