Vertex Pharmaceuticals will pay $14 million to terminate its lease at three Cambridge properties, which it left behind when it moved its headquarters to Boston’s Seaport District last year.
The landlord, San Diego-based BioMed Realty Trust, will reposition the properties to attract the next generation of life science users as soon as September, according to a press release.
"This deal is a win-win for Vertex and BioMed Realty since Vertex can be relieved of these lease obligations moving forward, and we have great space to meet the growing life science real estate demand in Cambridge," BioMed Senior Vice President Bill Kane said in a statement. "Tenants requiring 30,000 to 100,000 square feet in Cambridge are struggling to find available lab space, and we see venture capital and IPO activity driving aggregate demand for 1.3 million square feet of new lab space over the next three years in Cambridge. These three properties are well-positioned to allow us to capitalize on this demand at attractive rents."
The properties include 200 Sydney and 40 Erie streets, containing 293,000 square feet, and 21,000 square feet at 21 Erie St.
BioMed Realty plans to update entrances and lobbies, introduce indoor and outdoor collaboration spaces, add fitness centers with showers and upgrade food service through a new cafeteria or food truck services.
Vertex continues to lease 291,000 square feet at 675 West Kendall St. in Kendall Square from BioMed through April 2018.



