BOSTON—In another example of a tenant renewing or extending its tenancy well in advance of lease expiration to secure its office space in a very tight and strong market, the Dana-Farber Cancer Institute has extended its 50,716-square-foot lease, GlobeSt.com has learned EXCLUSIVELY. The medical tenant has agreed to remain at BioMed Realty Trust's Center for Life Science for another decade.
BioMed Realty officials note that the institute's lease for the space did not expire until March 31, 2018. With the renewal and extension, Dana-Farber will continue to occupy a little more than 200,000 square feet at the 704,000-square-foot building. The property, built in 2008, is fully leased. The property's other tenants include: the Children's Hospital of Boston, Beth Israel Deaconess Medical Center, Pfizer, the Wyss Institute for Biologically Inspired Engineering at Harvard and Kowa Co.
A spokesperson for the Dana-Farber Cancer Institute confirms the lease extension at the building to Globest.com and states that the property is used to support the institute's basic science program. The Dana-Farber Cancer Institute, founded in 1947, has provided treatment for adults and children with cancer and has worked on developing cures through cutting-edge research.
William Kane, SVP, Boston lead for BioMed Realty Trust, says the institute's lease extension is an indicator of just how strong the Boston-Cambridge life science market is at the moment.
"We are finding with a market this strong and intense, more and more tenants are forward leasing their commitments," he says. He points to a deal earlier this year with Alnylam Pharmaceuticals at its property at 675 West Kendall in Cambridge. Alnylam signed a 15-year lease in April for 295,000 square feet of laboratory and office space that won't become available for several years out. The space is being given back by Vertex Pharmaceuticals to BioMed Realty at the end of May 2018.
He adds that the Dana-Farber Cancer Institute transaction was similar to Alnylam's deal in that the institute wanted to secure it space and signed a new deal for another 10 years more than two years in advance of its lease expiration.
Last week, BioMed Realty reported that Seres Therapeutics, Inc. signed a lease for approximately 83,000 square feet at Biomed Realty's 200 Sidney St., bringing the building to 100% leased.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
