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BioMed Realty Leases 96,000 Square Feet at the Company’s Flagship Granta Park Campus in Cambridge
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Positive)
Tags
Rhea-AI Summary
BioMed Realty has successfully leased 96,000 square feet at the renovated Portway building in Cambridge, with Bicycle Therapeutics occupying 45,000 sq. ft. and Altos Labs taking 51,000 sq. ft. Both leases span 10 years, amid a notable shortage of life sciences space in the area, where availability has dipped to 2.2%. The Portway building is notable for its WELL certification and WiredScore Gold certification, ensuring exceptional health and connectivity standards.
Positive
100% leasing of the Portway building demonstrates strong demand in a competitive market.
Bicycle Therapeutics and Altos Labs are reputable companies, adding value to the Granta Park ecosystem.
Portway building features both WELL certification and WiredScore Gold certification, indicating high-quality infrastructure.
Negative
Leasing announcements come amid record demand, suggesting a tight market that may hinder future expansion opportunities.
The 2.2% availability rate might limit options for other emerging life science companies in the region.
Grade A lab and office space has been leased to two life science companies at the recently renovated Portway building presenting 100% of the available space
Pioneering cancer medicine firm Bicycle Therapeutics has signed for 45,000 sq. ft. while biotechnology company Altos Labs has signed for 51,000 sq. ft. - both on 10-year leases
Leasing announcements come as market research shows lack of available life sciences space in Cambridge, UK
CAMBRIDGE, United Kingdom--(BUSINESS WIRE)--
BioMed Realty (“BioMed” or the “Company”), a Blackstone portfolio company, has secured occupiers for 96,000 square feet of space at its flagship Granta Park development in Cambridge. Granta Park is one of the biggest purpose-built and privately-owned life sciences campus in the “Golden Triangle” between Oxford, Cambridge and London.
BioMed has now fully leased all available space at the recently renovated Portway building, which underwent extensive modernization to update its first-generation design to incorporate new flexible layouts and fully fitted Grade A lab and office space.
Bicycle Therapeutics plc, a company pioneering a new and differentiated class of therapeutics based on its proprietary bicyclic peptide technology, has leased 45,000 square feet of space. The company is developing treatments for cancer and other diseases using a new class of therapeutics called “Bicycles,” based on the research of Sir Greg Winter, winner of the Nobel Prize in Chemistry in 2018.
Altos Labs, a new biotechnology company focused on cellular rejuvenation programming to restore cell health and resilience, has leased 51,000 square feet of space to support their work and research.
The Portway building occupies a central position at Granta Park, which is home to over 30 of the world’s largest life sciences companies and research organizations - including Pfizer, Illumina and Cancer Research UK - creating a formidable cluster of collaboration and innovation that employs more than 3,700 people.
The Portway building is the UK’s first life sciences property to target a WELL certification, which is the leading tool for assessing health and wellbeing in buildings. WELL-accredited buildings demonstrate a people-first approach to space and must perform exceptionally across a variety of quantifiable metrics, including air, water, nourishment, light, fitness, comfort and mind.
The development has also received WiredScore Gold certification, signifying best-in-class digital connectivity across the building. As such, occupiers and their employees enjoy access to resilient infrastructure, seamless connectivity, uninterrupted mobile coverage with a choice of multiple providers and future-proofed technology.
The leasing announcements come amid record demand for life sciences space in Cambridge. According to market data tracked by BioMed, heightened activity levels have driven down availability rates for office and lab space in Cambridge - hitting a low of 2.2 percent – potentially locking out promising start-ups and scale-ups.
BioMed owns and operates approximately one million square feet of laboratory and office space across Cambridge and the Company is a world leader in providing real estate solutions to the life science and technology communities, with more than 17 million square feet of space under occupation and development.
Matt Smith, Director, U.K. Markets, BioMed Realty, said: “Granta Park has a spectacular concentration of knowledge and talent, and this will only be strengthened by the additions of Altos Labs and Bicycle Therapeutics.
“As a world leading developer, owner and operator of mission critical life sciences real estate, BioMed Realty recognizes it has a special responsibility to create spaces that nurture life-saving research and innovation, and the Company is committed to supporting the growth of the UK’s life sciences industry by providing high quality research and workspace in locations that are underpinned by government, academia and private investment.”
Cheffins and Cushman & Wakefield advised BioMed Realty on the leases.
NOTES TO EDITORS
About BioMed Realty
BioMed Realty, a Blackstone portfolio company, is a leading provider of real estate solutions to the life science and technology industries. BioMed owns and operates high quality life science real estate comprising 14.5 million square feet concentrated in leading innovation markets throughout the United States and United Kingdom, including Boston/Cambridge, San Francisco, San Diego, Seattle and Cambridge, U.K. In addition, BioMed maintains a premier development platform with 3.1 million square feet of Class A properties in active construction in these core innovation markets to meet the growing demand of the life science and technology industries. To learn more about BioMed Realty, visit biomedrealty.com and follow the company on Twitter @biomedrealty.
