News
Vertex's $2B Blockbuster
May 31, 2011
| We've covered Vertex quite a lot recently, but every bit of news brings us closer to what's billed as Boston's biggest lease deal. This time, it's confirmed that the pharma company has FDA approval of telaprevir, jumpstarting the Cambridge-based firm's relo to 1.1M SF in two build-to-suits in Boston's Seaport District. |
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| Vertex founder Joshua Boger, who holds multiple PhDs in chemistry from Harvard, says the drug maker has worked for years to reach this point. Now, it plans to 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. Construction could start any day on the complex designed by Tsoi Kobus and Elkus/Manfredi. 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. Relo from Cambridge to the Boston Seaport District is expected to trigger a new wave of life science and other development in the city's last frontier of available land. |
