Photo courtesy of King Street Properties
A Cambridge biotech is expanding its suburban presence at the Hayden Research Campus in Lexington with a lease that triples its square-footage to over 93,000 square feet.
Voyager Therapeutics committed to an additional 61,307 square feet at the King Street Properties-owned campus near the junction of Routes 2 and 128.
The transaction is the second-largest lab deal over the past quarter in Greater Boston, trailing only Visterra’s 63,800-square-foot renewal and expansion at 275 Second Ave. in Waltham, according to CBRE data.
King Street Properties completed the 214,440-square-foot 75 Hayden Ave. project in 2020 after preleasing the entire available space to Voyager along with Frequency Therapeutics, Integral Health and Dicerna Pharmaceuticals.
Demand from the life science sector has declined sharply in the past year, particularly in the big pharma and late-stage biotech categories, prompting overall vacancy rates to rise to 6.6 percent across Greater Boston, according to CBRE research. Life science companies leased a total of 725,000 square feet in the third quarter, but 11 companies placed sublease space on the market.
The 11 million-square-foot Route 128 West submarket currently has an availability rate of 34 percent and a direct vacancy rate of 11.5 percent, according to CBRE data.
