Vertex Renewing Lease At 1.1M SF Boston Headquarters
After considering a move out of the headquarters it has called home for a decade, Vertex Pharmaceuticals is staying on the Seaport's Fan Pier.
The life sciences giant decided to renew its 1.1M SF lease at 11 Fan Pier Blvd. and 50 Northern Ave., where it has been based since 2014, the Boston Business Journal and Boston Globe reported, both citing anonymous sources. The company's lease was set to expire in 2028, and it had been shopping around for relocation options.
The Fan Pier building is owned by Newton-based RMR Group, which bought the property in 2014 for $1.1B from developer The Fallon Co., the BBJ reported.
Vertex declined to comment on the lease, and The RMR Group didn't reply to Bisnow's request for comment.
In March, the Globe first reported that Vertex was considering a move and was primarily looking at sites in the Seaport's Raymond L. Flynn Marine Park.
The company has made other real estate moves in the Seaport apart from its headquarters.
The company moved into 269K SF at 316-318 Northern Ave. in 2020 and signed a lease for 344K SF at 20-22 Drydock Ave. in 2022, a project that is set to break ground soon. Related Beal is the developer behind the projects.
The potential headquarters move would have been a big opportunity for landlords looking to fill up the millions of square feet of new and existing product on the market amid a life sciences slowdown. In the first quarter, there was an estimated 9.7M SF of lab space under construction, 50% of which was set to deliver by the end of 2024, according to CBRE.
