A biopharma firm that celebrated a $200M initial public offering last fall has signed a major lease for a new Boston headquarters.
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Entrada Therapeutics has leased 81K SF of office and lab space at the Boston Innovation and Design Building for its new headquarters, the company disclosed in a filing with the Securities and Exchange Commission this month.
Jamestown has owned the 1.4M SF IDB, originally built as a U.S. Army storehouse in 1918, since 2013, and spent $200M to retrofit it to be appealing to tech tenants. In early 2021, Jamestown entered into a partnership with Related Beal, selling a 50% stake in the property in a $710M recapitalization deal, with the developers planning to retrofit part of the property to include labs.
Entrada is the first known life sciences tenant at the property, where it expects to move next month in a 10-year deal. Its current headquarters is at Related Beal's 6 Tide St. in the Seaport, the lease for which it signed just two years ago. Its new deal has an initial fixed monthly rent of $525K for the first year, rising 3% a year after that. The deal includes a $19.5M tenant allowance.
Jamestown didn't respond to Bisnow's request for comment.
Entrada is developing a new class of medicines called intracellular Endosomal Escape Vehicle therapeutics, which it says treat the underlying cause of a wide variety of diseases by entering inside targeted cells.
The company was founded in 2016, and went public last year, raising $181M by selling stock at $20 a share. At the end of trading Wednesday, its stock price was down to $9.67 per share, giving it a market capitalization of $302M.
Entrada's deal is just the latest in a string of expansions in Boston's biotech and biopharma industries. Eli Lilly announced plans for a new, $700M mRNA research center in the Seaport last month, and that was after there was a record 2.1M SF of leasing activity in Greater Boston's life sciences real estate in the fourth quarter of 2021, according to CBRE. Lab vacancy in Boston at the end of the year stood at 0.1%, compared to 0.5% in Cambridge.
