Cambridge Discovery Park Building 400-500 Will be New Headquarters for FogPharma and LifeMine Therapeutics
BULFINCH SIGNS 110,000+ SF LIFE SCIENCE LEASE AT CDP
Cambridge, MA (June 12, 2019) – The Bulfinch Companies, Inc. (Bulfinch), a private, real estate investment, development and management firm, today announced it has signed a 114,490 SF lease with FogPharma in building 400 at Cambridge Discovery Park (CDP). The lease marks the first signed tenant for Bulfinch’s new 400-500 property, a world class 280,000 SF Class A lab, R&D and office development. Peter Bekarian, Managing Director at Jones Lang LaSalle served as the broker on behalf of Bulfinch, and Evan Gallagher, Senior Vice President at Colliers International represented the tenant.
CDP towers 400 and 500 are state-of-the-art, LEED Gold buildings designed by Stantec, and located in an opportunity zone. The building was topped off in April 2019 and is set to deliver Q1 2020, with John Moriarty & Associates serving as General Contractor. The property includes unobstructed views of Boston, a connector on the third through sixth floors over the private Discovery Way Drive, two distinct lobbies and ground floor amenities including a café, fitness center, floor-to-ceiling windows and energy efficient systems. Situated in Alewife’s life science cluster, CDP has emerged as a desirable alternative to East Cambridge’s low vacancy constraints offering ample space for innovators in Boston’s life science hub.
“We are thrilled that FogPharma has chosen to remain at CDP and expand in Building 400-500,” said Mike Wilcox, SVP, Director of Leasing at Bulfinch. “Bulfinch has enjoyed a close-working relationship with FogPharma for several years and looks forward to continued success for years to come. CDP provides an ideal location with flexibility for tenants to grow and expand their research long-term in a premier life science campus in Cambridge.”
As a current tenant in a 22,442 SF space in Building 100 at CDP, FogPharma has leased all six floors of Building 400 with a phased move-in set to begin in January 2020. FogPharma will have an exclusive lobby in Building 400, exterior signage and branding rights to the building. FogPharma recognized the advantages of both location and amenities at CDP, electing to move into Building 400 to accommodate the company’s recent, expansive growth. For the first 3-5 years of the lease, FogPharma plans to sublet roughly half of its space in Building 400 to its sister company, LifeMine Therapeutics.
“FogPharma and LifeMine have grown in leaps and bounds since their operational start-up in 2016 and 2017, respectively. Our remarkable scientific progress demands continued aggressive growth to efficiently develop our pipeline of cell-penetrating miniproteins that engage the most intractable of disease targets,” said Greg Verdine Ph.D, President and CEO, FogPharma and LifeMine Therapeutics. “Fortunately, FogPharma and LifeMine are in a financial position to support our ambitious plans. It is both our pleasure and privilege to partner with Bulfinch once again to dramatically expand our presence in Cambridge Discovery Park, and together, foster the emergence of a vibrant biotech ecosystem in West Cambridge.”
As the third largest campus in Cambridge behind Harvard and MIT, CDP offers a number of sustainable perks, including the surrounding Alewife Brook Reservation with 27 acres of walking trails and green space. While set in a natural location, CDP is easily accessible by foot or a short five-minute shuttle ride from the Alewife MBTA Red Line Station, directly off Route 2 and nine minutes from Route 128. CDP offers a 150-room AC Hotel Boston Cambridge with conference center, restaurant, bar and two 650-car covered parking garages. Other amenities at CDP include outdoor seating and dining areas, a full-service yoga and fitness center, an on-site café, multiple bike racks with a bike storage room, bike sharing, ATM banking, electric car charging stations and a new riverfront park with water sculpture. Two luxury residential developments are also under construction adjacent to CDP – Vox on 2 and the Residences at Alewife.
Notable tenants currently leasing in other CDP buildings include Forrester Research, Genocea Biosciences, Inc. and The Smithsonian Astrophysical Observatory.
Citizens Commercial Real Estate Finance team is leading the construction loan for CDP Building 400-500 as the lead arranger and administrative agent. Bulfinch has worked closely with Citizens for more than a decade and looks forward to expanding the relationship in the years ahead.
About The Bulfinch Companies, Inc.
The Bulfinch Companies, Inc. (Bulfinch) is an entrepreneurial, value-added real estate investment firm specializing in the development, acquisition, management, and repositioning of commercial properties in Greater Boston. Since its inception in 1936, Bulfinch has developed, acquired and repositioned more than $1 billion in commercial real estate. www.bulfinch.com
FogPharma was born from the scientific and entrepreneurial vision of founder Dr. Gregory Verdine, a pioneer in the discovery and development of new drug classes that "drug the undruggable." FogPharma's cell-penetrating miniproteins are a broad new class of medicines that can drug targets beyond the reach of conventional therapeutics. Together with world-leading experts and collaborators in translational medicine, the FogPharma team is building a drug discovery platform to develop fundamentally new treatments for cancer and other life-threatening diseases. Co-founded in 2015 by serial life science entrepreneur, pioneering scientist and innovator, university educator, venture capitalist and successful biotech company-builder Dr. Verdine, FogPharma is headquartered in Cambridge, Mass. and has raised $77 million in funding as of May 2018. For more information on FogPharma please visit www.fogpharma.com.