Transwestern/RBJ Helps Create Largest Biotech Campus in Boston Suburb
- Jan 23, 2015
Transwestern | RBJ has brokered a 202,492-square-foot lease for Shire at Two Ledgemont Center in Lexington, Mass., with the building’s owner, an affiliate of Hobbs Brook Management L.L.C.
Under terms of the lease, the biopharmaceutical company will lease the entire five-floor building at 95 Hayden Ave., creating the largest suburban biotech campus in Greater Boston.
“The location made this an extension of the campus, so between the location and the open layout, it made it a very attractive solution for Shire’s rapid growth,” Brian Cohen, Transwestern | RBJ’s, senior vice president, told Commercial Property Executive.
Two Ledgemont Center is adjacent to Shire’s existing campus, which consists of more than 650,000 square feet of office and laboratory space at Lexington Technology Park. In total, Shire will occupy approximately 900,000 square feet in eight buildings in Lexington.
Lexington is located in the Route 128 West submarket. According to research by Transwestern | RBJ, that submarket consisted of 22.3 million square feet of office space with 10.5 percent vacancy at the close of fourth-quarter 2014.
Transwestern │ RBJ also negotiated interim office space for the company at 235 Wyman St. Lexington is located in the Route 128 West submarket, which consisted of 22.3 million square feet of office space with 10.5 percent vacancy at the close of fourth-quarter 2014, according to research by Transwestern | RBJ.
“It’s a hotbed for technology companies with some of the biggest in Boston concentrated along Route 128,” Cohen added. “There’s very limited large-block availability so for a requirement of this magnitude, the options were limited.”
This is not the first time Transwestern │ RBJ has counseled Shire on a lease. Over the past eight years, it has advised the company on numerous commercial real estate transactions, including the lease-up and 2010 purchase of Lexington Technology Park.
“We helped them through the transition of being a Cambridge-based company to a company that now has—at least in this Boston area—centered in this Lexington submarket,” Cohen concluded. “We helped them lease up this campus and ultimately buy it in 2010, and it’s been a strong relationship.”