Biotech Firm Signs on for 500,000 SF at $3B Boston Project
- Aug 01, 2008
Vertex Pharmaceuticals Inc. has staked a claim to a total of 500,000 square feet of office space in two structures at the 21-acre Fan Pier mixed-use development (pictured) in Boston. According to the Boston Business Journal, Cambridge, Mass.-headquartered Vertex signed a letter of intent to lease the space with project developer The Fallon Co. last week.Among other offerings, the waterfront project (pictured) will feature three Class A office buildings, which will ultimately account for an aggregate 1.5 million square feet of space. If all goes as planned, Vertex will eventually be part of a 3 million-square-foot enclave that is presently deemed Boston’s largest planned green development and one of the largest LEED-certified developments in the works in the country. Vertex presently makes its home in 500,000 square feet spread out among several buildings in Cambridge, according to the article, which also notes that a finalized lease agreement with the pharmaceutical concern would pave the way for Fallon to obtain construction financing. As for Vertex, officials remain mum on the reported deal and whether such a decision would constitute a relocation endeavor or an expansion of its presence in the area. “We hired a lot of people over the last few years,” a Vertex spokesperson told CPN today. “It has been an ongoing process to determine how to accommodate all of our real estate needs as we grow as a company. And we do have real estate decisions to make based on lease expirations, which will continue to expire through 2017.” With the details of the lease commitment with Fallon sketchy, it is unclear exactly where Vertex will plant its root amid the office segment of Fan Pier. Ground broke last September on the development’s first office structure, the 500,000-square-foot, $125 million ONE Marina Park Drive tower. In addition to the premier office space, the nine-building Fan Pier will encompass over 1 million square feet of upscale residential units; 300,000 square feet of high-end retail; a 175-room luxury hotel; underground parking to accommodate nearly 2,300 vehicles; a six-acre marina; and over four acres of public parks. Additionally, the development, located within steps of a bevy of transit options ranging from subway stations to water transport, is the site of the city’s new Institute of Contemporary Art, which made its debut in late 2006 as Fan Pier’s first building. Headquartered in Boston, Fallon has developed several billion dollars worth of real estate in the Northeast since its inception in 1993.