CYTYC, which develops and manufactures medical diagnostic products, is leasing the entire building at 250 Campus Dr. The company plans to relocate its approximately 300 employees at its headquarters from Boxborough. The company expects to begin construction of its improvements to the building by this summer and expects to occupy the facility by early 2005.
This deal will bring the Campus' occupancy to 95% in a market that continues to experience availability rates of nearly 32%, according to Spaulding & Slye Colliers' most recent statistics. John Brogan, vice president of BPG who negotiated the lease, notes, "We believe that this transaction further evidences the property's position as the preeminent office park along the Route 495 Corridor."
Brogan points out that the deal was facilitated by the city's recent decision to amend its existing tax increment financing agreement to allow for future condominium ownership at the Campus. "We hope that CYTYC's decision to locate in Marlborough will serve as a spark to attract other life science companies to the city," says Mayor Dennis Hunt.
The Campus was originally developed in 1999 by 3Com Corp. BPG acquired the property from 3Com, which presently leases 165,000 sf, in November 2002. The firm originally acquired the property in anticipation of its partial use by a local Berwind Group related company, Hopkinton-based Zymark Corp. However, Berwind sold Zymark to Caliper Technologies Corp. in July 2003. According to Bruce Bal, vice president of Caliper, "We had initially planned to occupy as much as 130,000 sf, but as we integrate and refocus our new combined company the decision was made to postpone any new leases, and maximize usage of our existing Hopkinton and Mountainview, CA facilities for the next two years." Bal adds that the company continues to be interested in the possibility of relocation to this site in the future.
Currently, there is approximately 30,000 sf of space available for lease at the Campus along with land for an additional 600,000 sf of development. BPG says it is "actively planning" the development of additional buildings on the 126-acre site. Kevin Hanna of Cushman & Wakefield represented CYTYC in the transaction, while Kevin Malloy of Lincoln Property Co. represented BPG.
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