Davis Lands Full-Building Biomanufacturing Lease In Rhode Island
A regenerative medicine company has signed a big biomanufacturing lease at a facility The Davis Cos. owns 50 miles south of Boston.
The Boston-based developer landed a full-building, 123K SF lease with Organogenesis Holdings at its 100 Technology Way building in Smithfield, Rhode Island, Davis announced Thursday.
"In a competitive manufacturing and life sciences market, our lease agreement with Organogenesis demonstrates Davis’ commitment to providing premier tenant experiences in locations that best allow businesses to innovate and scale," Davis Senior Vice President of Asset Management Jon Needham said in a statement.
Davis acquired the property in 2023 for $18.5M. It was previously occupied by Rubius Therapeutics, a cell and gene therapy manufacturer, and Alexion Pharmaceuticals before that.
The property also has 15.5 acres of vacant space approved for another 175K SF biomanufacturing building. Davis is undergoing a multiyear construction project that will "enhance 100 Technology Way's existing capabilities."
Davis Managing Director of Investment Sean Coffey said that although the building is in a smaller market outside of Boston, the area benefits from a strong workforce, particularly in biomanufacturing and life sciences.
"In addition, the state is very aggressive when it comes to putting incentive packages on the table to lure companies in to operate," Coffey said at a Bisnow event last week. "I think it was a very nice surprise that we uncovered in our diligence process."
JLL's Robert Coughlin and Bobby Jangro represented the tenant, and Newmark's Mark Winters and Tyler McGrail represented Davis.
Organogenesis is headquartered in Canton and has other offices and manufacturing facilities in San Diego, Birmingham, Alabama, and St. Petersburg, Florida. It also has international offices in Switzerland.
Closer to Boston, investors are making moves in the sector, including Bain Capital, which announced plans to develop a 154K SF biomanufacturing facility in Bedford last week. These moves come as big pharmaceutical companies like Pfizer, AstraZeneca and Eli Lilly have announced plans to invest billions in new biomanufacturing projects across the country.
