Brendan Callahan, with Equis' Boston office, tells GlobeSt.com that the lease agreement also included an undisclosed sum to upgrade the firm's lab space.
Terms of the lease were not disclosed but Callahan says lease rates on lab space in the area are in the mid-$40 per sf, triple net. The company, which develops bone regeneration products, implant surface coatings and resorbable orthopedic devices, has been a tenant in the building since the late 1990s.
Built in 1989, the five-story, 121,776-sf Cambridge property, known as the Clark Building, is part of University Park, a 2.3-million-sf campus located near the Massachusetts Institute of Technology. It is fully leased to a number of biotech and other tenants, including Acambis, a vaccine developer, and biotech giant Genzyme.
Callahan and Gerald Pucillo, also with Equis, handled the transaction for the tenant while Joe Flaherty, with Meredith & Grew's Boston office, represented the landlord, Cleveland-based Forest City Commercial Group and M.I.T.
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