"We are pleased to have attracted an excellent tenant," says VinCo Properties president Vince O'Neill. The presence of lab facilities in the single-story building helped secure the Valeritas commitment, O'Neill maintains, as did "terrific visibility" in fronting Route 9, aka Boston Turnpike Road, one of the main east/west business corridors in New England. VinCo acquired the development in December 2005 for $3.9 million. Besides the laboratory and office product, 800 Boston Turnpike Rd. also offers manufacturing/warehouse space.

According to Richards Barry Joyce & Partners, the facility has about 34,000 sf available, but did not indicate what type of product that represents. A full-service real estate services firm, Boston-based RBJ is exclusive leasing agent for the building, and negotiated terms for both parties in the Valeritas agreement. Principals John Lashar and Brian McKenzie joined RBJ VP Paul Leone in handling the lease on behalf of the landlord, while Lashar and Leone also assisted the tenant. The property is owned by a VinCo affiliate, the Taming of the Shrewsbury LLC.

Shrewsbury is located in the Interstate 495 West region, a submarket that has 16.7 million sf of office space, according to RBJ's first-quarter 2007 industry survey. The vacancy rate stood at 17.9%, but an increase of activity has many observers anticipating a substantial drop in that indicator by the mid-year point.