The company says the move is part of its plan to develop its marketing and sales team and grow its research organization. The new space will also include new laboratories for discovery and pre-clinical research.
"The new facility gives us additional space to build the sales and marketing capacity required to support the launch of our nearest term product under development, BiDil, when it is approved for marketing," says NitroMed's president and CEO, Michael D. Loberg, Ph.D.
In September, 2002, Raytheon sold its longtime headquarters to a joint venture of Atlantic Management of Framingham, MA, Mohawk Partners of Concord, MA and Peabody Global Real Estate Partners of New York. The defense contractor built a new 150,000-sf facility at Waltham Woods Corporate Center.
Lease rates for this deal were not available, but the average asking rent for space in the area is about $22 per sf.
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