August 24, 2007

ImmunoGen Signs 89,000-SF HQ Lease

Globe St.

ImmunoGen Signs 89,000-SF HQ Lease
By Joe Clements

WALTHAM, MA-In one of the bigger coups for suburban Boston’s life sciences sector, ImmunoGen Inc. is relocating here from East Cambridge, parties involved in the transaction have announced. The firm will occupy 89,000 sf of 830 Winter St., a 182,000-sf Class A building overlooking Route 128 that is owned by Intercontinental Real Estate Corp. of Brighton.

“Intercontinental is pleased to have ImmunoGen as a tenant and we look forward to a long-lasting relationship with such a reputable company,” says Thomas Taranto, head of asset and portfolio management for the landlord. ImmunoGen CFO Daniel Junius cited the ability to combine all of the firm’s administrative and research functions in a single facility as key to their decision to vacate one of the world’s top concentrations for life sciences companies. “We think 830 Winter St. is ideally suited to our needs and will provide us high-quality lab and office space for many years,” says Junius.

As exclusive leasing agents for 830 Winter St., Richards Barry Joyce & Partners negotiated terms on behalf of Intercontinental, while Roy Hirshland and Mike Shreve of T3 Advisor were brokers for the tenant. Michael Frisoli and Ron Friedman of RBJ handled the assignment for Intercontinental along with RBJ principal Jon Varholak, who notes that Lexington and Waltham have become preferred alternatives for Cambridge companies. “The scarcity of opportunities in Cambridge, which was created by the tremendous growth of Greater Boston as a hub of biotechnology, has helped fuel the growth of biotech in the suburbs,” says Varholak.

Of the 3.7 million sf of laboratory space in suburban Boston, Lexington and Waltham account for 36% of the inventory and 62% of all Class A lab product. As of mid-year 2007, the inventory of suburban lab supply was at 21%, according to RBJ director of research Brendan Carroll.