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MIT Nails Down First Tenant

CAMBRIDGE, MA-Massachusetts Institute of Technology takes a new leasing approach with its 23,000-sf building at 230 Albany St. and signs on AgaMatrix for 5,426 sf. MIT is trying to position it as starter laboratory space.

By Naomi Grossman | Updated on January 27, 2004

CAMBRIDGE, MA-AgaMatrix, Inc. is leasing 5,426 sf at 230 Albany St. The deal represents the first transaction for the building since it was vacated by Transkaryotic Therapies. The 23,000-sf building’s owner, Massachusetts Institute of Technology, is attempting to attract tenants by positioning it as starter laboratory space for multiple tenants, primarily privately held companies. AgaMatrix, a medical device company, is the lead tenant in this new leasing approach and the company will use the location for office and laboratory space.

The availability rate in Cambridge remains at about 24%, according to Spaulding & Slye Colliers most recent statistics. Average asking rent for office space in the area is approximately $26 per sf.

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