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An Allston mixed-use project has secured its first lab tenant since opening last year.
King Street Properties' Allston LabWorks in Boston landed drug manufacturer Terrestrial Bio for a 42K SF lease, according to a Terrestrial Bio press release.
The site will be Terrestrial's new headquarters and manufacturing facility as it works to commercialize its pharmaceutical patches.
Terrestrial, formerly known as Vaxess Technologies Inc., also announced Thursday it had secured $50M in Series C funding and completed a rebranding process.
It is an expansion for the biotech company, which is relocating its headquarters from Cummings Properties' 30 Cummings Park Drive in Woburn. It first occupied the 10K SF space at the Woburn property in 2021 and still plans to continue operations there.
King Street broke ground on the $915M, three-building mixed-use project in 2022. It consists of 534K SF of lab space, 20K SF of retail and 35 units of housing.
“Our goal is to create an environment where leading life science companies can thrive, and Terrestrial’s work aligns well with the innovative ecosystem we are building along the Western Ave corridor," King Street partner Mike DiMinico said in a statement.
Until now, King Street had secured non-lab leases for Allston LabWorks' retail spaces, including pizza restaurant Fido, Molly's Bookstore and Park Bagelry. It also locked down a lease from BioBuilder, a nonprofit that offers life sciences training for high school students and teachers.
In 2023, the developer filed plans to build another smaller lab project next door at 287 Western Ave. in Allston. The 90K SF project would have been marketed to life sciences startups. Since gaining approval for the project in 2024, however, the developer hasn't begun construction.
Cushman & Wakefield's Ted Lyon, Christopher Walsh and Steven Pesapane represented King Street, and Cresa's Paul Delaney, John Coakley and Carter Swaebe represented Terrestrial in the deal.
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