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After laying off the majority of its staff, a biotech company has reached an agreement to terminate a lease for its U.S. headquarters in Waltham.
AlloVir, a company specializing in cell therapy research and development, agreed to pay $7M to terminate its 78K SF lease at 1100 Winter St. in Waltham, according to a Securities and Exchange Commission disclosure filed earlier this month.
Landlord BXP, which previously traded as Boston Properties, agreed to terminate the lease, which was supposed to run through July 31, 2028, Banker & Tradesman first reported.
AlloVir also terminated a sublease with AMAG Pharmaceuticals for a portion of its space in the building that AlloVir had agreed to occupy in 2021, according to SEC filings.
The termination comes after AlloVir laid off 95% of its staff in December and halted three drug trials, Fierce Biotech reported.
BXP declined to comment on the termination. AlloVir and AMAG didn't respond to Bisnow's requests for comment.
The building is part of the 957K SF Bay Colony campus that BXP acquired in 2011, according to the REIT's website. The campus has four buildings on 58 acres adjacent to the Cambridge Reservoir.
In October, construction firm DPR Construction expanded its operations to a new 200-person office at another building on the campus, 950 Winter St. Other tenants on the campus include Verizon Connect, United Health Group, GlaxoSmithKline and Matrix Capital Management Co.
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