Hypnion is the second life sciences company to sign on for space in the park, which is owned by Patriot Partners. NitroMed, a pharmaceutical company developing nitric oxide-enhancing medicines, leased 52,000 sf in this location in February.
"These leases have confirmed our long-held belief that Lexington Technology Park would become the area's hub of biotech and life sciences companies," says Steve Rice, principal of Patriot Partners. "We expect to sign a few more leases with biotech companies in the near future."
The building is part of the Lexington Technology Park, a master-planned office and research park. The town recently approved the plan to proceed with development of the site, which will include up to 631,600 sf in three to five buildings. The permits allow pilot manufacturing, pharmaceutical manufacturing and laboratory use. The property, near Routes 2 and 128, was purchased by Patriot Partners in 2003 after Raytheon decided to relocate its headquarters to Waltham.
Steve Murphy, principal of CBRE/Lynch Murphy Walsh Advisors represented Patriot Partners in the transaction. Greg Lucas, principal of CB Richard Ellis/Lynch Murphy Walsh Advisors, repped Hypnion.
"This lease signing demonstrates that biotech companies recognize the benefits of the site's flexibility and proximity to Boston and Cambridge," says Murphy. More and more, companies of this type are seeking out the advantages that suburban properties provide."
Lease rates for this deal were not available, but the average asking rent for office space in the area is approximately $21 per sf. According to Trammell Crow Co.'s most recent statistics, the overall availability rate for office space in the area is at 20%, while the overall availability rate for research and development space ion the area is at 40%.
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