BOSTON — A major milestone has been reached at Allston Labworks, as Terrestrial Bio becomes the first life sciences tenant at the mixed-use development, as reported by the Boston Business Journal (BBJ).
According to a BBJ report, Terrestrial Bio has signed a lease for approximately 42,000 square feet at 250 Western Avenue, where it will relocate its headquarters from Woburn to Boston’s Allston neighborhood. The new space will include laboratory, office, and manufacturing facilities, with developer King Street Properties planning to build a customized GMP facility for the company, as reported by BBJ.
The move comes at a pivotal moment for Terrestrial Bio. Formerly known as Vaxess Technologies, the company recently rebranded to reflect a strategic shift toward therapeutics, particularly GLP-1-based treatments. As reported by BBJ, the company has also secured $50 million in Series C funding led by RA Capital to support clinical trials and commercialization efforts.
CEO Rachel Sha said, as quoted by BBJ, that the new name reflects the company’s ambition to make therapeutics more patient-friendly while highlighting its proprietary skin-based microarray patch technology.
Allston Labworks, a three-building development, is designed to include more than 500,000 square feet of life sciences and office space, along with residential units and retail. According to BBJ, King Street has already secured several smaller leases, including retail and community-focused tenants, but Terrestrial represents the project’s first major biotech occupant.
“Our goal is to create an environment where leading life science companies can thrive,” Mike DiMinico of King Street Properties said, according to BBJ, noting that Terrestrial’s mission aligns with the innovation ecosystem being developed along the Western Avenue corridor.
The lease signals growing momentum for Allston Labworks as it positions itself within Greater Boston’s competitive life sciences market, as reported by BBJ.
