Verve Therapeutics Leases 105K SF At Samuels And Alexandria's Fenway Project
A Cambridge biotech is expanding out of its Kendall Square sublease and into an under-construction lab building in the Fenway from Alexandria Real Estate Equities and Samuels & Associates.
Verve Therapeutics, a firm developing gene-editing medicine targeting cardiovascular disease, has agreed to a 10-year lease at 201 Brookline Ave., the firm said in a recent Securities and Exchange Commission filing.
The biotech has agreed to pay approximately $91 per SF for a 105K SF space, which it said it expects the developers to deliver in August 2022.
"This space will enable our continued growth as we develop gene editing medicines to transform the treatment of cardiovascular disease, the most common cause of death worldwide," a spokesperson for Verve said in a statement.
Representatives for Samuels & Associates and Alexandria declined to comment, while Verve didn’t immediately respond to a request for comment Tuesday afternoon.
Verve is more than quintupling the space it has at Alexandria's 500 Technology Square in Kendall Square, where it subleases 18K SF from Foghorn Therapeutics through 2022 at a rate of $100 per SF.
The rising 14-story 201 Brookline office and lab building spans approximately 500K SF. Samuels started construction on spec, and already secured leases last year with Kendall Square-based Tango Therapeutics for 65K SF and Newbury Street venture capital firm Third Rock Ventures for new 25K SF.
Alexandria paid Samuels $1.5B for large shares of 201 Brookline and 401 Park Drive earlier this year, and the partners are in the midst of repositioning 401 Park Drive to deliver a combined 1.8M SF of commercial space across both properties.
Verve's lease includes up to $21M in tenant improvement funds and three months’ free rent, according to the filing, and it includes a five-year extension option. Verve said it could spend more than $5M additional dollars building out its space at the project.
UPDATE, SEPT. 2, 8:45 A.M. ET: This story has been updated with a comment from Verve Therapeutics.
