Biotech Values

[DewDiligence]

GTCB Partner Merrimack Triples Workspace
and Moves to Showplace Building Near MIT

[They must be pretty darn confident and the $65M they raised in April doesn’t hurt (#msg-10485655). Thanks to ‘notsoconfused’ on the GTCB ymb for this find.]

http://www.globest.com/news/599_599/boston/146730-1.html

>>
Pharmaceutical Firm Takes 32,000 SF

June 20, 2006
By Beverly Ford

CAMBRIDGE, MA-A growing pharmaceutical firm will nearly triple in size when it relocates its headquarters and research labs into 32,000 sf of space at One Kendall Square. [For those who don’t know their square feet, 32K-sf is about the size of a typical, older Whole Foods market.] Merrimack Pharmaceuticals Inc. will move into the 234,631-sf, five-story, two building office and lab complex this month.

The firm is expanding from about 12,000 sf it occupied in its Binny Street offices. The move expands the firm’s headquarters and consolidates its two other Cambridge locations.

“They wanted to stay in Cambridge and the location, public transportation and an area rich in amenities was important to them,” James L. Elcock with Meredith & Grew’s Boston office, tells GlobeSt.com. Also appealing was the company’s ability to grow within the building, which it can do at its new location.

Terms of the long-term lease, which was negotiated for the tenant by Elcock along with colleague Joseph P. Flaherty were not disclosed but Elcock says similar space in the Cambridge area rents in the mid-$20s per-sf price range. The transaction was handled for owner the Beal Cos. in partnership with Rockwood Capital Corp., by Matthew P. George and Timothy Bianchi. Both are with Lincoln Property Co.
<<