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SmartLabs will close its two Bay Area labs and coworking spaces as part of a broader pullback from the West Coast, the San Francisco Business Times reported.
The company will focus on East Coast markets “where the company can bring the greatest strategic value based on current market dynamics,” SmartLabs said in a statement.
SmartLabs will vacate two locations, including the Tower Place site in South San Francisco and another site at Gateway Boulevard that was never operational, the Business Times reported.
SmartLabs will vacate 200K SF in its exit from the Bay Area market, per the Business Times.
The Boston-based company offers research and development and manufacturing solutions in their lab spaces, which biotech and life sciences companies can use as their own offices and labs. More than 120 companies use SmartLabs’ solutions.
The news of SmartLabs shuttering its West Coast sites comes just two months after the company announced that it had raised $48M in Series C financing.
Its San Francisco site was mentioned in the funding news, and the company cited “sustained growth moving forward.”
That growth will not be on the West Coast after all.
SmartLabs plans to focus on the “strategic realignment of investment priorities towards the East Coast.”
SmartLabs will still offer its Custom Design Solutions service on the West Coast.
“We are committed to enabling a smooth transition for our affected customers in the Bay Area and are confident this strategic move will enhance our capacity to better serve our growing client base on the East Coast,” Brian Taylor, CEO of SmartLabs, said in a provided statement.
“As we move forward, SmartLabs will continue to evaluate markets in which to invest where we can offer the greatest impact.”
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