The building is a single-story laboratory/office property located equidistant from Route 3 and Interstate 95. CEO of Makoto Life Sciences, Terry Russell, says in a statement, "The decision to move to Bedford was based on accessibility of the building to employees; homes, future growth opportunities and economics."
"[Makoto] needed expansion space and were confronted with a very tight market in Cambridge," McCauley tells GlobeSt.com. The company found in Bedford, "an aggressively priced sublease", he continues, and after Makoto "looked at the economics, it made sense."
Makoto was recently shuttered in Cambridge at 124 Mt. Auburn St. in roughly 7,000 square feet. The move takes them to double the space for relatively half the price, with Cushman & Wakefield's Q4 Market report tagging Cambridge averages at $41.63 per square foot to suburban office and lab falling in the mid-$20s per square foot.
"A user of their size [staying] in Cambridge has as much to do with the availability of space, as economics," McCauley explains. "Because even if [Makoto] is willing to bite the bullet" of higher rent, it's still a much tighter market for mid-sized companies. He points out that larger companies have more options for space.
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