Vibalogics Signs 118 KSF Life Science Lease in Boston Suburb
- Nov 16, 2020
Vibalogics has selected a 292,513-square-foot building in Boxborough, Mass., for its latest location. The pharmaceuticals manufacturer signed a long-term lease for 118,000 square feet at Lincoln Property Co.’s 1414 Massachusetts Ave.
Colliers International’s Curtis Cole, John Carroll III, Tim Allen, Greg Klemmer, Kevin Brawley and Evan Gallagher advised Vibalogics, while Lincoln was represented in-house by Tim Latham and Chris Devaux. Cole told Commercial Property Executive that Vibalogics’ lease was for 15 years.
The property, constructed in 1983 and 1987, underwent multiple renovations in 2000, 2008 and 2011. The building previously served as the East Coast R&D headquarters for Cisco Systems, who made a $28 million investment into the property’s infrastructure improvements, according to Lincoln.
East Coast search
Before selecting 1414 Massachusetts Ave., Vibalogics began its search for a biomanufacturing space with the help of Colliers by looking throughout the East Coast. “The initial goal was to identify a building and [Vibalogics was] willing to consider any of the major life science markets on the East Coast,” Cole told CPE. “We evaluated each of those markets to determine if there is the appropriate building, a deal structure that makes sense and if there is a labor pool that is conducive for them to run their business.”
As a company that specializes in clean virotherapy manufacturing, Vibalogics had unique needs including specific clear heights, power and other programmatic needs. Curtis told CPE that Vibalogics was able to work with Lincoln in removing a portion of the building’s second floor to convert the space into a 30-foot clear space.
Boston’s booming life sciences market
Cole told CPE that the search for Vibalogics’ new location included North Carolina’s Research Triangle, Baltimore, Philadelphia, New Jersey and New York. However, the company ultimately decided to have its newest location in Boxborough due to its proximity to Boston and Cambridge and the area’s life sciences cluster and economy. The Boston-Cambridge market also retained its number one spot of top life sciences cluster in the U.S., according to a recent CBRE report.
The popular market has several life sciences projects in the development pipeline to meet the high demand. Earlier this month, Gilbane Building Co. topped out its 500,000-square-foot life sciences building in Waltham, Mass., that is scheduled to reach completion in March 2022. Around the same time, King Street Properties began construction on a 160,000-square-foot laboratory property in Cambridge that is expected to deliver in the third quarter of 2022.