Lincoln Property, MetLife Land 70 KSF Boston Lease
A biopharma company will relocate its headquarters to the property.
Lincoln Property Co., together with a MetLife Investment Management client, has landed a 70,000-square-foot lease at a life science building in Waltham, Mass. BPGbio, a biology-first AI-powered biopharma company, plans to relocate its headquarters from Framingham, Mass., to 300 Third Ave. by June 2025. Cresa Boston negotiated on behalf of the tenant, while the ownership was self-represented.
Lincoln broke ground on the speculative project in 2020, financing its construction with a $60 million loan from Bank OZK, according to CommercialEdge information. The five-story building came online in 2022.
Totaling 143,533 square feet, 300 Third is a LEED Gold- and WiredScore-certified facility designed by DiMella Shaffer. It features four stories of lab space with 35,000-square-foot floorplates, alongside a fitness center, café, roof deck and 441 parking spots.
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BPGbio will occupy two full floors at the life science facility. The company will house its more than 100,000 sample biobank in the asset and plans to utilize the space to increase its development of therapeutics and diagnostics. Other tenants include biotech company Biocytogen and Stoughton Electrical Repair & Installations, the same data shows.
Situated on Route 128, the property offers free shuttle service to Alewife, an MBTA Red Line to Cambridge. Downtown Boston is approximately 14 miles east, while the city center is 3 miles away.
Lincoln’s Tim Latham, Christopher Scott and Chris Devaux assisted the owners in the deal. Cresa’s Paul Delaney, Adam Subber, and Nate Heilbron represented BPGbio.
Boston’s strong life science fundamentals
The life science market in Boston proved strong enough to bolster the metro’s overall office market last year. According to a Cushman & Wakefield report, employment in life sciences has grown some 35 percent in the last five years with increased growth anticipated through 2028. By the end of this year, 12 million square feet of space are expected to hit the market.
As companies flock to this life science hub, Boston transactions have already been plentiful this year. The first phase of a 250,000-square-foot technology park was completed last month in Andover, Mass. The redevelopment project involves the repurposing of two office buildings into a life science complex.
Also in January, a 205,000-square-foot life science building came online in Somerville, Mass. The seven-story facility comprises 60 percent lab space and 40 percent office space.
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