)
Tishman Speyer and Breakthrough Properties secured a lease expansion for a planned innovation center at the Harvard Enterprise Research Campus in Allston.
Roche Genentech will triple its size at the ERC from 30K SF to 100K SF for the innovation center, according to a press release. The company plans to begin a phased move-in starting in mid-2026.
The pharmaceutical company first announced plans to move onto the campus in March and occupy 30K SF at Tishman's two-building life sciences complex at One Milestone St. In its March release, Genentech said it ultimately hoped to hire up to 500 employees for the location.
Its planned innovation center within the lab building will serve as a hub for its research into cardiovascular, renal and metabolism medicine.
"The forthcoming Innovation Center is an ideal anchor for One Milestone and a powerful representation of that very mission,” Tishman Speyer CEO Rob Speyer said in a statement.
One Milestone is in the latter stages of construction, according to the press release.
The two buildings are interconnected and include a 265K SF east wing and a 245K SF west wing. The property is part of Tishman Speyer's larger 900K SF first phase of the ERC. Plans for the project include a 343-unit apartment building and a hotel.
Harvard University chose Tishman Speyer to develop the project in 2019.
Genentech was acquired by pharmaceutical giant Roche in 2009 for $46.8B. The company has been expanding elsewhere, including North Carolina, where it plans to double its investment to $2B, Reuters reported. The North Carolina facility will open in Holly Springs in 2029.
In July, Genentech planned a massive overhaul of the company's 207-acre San Francisco campus costing upward of $5B. However, the company also had several rounds of layoffs over the past two years, shedding more than 800 employees.
The lease expansion comes at a time of high vacancy across the overall market, which stood at 34% in the fourth quarter, according to Cushman & Wakefield. The urban ring submarket, which Allston is part of, saw 54.8% vacancy.
UPDATE, JAN. 23, 4 P.M. ET: Cushman & Wakefield's Greater Boston vacancy figure was added.
)
)
)
)
)
)
)
)
)
)
)
)