Thursday, July 3, 2008

Real Deal: MIT buys biotech buildings from family trust for $90M

By Mass High Tech Staff

The Massachusetts Institute of Technology purchased a 148,116-square-foot portfolio in Cambridge for $90.5 million from a private family trust. The portfolio consists of four biotechnology properties including 48,000 square feet at 185 Albany St.; another 48,000 square feet at 195 Albany St.; 15,000 square feet at 148 Sidney St.; and 37,116 square feet at 149 Sidney St.

The properties are leased to four tenants that include MIT and biopharmaceutical companies Cubist Pharmaceuticals Inc. (Nasdaq: CBST), which focuses on products that address needs in the acute care environment; United Kingdom-based Shire Pharmaceuticals; and Acceleron Pharma Inc., a company that specializes in treatments for bone loss and developing preclinical proteins to increase muscle mass, control the growth of blood vessels and block the accumulation of fat. 

Boston-based Colliers Meredith & Grew brokered the sale and procured the buyer.

AMAG Pharmaceuticals Inc. has leased 55,924 square feet of office space at 100 Hayden Ave. in Lexington. The company is slated to move into the three-story building this fall. The new office location will serve as the company’s global headquarters while the research and manufacturing facility remains in Cambridge.

AMAG (Nasdaq: AMAG) is a biopharmaceutical company that uses nanoparticle technology to develop iron therapy treatments for anemia, cancer and cardiovascular disease. 

Cushman & Wakefield Inc. represented AMAG in the lease. The firm’s project management team will oversee the buildout of the new facility. The landlord, Boston Properties, was represented by Jones Lang LaSalle.
 

GamerDNA Inc. and Motus Corp. have both signed leases for new office space at 585 Massachusetts Ave. in Cambridge. GamerDNA, an operator of social networking websites for video gamers, has leased 5,159 square feet on the second floor and Motus, a developer of motion game controllers, has leased 5,261 square feet on the fourth floor of the four-story building located in Central Square.

Boston-based Richards Barry Joyce & Partners LLC represented both companies. Grubb & Ellis Co. represented the landlord, 3MJ Realty, in both transactions.
 

X-Rite Inc. and Getronics NV have recently signed leases for office space at the Ames Pond Corporate Center in Tewksbury. X-Rite (Nasdaq: XRIT) occupies 16,649 square feet of space at 200 Ames Pond, while Getronics occupies a 20,000-square-foot office space at 100 Ames Pond. 

Getronics is an international information and communications technology services and solutions company that specializes in workspace and application services. X-Rite offers hardware, software and services for measuring, formulating and matching color.

X-Rite was represented by Cushman & Wakefield Inc. Getronics was represented by Boston-based CresaPartners LLC. Jones Lang LaSalle negotiated on behalf of the owner, Boston-based Farley White Interests.
 

VisEn Medical Inc. signed a lease for 23,000 square feet of space at 45-47 Wiggins Ave. in Bedford. Currently, the medical imaging technology company is occupying an 11,000-square-foot space at 12 Cabot Road in Woburn and will move to the new location in August.

Boston-based Colliers Meredith & Grew represented VisEn and Jones Lang LaSalle represented the building’s landlord, Alexandria Real Estate Equities Inc.
 

EpiZyme, Seaside sweep in at Riverside

Seaside Therapeutics LLC and EpiZyme Inc. signed leases for a total of 19,602 square feet of office space at the Riverside Technology Center, 840 Memorial Drive in Cambridge. Seaside, a developer of treatments for brain disorders, leased 10,202 square feet of space and EpiZyme, an early-stage epigenetics company, signed for a 9,400-square-foot space.

Boston-based CB Richard Ellis/New England represented Seaside while Boston-based Richards Barry Joyce & Partners LLC represented EpiZyme. Boston-based Colliers Meredith & Grew represented The Abbey Group, the building’s landlord.
 

Real deal is a monthly collection of real estate transactions involving technology and life sciences companies. Tenant names appear in bold. Please send real estate news and photos to Rodney Brown at rbrown@masshightech.com.