BXP Life Sciences Conversion Project is Approximately 70% Pre-Leased
BOSTON, December 02, 2021--(BUSINESS WIRE)--Boston Properties, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of Class A office properties in the United States, today announced that the Company has executed three leases totaling 166,000 square feet at its life sciences conversion project at 880 Winter Street in Waltham, Massachusetts. With these leases, the 244,000 square foot project, which is expected to deliver in the second half of 2022 is approximately 70% pre-leased.
"We are thrilled by these agreements, as they reinforce the desirability of Waltham as a leading destination for life sciences organizations to attract and retain key talent and facilitate scientific discoveries," stated Bryan Koop, Executive Vice President, Boston Region, BXP. "In addition, they demonstrate our continued ability to convert existing buildings for life science uses to meet the growing demand for space by organizations in the industry."
The 166,000 square feet of leasing includes:
A 115,000 square foot lease with TScan Therapeutics, Inc., a biopharmaceutical company focused on the development of T-cell receptor (TCR) engineered T cell therapies (TCR-T) for the treatment of patients with cancer.
A 37,000 square foot lease with RVAC Medicines, an mRNA biotechnology company building a pipeline of innovative mRNA vaccine and therapeutic candidates to treat various diseases of unmet medical needs.
A 14,000 square foot lease with EdiGene, a global clinical-stage biotechnology company focused on leveraging cutting-edge genome editing technologies to accelerate drug discovery and the development of novel therapeutics for a broad range of genetic diseases and cancer.
"BXP Life Sciences is focused on creating space and place for scientific discovery," stated David Provost, Senior Vice President of Development and Co-Head of BXP Life Sciences. "We are proud that these three cutting-edge biotechnology companies have selected 880 Winter Street as the ideal location to serve their missions."
880 Winter Street, located adjacent to the Company’s Bay Colony properties in Waltham, is a 244,000 square foot property currently being redeveloped by BXP and converted into lab space. The redevelopment of 880 Winter Street builds on BXP’s 4.9 million square feet of lab and Class A office properties in the Waltham/Lexington region of Massachusetts, which continues to be a destination of choice for leading life sciences organizations.
About BXP Life Sciences
BXP Life Sciences consists of an existing portfolio of more than three million square feet focused on the specific needs of the life sciences industry, primarily in the leading innovation markets of Boston, Cambridge, and Waltham/Lexington, Massachusetts, Montgomery County, Maryland, and San Francisco and Los Angeles, California. In addition, BXP has approximately six million square feet of life sciences-focused development opportunities, including approximately one million square feet of current lab developments and redevelopments in process that are expected to deliver in the next 36 months.
About Boston Properties
Boston Properties (NYSE: BXP) is the largest publicly traded developer, owner, and manager of Class A office properties in the United States, concentrated in six markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. The Company is a fully integrated real estate company, organized as a real estate investment trust (REIT), that develops, manages, operates, acquires, and owns a diverse portfolio of primarily Class A office space. Including properties owned by unconsolidated joint ventures, the Company’s portfolio totals 52.5 million square feet and 202 properties, including nine properties under construction/redevelopment. For more information about Boston Properties, please visit our website at www.bxp.com or follow us on LinkedIn or Instagram.
This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of the words "plans," "will," "expects," "could," "intends," and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Boston Properties’ control and could materially affect actual results, performance or achievements. These factors include, without limitation, the Company’s ability to complete the development project on time, within budget or at all, the uncertainties of real estate development activity, the ability to effectively integrate development projects, the effects of local, national and international economic and market conditions, and other risks and uncertainties detailed from time to time in Boston Properties’ filings with the SEC. Boston Properties does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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