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BXP agreed to terminate the lease of a financially troubled biotech that occupied 78,541 square feet at Bay Colony office park in Waltham.

AlloVir Inc. agreed to pay $7 million for the early lease termination at 1100 Winter St. effective on June 30. The company laid off 95 percent of its workforce in December after abandoning three late-stage drug trials, according to Fierce Biotech.

The space was simultaneously re-leased and is scheduled to be delivered in the fourth quarter, BXP President Doug Linde said in the company’s second-quarter earnings call this week.

AlloVir’s lease at Bay Colony office park was originally signed in 2021 and was scheduled to run through 2030, according to an SEC filing. The terms called for initial rent of $40 per square foot, or $769,440 annually.

Bay Colony contains four buildings totaling 957,000 square feet, including the 280,000-square-foot 1100 Winter St.

The 11.1 million-square-foot Route 128 west lab submarket had nearly 26,000 square feet of negative absorption in the second quarter, according to CBRE, contributing to a 32.6 percent availability rate.