Generation Bio Terminates 104K SF Lease In Waltham, Landlord Disputes Claims

A Cambridge-based life sciences company is looking to get out of its lease at a Waltham campus, but its landlord is pushing back.

Generation Bio notified its landlord, CS Capital Management, on Jan. 31 that it intends to terminate its 104K SF lease at 41 Seyon St. in Waltham, according to a Feb. 2 Securities and Exchange Commission filing.

It said it was terminating the lease "due to the landlord's breach of its obligations to the company under the lease," but the company didn't go into further detail. 

The filing says the landlord has informed Generation Bio that it disputes the company's right to terminate the lease. The tenant wrote that it plans to "defend its right to terminate the lease," even if the landlord continues to fight the claims.

Generation Bio and CSCM didn't respond to Bisnow's requests for comment.

The tenant signed the lease for the space at CenterPoint, a 615K SF, three-building life sciences campus, in July 2021.

The company used the space for its good manufacturing practice facility, the Boston Real Estate Times reported, while maintaining its headquarters at 301 Binney St. in Kendall Square. 

Although it hasn't said exactly why it wants to terminate its lease, Generation Bio recently underwent widespread layoffs.

In November, the company announced it would let go 40% of its staff, including its chief medical officer and chief development officer, Fierce Biotech reported. The layoffs are estimated to bring the company $120M in savings and help extend its runway into 2027.

Generation Bio signed the lease when Hilco Real Estate was the owner of the property, but it has since traded hands, with CSCM acquiring the campus in January 2023 for $578M.

A California-based investment firm, CSCM has $848M in assets under management.