Image courtesy of Anchor Line Partners

A year-old Cambridge biotech company that’s received $315 million in venture financing has leased nearly 150,000 square feet in the CambridgeSide mall’s new office-lab redevelopment.

Prime Medicine committed to occupy the space at 60 First St., where a 5-story office and lab building is replacing a former Sears store.

Boston-based Anchor Line Partners and Northwood Investors are partnering with the original mall developer and owner New England Development on the project, which also includes a 10-story office-lab building replacing the 3-story Macy’s building at 20 CambridgeSide.

The 60 First St. project is scheduled for delivery in early 2023, according to marketing materials provided by ownership. The lease includes the third through fifth floors and includes a right of first offer on the second floor, according to a Middlesex Registry of Deeds filing.

 Prime Medicine announced in July that its latest, $200 million round of funding would increase its workforce to more than 100 employees as it ramps up drug discovery programs.

A spokesperson for Prime Medicine declined to comment on the lease.

Demand for life science space in Greater Boston shows no signs of flagging, fueled by $9.3 billion in venture capital funding received by local companies already in 2021, according to a report released this week by brokerage CBRE.

The Cambridge vacancy rate is 0.3 percent with average asking rents of $113 per square foot. Developers are constructing 10 million square feet of lab space – the vast majority on speculation – and 6 million square feet is expected to deliver by the end of 2022, according to CBRE.

Biotech Leases Spec CambridgeSide Lab Space

by Steve Adams time to read: 1 min
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