Image courtesy of New England Development
A life science incubator that would have replaced empty storefronts at the Cambridgeside property has dropped its plans for 140,000 square feet of turnkey research space for biotechs.
SmartLabs expanded in Greater Boston and San Francisco during the life science boom, billing itself as a turnkey provider of flexible life science research space with limited time commitments.
But the biotech industry’s lifeline in venture capital investment had started to wane even before SmartLabs announced its plans for the third-floor Cambridgeside facility, which would have been its fourth location in Greater Boston. The company has terminated its lease with Cambridgeside owner New England Development, the Boston Business Journal reported.
In a November 2023 interview with Banker & Tradesman, SmartLabs Vice President Clement Fourny claimed the downturn in VC spending would benefit the company.
“Our solutions are specifically developed for that environment,” Fourny said at the time. “I happen to believe VCs will see a lot of interest in solutions like SmartLabs that allow for the preservation of cash, and putting it toward talent and extending the science.”
The SmartLabs lease followed redevelopment of the former Sears anchor store at 60 First St. with a new lab building that attracted leases from Prime Medicine and Korro Bio.
Messages were left with SmartLabs and New England Development seeking comment.
SmartLabs previously opened facilities at 21 Erie St. in Cambridge, Boston Landing in Brighton and 6 Tide St. in the Seaport District.
BioMed Realty, owner of the Cambridge property, filed a lawsuit against SmartLabs on Sept. 25 in Suffolk Superior Court alleging breach of lease for its 51,914 facility. The company originally leased the space in 2017.
As of Sept. 25, SmartLabs owed BioMed nearly $2.7 million in unpaid rent, the lawsuit claims.
SmartLabs falsely classified certain payments made by tenants in license fees as fixed costs for payroll, benefits, and other expenses, according to the complaint filed by Boston-based Foley & Lardner LLP.
