Meredith & Grew, Incorporated ONCOR International's Joe Flaherty and Tad Lee brokered the transaction between Brookline Ventures, LLC and the seller, Emline Realty Trust. The two-story building is located near the Massachusetts Institute of Technology campus.
The move to renovate the building is not surprising considering that while the city's office market has been struggling with high vacancy rates, demand for biotech space has been unflagging. But, according to Meredith & Grew's third quarter statistics for the year, the biotech market could experience a softening soon. The firm reports that biotech rents for new and second-generation lab space range from $53 to $63 per sf, depending upon the quality and intensity of lab improvements within a space.
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