Vertex Early Lease Termination Is Good News?
BioMed Realty Trust’s announcement yesterday that three Vertex leases for 300k SF in Cambridge are being terminated 10 months early seems like bad news, but BioMed VP Bill Kane is thrilled. Huh? To understand the logic, please join Bisnow’s Boston Life Sciences Summit, Thursday, March 5, at 7:30am at the Royal Sonesta Cambridge. Sign up today!
The leases were written in the bad old days of 2009 when mid-range lab rents were in the $30/SF to $40/SF range. Now rents are well into the $50s/SF, the vacancy rate is about 9% and there are 1.3M SF of requirements coming up in the 9M SF Cambridge lab market in the next three years, Bill (here with BioMed director Tim Stoll) tells us. Get the inside line at Bisnow’s Boston Life Sciences Summit, Thursday, March 5, at 7:30am at the Royal Sonesta Cambridge. Register here.