Related Beal, Jamestown Sign 260K SF Of Lab Deals At IDB Conversion
A major office-to-lab project in Boston’s Seaport neighborhood announced just over a quarter-of-a-million SF of leasing activity Monday, highlighting the continued demand for space in biotech’s biggest market, including a number of high-profile office conversions.
The Innovation and Design Building, a former U.S. Army storehouse built in 1918, was purchased by Jamestown in 2013 and received $200M in upgrades and reinvestment before a 2020 joint venture between the Atlanta-based developer and Related Beal zeroed in on turning the development into a home for life sciences research, as well as design, architecture and manufacturing.
Recent tenant signings at IDB announced this week include: Entrada Therapeutics, a biotech client that held a $200M IPO last fall, which will take 81K SF in a deal first reported by Bisnow; RNA technology startup Shape Therapeutics leasing 36,500 SF; Jnana Therapeutics leasing 36K SF; Ratio Therapeutics, a radiotherapeutics startup targeting cancer treatments, signing up for 19K SF; and five others signing on for between 17K and 19K SF each. The total leasing for all nine new tenants covers 260K SF of the 1.4M SF building.
Entrada, which was the first-known life sciences tenant at the development and moved in last month from a different Related property in the Seaport, signed a 10-year lease.
Per CBRE data, Boston saw 2M SF of life sciences leasing in Q1 2022, including Eli Lilly's deal for a new, $700M mRNA research center in the Seaport.