BOSTON: Vertex's Mega HQ Opens
This week brought the official opening of the largest commercial lease in Boston's history—Vertex's 1.1M SF HQ in Fan Pier. (The Curse of the Broker Bambino is officially broken.) Gov. Deval Patrick and other top public officials helped cut the ribbon Tuesday on the two-building office/lab complex (it was a stubborn ribbon). It's very important for Massachusetts to build a reputation as a location where corporate heavyweights can establish world-class HQs, state secretary for economic development Greg Bialecki tells us. Boston's famous barriers to entry have been adjusted to allow for the transformation of neighborhoods like the Boston waterfront, Cambridge's North Point, and Somerville's Assembly Square.
When construction started on the Vertex complex in 2011, it was the largest private project in the country. While still emerging from the financial crisis and the recession, the ambitious project signaled to other developers that the Boston waterfront was taking off. (Even some fish took notice.) Developer The Fallon Co's project was a catalyst and an anchor for The Innovation District, now among the hottest real estate markets in the world, Greg says. For Vertex, which grew up doing R&D in Cambridge, the new complex marks its transformation into a serious pharmaceutical player with a possible blockbuster product. Its new focus on marketing will be aided by its signature HQ on the harbor. (You can actually see its logo from the plane while flying into Logan.)