Lexington Life Science Property Transformation Completed

Ledgemont Technology Center, Lexington, MA

LEXINGTON, MA— Related Beal reports it has completed extensive renovations as well as four new lease deals totaling nearly 25,000 square feet that have brought the life science complex Ledgemont Technology Center here to 94% leased. Related Beal, the Boston-based division of Related Cos ., has hired JLL as the leasing agent for the 175,000 square-foot life science, office and technology complex housed in two interconnected buildings at 99 Hayden Ave. and 128 Spring St. Related Beal reports that White Rhino , a strategic marketing group, has signed a 3,697-square-foot lease. Fresenius Medical Care , a health care company has inked a 3,324-square-foot lease. Ribon Therapeutics, Inc ., a biotechnology company, has joined the property’s tenant roster after signing a 9,526-square-foot lease. In addition, 121Bio , which is developing approaches to advance immunotherapy patient selection and management, has agreed to an 8,007-square-foot lease at the complex. Other major tenants at the property include Concert Pharmaceuticals, Shire, Tepha Medical Devices, and Pulmatrix , which recently renewed its 21,810-square-foot lease. In other tenant activity, Microchips Biotech recently renewed and expanded its lease from 4,766 square-feet to 18,859 square-feet, occupying the entire 128 Spring St. building at the Ledgemont Technology Center. Stephen Faber , EVP of Related Beal, says, “We have re-energized Ledgemont Technology Center to provide prime space for businesses that are attracted to the Route 2 area of Lexington, Greater Boston’s prime suburban life science cluster. We look forward to pursuing additional opportunities in the life science market.” Developed, owned and managed by Related Beal since 1981, Ledgemont Technology Center was originally built as one of Greater Boston’s first suburban wet-lab research parks. The recent capital improvement program at the property focused on tenant improvements and common area upgrades at the center. As part of the initiative, Related Beal created a “Collaboration Center” that features a dedicated conference center, a “grab-and-go” café and a lounge area with interior seating, as well as an exterior patio. The campus also includes a structured parking garage and a sign-up shuttle service to the MBTA’s Red Line and Lexington Center. Related Beal did not divulge the cost of the capital improvement program at the property. The month of April has been very busy for Related Beal in Boston. The firm announced it had sold the Converse headquarters building to a German investment firm for $150 million and also filed plans with the Boston Redevelopment Authority for a mixed-use development at 370 and 380 Harrison Ave. in the South End.