Boston— Newmark and Jumbo Capital announced four new office, life science and Research & Development (R&D) leases, totaling 49,255 square feet at Stony Brook located at 130 Turner Street in Waltham, MA.
Newmark Senior Managing Director Matt Malatesta, Vice Chairman Mike Frisoli, Executive Managing Director Tyler McGrail and Associate Directors Margaret Fee and Eric Jeremiah represented the owner/landlord, Jumbo Capital, in the property leases.
The tenants and deals are summarized below:
- 16,506-square-foot new R&D lease to Veeco, tenant represented by Malatesta
- 14,441-square-foot new life science lease to Alcresta Therapeutics, tenant represented by Ned Halloran and Connor Hayes of Hunneman
- 9,460-square-foot new life science lease to Cugene, tenant represented by Pat Grady of Hunneman
- 8,848-square-foot new office lease to Opinion Dynamics, tenant represented by Adam Meixner of 128 CRE
“Jumbo Capital continues to invest in the overall experience at Stony Brook, and these recent deals are a direct result,” said Malatesta. “With diverse workspace offerings, all new amenities, proximity to a major university and public transit access, the Stony Brook campus will continue to see strong interest from the thriving greater Boston innovative ecosystem.”
Developed and managed by Jumbo Capital, the 270,000-square-foot lab and R&D campus, Stony Brook, has undergone a major office-to-life science conversion to accommodate these recent transactions, with the unique ability to convert an additional 50,000 square feet in the main tower. Tenant amenities at the site include a new fitness center with lockers and showers, a full-service cafeteria, a shared conference center, an outdoor lounge and patio and new lobbies and common areas.
The property is located minutes from I-90/I-95, in a walkable neighborhood and is proximate to the MBTA Commuter Rail, three stops from Porter Square on the Red Line.
According to Newmark Research, the Route 128 lab market expanded to more than 6.2 million square feet of existing inventory in the third quarter of 2022—an 83% increase in lab space in just three years. Despite recording two consecutive quarters of increases, vacancies remain healthy at 7.3%. Moreover, 2.4 million square feet of lab space has been absorbed in this submarket since the beginning of 2019 as demand for suburban lab products increased throughout the pandemic. Asking rents have been on an upward trajectory for the better part of the last ten years.
Boston’s West–Route 128 office markets remain stable, with recent strength in life sciences helping to drive overall activity. Vacancies ended the third quarter at 13.5%, the lowest rate this submarket has experienced since mid-2020. Tenants remain focused on top-quality office assets that are highly amenitized.