Foundation Medicine Moving To Seaport As It Gears Up For Major Life Science Campus
One of Massachusetts' largest life science companies is in the market for new real estate, and a sublease may indicate its preferred neighborhood.
Foundation Medicine is subleasing 64K SF from PTC at 121 Seaport, and it is likely the launch of a bigger Seaport real estate play, according to brokerage documents obtained by Bisnow and sources familiar with the search.
The Cambridge-based company was also looking at Cambridge Crossing, but it has since zeroed in on the Seaport, particularly WS Development’s Seaport Square, sources say.
With city approval on a 7.7M SF building plan, WS has several available blocks in its Seaport portfolio, depending on Foundation’s space requirements, which sources tell Bisnow include 300K to 400K SF of labs.
The Cambridge-based biotechnology company has reportedly considered building a 1M SF life science campus next to Amazon’s future Seaport Square office currently under construction.
WS Development and CBRE, which is representing Foundation Medicine, declined to comment to Bisnow for this story. Foundation Medicine did not respond to multiple requests for a comment.
Foundation's move comes as developers across the region are looking to change the geography of where large life science companies are willing to be.
Kendall Square remains the hub of Boston’s life science cluster, but space is limited and at a premium. New life science and technology clusters are in development in the Seaport’s eastern edge, Fort Point Channel and Allston/Brighton.
“While I sound like a broken record, available lab/office space is essentially nonexistent in Cambridge — especially for large users,” Hunneman Director of Research Liz Berthelette said. “It’s no surprise that tenants like Foundation are taking a hard look at emerging life science nodes in Cambridge Crossing and the Seaport.”