Photo by James Sanna | Banker & Tradesman
Greystar’s 74M lab tower has loomed over Interstate 93 in recent years as the most prominent symbol of East Somerville’s lab space glut.
Completed in 2024, the 469,000 square-foot building has its first tenant commitment from Mass General Brigham, as Banker & Tradesman first reported in August.
The health care organization leased 100,000 square feet to consolidate its pathology services in a central location, Greystar announced. The lease includes a tenant option to expand.
According to Mass General Brigham, the new location is part of its modernization of its pathology operations. A spokesperson didn’t respond to requests for details on which properties it will be vacating.
Mass General Brigham has a large office presence nearby at the 790,000 square-foot 399 Revolution Drive, which was developed by Federal Realty Investment Trust in 2016.
Greystar broke ground on 74M in 2022 as its first lab development in Massachusetts. The project is a partnership with the Canada Pension Plan Investment Board.
The Somerville lab market’s vacancy rate has been the highest of all major submarkets in Greater Boston, rising to 55 percent last fall after completion of major projects by developers including Greystar and BioMed Realty.
In January, BioMed leased the first lab tower at 188 Assembly Park Drive to Transmedics, while selling two future development sites to the medical organ transplant services company.
Last month, Cambridge-based biotech startup Predicta Biosciences signed the first lease at USQ’s first lab building in the Union Square redevelopment project, taking 10,500 square feet within the 196,000 square-foot building at 10 Prospect St.
