Photo courtesy of Google Maps
As biotech companies shave their real estate footprints, preferred locations in the East Cambridge industry core have gone from scarce to abundant since 2022.
The latest local life science company to add inventory to the lab market is Sage Therapeutics, which will consolidate its headquarters at 55 Cambridge Parkway.
The publicly-traded biopharma firm will leave behind over 103,000 square feet at 215 and 245 First St. when its leases expire in August, while relocating to 40,419 square feet of office space at 55 Cambridge Parkway.
“Landlords are going to get creative and be competitive to fill the vacant spaces,” said Jeffrey Myers, Colliers’ director of research in Boston. “That will play out into where you see more concentration of the spec suites: Where there is competition and tenants in the market, how can you stand out?”
What else is on tap today?
- Pentucket Makes Way: The Lupoli Cos.’ $160 million development of a downtown Haverhill block is continuing to march ahead after Pentucket Bank finished shuttering its main branch in the area to be redeveloped and opening a temporary one next door.
- Fenway CDC Leadership Change: Steven Farrell, the chief operating officer at Metro Housing|Boston, was chosen by the Fenway Community Development Corp. board, replacing retiring executive director Leah Camini.
- Milton Officials Struggle: The Milton Planning Board struggled to answer a delicate question Thursday night: What to do following local voters’ rejection of a zoning plan mandated by the state’s MBTA Communities law?
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What did I miss?
Here’s what you might have missed in Sunday’s newsletter. Not a B&T subscriber? Fix that here.
- Boston’s newest co-living complex opened in January in Allston. And a prominent developer has figured out how to make it work. But city officials have put a pause on more housing developments like this.
- When the South Station tower opens next year, it will be one of the largest office projects ever built in the city. It may very well be one of the last as well.
- Boston has a housing crisis of its own making. We let unelected, vocal minorities block the new homes that would get us out of this mess, Michael DiMella argues.
