Peptimmune Leases 11,692 SF

CAMBRIDGE, MA-Peptimmune, Inc. has signed a lease/sublease for 11,692 sf of laboratory space at University Park at M.I.T. on 64 Sidney St. Meredith & Grew, Inc.’s Joe Flaherty and Tucker Hansen brokered this three-party transaction consisting of a 7,357 sf direct lease with the property owner, Forest City Development and a 4,335 sf sublease with the sublessor, Alkermes, Inc.

The deal is good news for the Cambridge market where the once invulnerable biotech market is showing signs of softening. According to Meredith & Grew’s most recent market statistics, biotech vacancies have steadily increased over the past 12 months. As a result of space givebacks, the vacancy rate for existing biotech space increased from 3.7% at 2002′s year end to the current 8.4%. The overall biotech vacancy rate, which includes “biotech ready” shell space, is now 12.1%.