320 Bent Street - Cambridge, MACambridge, MA According to BioMed Realty Trust, Inc., biopharmaceutical development company Momenta Pharmaceuticals has extended its lease at BioMed Realty’s 320 Bent St. property for an additional ten and a half years through February 2027. Momenta has occupied 104,700 s/f of office and laboratory space at 320 Bent St. since January 2012. The company’s lease extension is a testament to the growing demand in the city for real estate solutions to the biotechnology industry’s unique infrastructure needs.
“We are pleased to extend our relationship with BioMed Realty as we continue to expand our research and development capabilities at 320 Bent St.,” said Rick Shea, CFO at Momenta.
2015 was an unprecedented year for the life science industry in the city, which is a beacon for innovation, capital raising and leasing – and the strength of this industry is expected to continue in 2016 and beyond. An increased level of capital inflow combined with limited available space is pushing forward-leasing instances to become an industry norm in the market.
The extension of the Momenta lease marks the third time within the past nine months that the Boston/Cambridge area has seen a major biotechnology tenant commit to a long-term lease well in advance of a lease conclusion. The Dana Farber Cancer Institute signed a 10-year lease at BioMed Realty’s Center for Life Science | Boston in the Longwood Medical Area last September, two and a half years in advance of the lease expiration. In April of 2015, Alnylam Pharmaceuticals signed a 15-year lease at BioMed Realty’s 675 West Kendall St. in Cambridge, which is currently leased by another tenant until early 2018.
“The Boston/Cambridge area is recognized as a global center for research, development and commercialization,” said Bill Kane, Senior Vice President and Boston lead for BioMed Realty. “The extension of Momenta Pharmaceuticals’ lease underscores the importance of this area to the biotechnology industry. In the past year, we’ve seen record levels of capital raised through IPOs, venture capital, pharmaceutical partnerships, government grants and philanthropic investments that are invigorating the market, attracting top talent and fostering innovation within our community.”
Built in 2000, the 320 Bent Street property is a four-story building consisting of nearly 200,000 square feet of office and laboratory space. The facility is conveniently located near I-93, the Red Line and Green Line MBTA Stations, and the EZ Ride Shuttle Bus. Tenants also enjoy a thriving neighborhood with shops, restaurants and cinemas at Kendall Square. Neighboring institutions and corporations include MIT, Genzyme, Amgen, Biogen, Whitehead Institute, Schering-Plough, Ironwood, Novartis and the Broad Institute.
BioMed Realty currently owns more than three million square feet of laboratory and office space in the Boston/Cambridge market.
BioMed Realty invests in the highest quality institutional real estate to meet the needs of the growing demand across the life science industry. The company owns or has interests in properties comprising approximately 18.9 million rentable square feet. Additional information is available at www.biomedrealty.com.
Momenta Pharmaceuticals is a biotechnology company specializing in the detailed structural analysis of complex drugs and is headquartered in Cambridge, MA. Momenta is applying its technology to the development of generic versions of complex drugs, biosimilar and potentially interchangeable biologics, and to the discovery and development of novel therapeutics for oncology and autoimmune indications.
