BioMed Realty Lands 5 New Tenants At South End Lab Project
A lab project from BioMed Realty in Boston's South End neighborhood has signed five new leases as it nears completion.
PepGen, Pyxis Oncology, Nido Biosciences, Magnet Biomedicine and HilleVax have agreed to lease over 31,600 SF each in the eight-story, 220K SF building at 321 Harrison Ave., the Boston Business Journal reported. The tenants are expected to move into the property later this year.
Monte Rosa Therapeutics, a cancer medicine development company, signed a 10-year lease for over 63K SF in the building in December, Bisnow first reported. The biotech company agreed to pay $95 per SF according to a Securities and Exchange Commission filing.
BioMed, a subsidiary of Blackstone, bought the 321 Harrison property and the adjacent 1000 Washington St. office building in February 2021 from Nordblom and CIM for $314M. Previously a parking garage, the 321 Harrison property was originally approved as an office development by the Boston Planning & Development Agency. BioMed applied to switch the plans to life sciences and received approval in July.
This is not BioMed’s first rodeo building lab space in the city. The firm is also working on 601 Congress St. in the Seaport, a conversion of the former John Hancock Life Insurance Cos. building. BioMed assumed the 95-year land lease from Massachusetts Port Authority for $362M in January 2021, and the project is expected to deliver this year.
The firm also owns numerous properties in Cambridge's booming life sciences cluster, including 2.3M SF that it bought in a $3.45B acquisition from Brookfield Asset Management in 2020.
