Boston Properties’ suburban lab conversion strategy is gaining traction in Waltham with the signing of a 138,444-square-foot lease with a Lexington life science company.

Translate Bio’s 10-year lease will bring the property up to full occupancy when the lab conversion at 200 West St. is completed in 2021.

The terms call for initial base rent of $5.7 million in the first year and $8 million in second year, followed by 3 percent annual increases, according to an SEC filing by Translate Bio.

Currently headquartered at 29 Hartwell Ave., Translate Bio is partnering with Sanofi Pasteur on a potential COVID-19 vaccine and is in clinical trials for a cystic fibrosis treatment. The company last week reported third-quarter net income of $17.3 million.

Boston Properties spent approximately $140 per square foot to convert 200 West St. to lab-ready space, President Doug Linde said in a recent conference call to discuss the REIT’s third-quarter financials. The company also is studying office-to-life science conversions on Winter Street in Waltham.

“Translate Bio’s selection underscores our commitment to providing biotech customers the most flexible, modern and creative work environments to discover and develop therapies that increase wellness and improve lives,” said David Provost, senior vice president of development and co-head of BXP Life Sciences, in a statement. “Their move to Waltham will facilitate the recruitment and retention of the best and brightest talent in this growing hub for life science.”

Lab Conversion Lands 138K SF Lease in Waltham

by Steve Adams time to read: 1 min
0