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MIT Meets Rising Demand for New Lab Space With 175,000-SF Complex

CAMBRIDGE-After purchasing the Technology Square complex in February for $279 mil, MIT found such demand for lab-space that its decision to convert what was originally designed as office space to lab space was a no-brainer.

By Sam Zisblatt | Updated on December 10, 2001

CAMBRIDGE-The Massachusetts Institute of Technology has recently completed construction on 300 Technology Square, one of a group of buildings and parcels that the University purchased from Beacon Capital Partners Inc. for $279 million in February 2001. In deciding to redesign the 175,000 sf of space from office to laboratory space the University undertook the painstaking tasks of ensuring that ceiling height, floor loads and technical upgrades were all up to the latest building codes.

But the expensive gamble appears to be paying off. Two tenants have already signed long-term leases for space. Dyax Corp. is moving and expanding their company from Kendall Square in Cambridge, leasing 91,000 sf that they hope to occupy by the Jan. 1. ToleRX Inc. another pharma company has just signed a 10-year lease for 37,000 sf of space. Both companies are doing their own build outs and an industry source tells Globest.com that lab-space in Cambridge rents for around $60 a sf on a triple net lease.

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