Boston–– Lincoln Property Company (LPC) and MetLife Investment Management (MIM) announced that global biotech company Biocytogen has leased 36,911 square feet of lab and office space at 300 Third Avenue in Waltham, MA.
LPC’s Tim Latham, Christopher Scott and Chris Devaux represented the ownership. Tim Allen and Curtis Cole of Colliers represented the tenant in the transaction.
Biocytogen plans to relocate from its current location in Wakefield to occupy the entire sixth floor at 300 Third. The Bejing-based life science company is focused on gene editing services (RenMab® and RenLite®), preclinical testing and antibody development services. The tenant will begin buildout of its new U.S. headquarters later this quarter.
“We are pleased to welcome Biocytogen to 300 Third and excited to deliver another tenant to Waltham’s biotech cluster,” said Scott Faber, Senior Vice President at LPC. “Given current market dynamics, we continue to see strong interest from life science tenants honing in on Waltham given its tremendous accessibility for their employees and wealth of amenities nearby.”
As the suburbs immediately west of Cambridge continue to be the main stop for overflow demand, Waltham’s life science market has grown to over four million square feet. According to MassBio’s 2021 Biopharma Funding Report, Waltham-based biopharma companies received over $1.08 billion in venture capital funding last year, ranking only behind Cambridge and Boston.
“We are excited to welcome Biocytogen as the first tenant of 300 Third as we move toward final stages of completing the construction, said Trina Childs, Asset Manager with the Northeast Region of MIM. “We look forward to adding other leading life sciences companies to this world-class lab and office development.”
300 Third Avenue is a 143,533-square-foot purpose-built development with four stories of laboratory space and 441 on-site parking spaces. DiMella Shaffer, a Boston-based architecture and design firm, and AHA Consulting Engineers, a Cambridge-based MEP/FP engineering practice, have designed a flexible space with a high level of efficiency of the mechanical, chemical storage and utility areas to service the most rigorous laboratory occupants. The project is targeting LEED Gold certification and has achieved Wired Gold Certification to provide best-in-class connectivity, infrastructure, and technology readiness.