Photo courtesy of The Davis Companies

A shared lab space provider leased nearly 58,000 square feet at The Davis Companies’ 66 Galen St. in Watertown as it expands its footprint in Boston suburbs.

The transaction expands Labshares’ footprint in Greater Boston to over 100,000 square feet, 90 percent of which is occupied. The company’s original locations are at 55 Chapel St. and 90 Bridge St. in Newton.

The company’s business model focuses on long-term relationships with biotech companies seeking affordable space without buildout costs, representing a 60 to 70 percent reduction in operating costs, according to Labshares. The typical member stays at Labshares for three to four years.

Labshares said Watertown continues to offer a lower-cost alternative with proximity to Cambridge’s Kendall Square industry hub. The company plans a two-phase opening in the second and fourth quarters of 2026.

Founded by CEO and investor Philip Borden, Labshares has 25 member companies.

“Biotech R&D has evolved. Smaller teams, faster discovery cycles, and new technologies like AI require a different approach,” Borden said in a statement.

The Davis Companies developed the 225,000 square-foot lab building near Watertown Square which was completed in 2023 and includes the headquarters of LifeMine Therapeutics.

The property now is 95 percent leased.