Alnylam Pharmaceuticals Signs 45,000-SF Lease

CAMBRIDGE, MA-Alnylam Pharmaceuticals signed a 45,000 sf lease at 300 Third St. The transaction–the largest life-science lease of the year–involved what the brokers term a “complex negotiation” among Alnylam, property owner Beal Cos. and Palm Inc., which held a lease on the space and agreed to terminate their lease on what will be the Alnylam portion of the property. Lease rates for this deal were not available, but the average asking rent for similar space in the area is about $37 per sf.

Roy Hirshland, president and CEO of T3 Realty Advisors, represented Alnylam in the transaction while Michael Manzo, senior vice president of the Beal Cos., represented his firm. The building is a joint venture of Beal and Cornerstone Realty Advisers, a wholly owned subsidiary of the MassMutual Insurance Co. Palm was represented by Joseph Flaherty and Tad Lee of Meredith & Grew.

Most of 300 Third St. had been leased by Palm several years ago. The Alnylam lease involved negotiating a lease termination with Palm allowing Alnylam to enter into a lease directly with Beal, the building owner. In addition, the project will involve converting the office building into a research facility. “All of these factors created an intense and very long negotiating process. In the end we are all proud of a deal that allowed all parties to achieve their business objectives,” Hirshland says.