News
Historic Deal: $1.1B Lease
May 9, 2011
| Vertex Pharmaceuticals signed an agreement to lease 1.1M SF in the Seaport District for $1.1B over 15 years with a 10-year option, the drug maker reported to the SEC on Thursday. |
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| Vertex still has the option to cancel the deal if it doesn?t win final FDA approval for telaprevir (a treatment for hepatits C) before the end of the year. In an SEC filing, Vertex says with that approval in hand it may spend as much as $1.8B to lease 1.1M SF in two buildings to be developed for it by The Fallon Co on Fan Pier. If the deal for the complex designed by Tsoi Kobus and Elkus/Manfredi(above) goes through, Vertex will pay rent of $72.5M a year exclusive of operating costs for 15 years with an option to renew for another 10 years. The company is leaving Cambridge for Boston because the site offers it a chance to consolidate, with expansion space and transit access nearby, a company spokesman says. |
