Route 128 continues to benefit from Greater Boston’s booming life science sector.

Waltham approved Dallas-based Lincoln Property Co.’s plan for a life science building at 300 Third Ave. The four-story flexible office and lab project will have 35K SF of rentable space on each floor.

“Lincoln Property Company is excited to deliver 300 Third Ave. as a best-in-class opportunity for biotechnology tenants in Waltham's robust life science community," LPC Vice President Scott Faber said in a prepared statement. "The City of Waltham has been a supportive partner as we work to develop unparalleled facilities for growing biotech companies in the Commonwealth."

A 22K SF office building is currently on the property. Construction on LPC's life science project is expected to complete in 2021.

The Route 128 corridor has benefited from tight lab markets and a growing life science sector in Cambridge and downtown Boston. Cambridge has a 1% lab vacancy rate and rents are approaching $100/SF, according to LPC data.

While speculative development isn’t widespread in the suburbs, some developers have embarked on life science projects without a tenant attached due to confidence in the booming industry.

King Street Properties broke ground on 828 Winter St. in Waltham in 2017 on spec, and Anchor Line Partners’ Post at 200 Smith was also built without a tenant lined up. Anchor Line has since signed Deciphera Therapeutics and ElevateBio.