Cambridge Biotech Leases 89K SF Across Town At Alexandria Project
A Cambridge biotechnology company will move into 89K SF at Alexandria Real Estate Equities’ latest East Cambridge project.
Omega Therapeutics, a publicly traded firm researching mRNA-oriented medicines, will begin its lease next December, according to a Securities and Exchange Commission filing. The biotech will pay $115 per SF with 3% annual increases over the course of a 15-year lease ending in 2037.
Representatives for Omega and Alexandria didn’t respond to requests for comment Tuesday morning. Bulfinch, landlord at Omega’s current home at 20 Acorn Park Drive at Cambridge Discovery Park, also didn’t respond to a request for comment and it is unclear if Omega will retain its Alewife space.
Alexandria purchased One Charles Park and the adjacent One Rogers Street buildings spanning 400K SF for $815M in June from The Davis Cos. and Principal Global Investors. The Davis Cos. six months earlier invested in the Principal-owned property and both owners secured a $491M loan in March from Blackstone Mortgage Trust for a planned lab conversion.
The properties are part of Alexandria’s “mega campus strategy,” with the REIT touting approximately 6M SF of life sciences space in the area. Other significant Alexandria holdings in East Cambridge include One Kendall Square and 325 Binney, the future home of mRNA pioneer and coronavirus vaccine maker Moderna.
One Charles Park sits across the street from the Cambridgeside shopping center, which owner New England Development is transforming into a massive mixed-use development. The East Cambridge neighborhood that includes Kendall Square has seen rents jump nearly 24% in the past two years and vacancies are at 0.3% across the city, according to CBRE research.
