Boston’s life science market centers on Cambridge
Cambridge, Mass., continues to be the life science hub of the Boston market, and a recent deal by Clarion Partners illustrates that dominance. Clarion paid $311.3 million, or $1,045 per square foot, for 245 First St., a 297,636-square-foot office and laboratory property in East Cambridge. The seller was Jamestown Properties.
The property, also known as Riverview Center, includes a nine-story office tower above a parking garage and a six-story building with state-of-the-art life science space. Tenants include Akebia Theraputics, The Forsyth Institute, Horizon CombinatoRx and the Massachusetts Institute of Technology.
Cambridge is one of the top markets for biotechnology and life science companies in the United States. Strength in the lab space market drives tightening in the Cambridge office market, according to JLL’s second quarter 2016 Cambridge Office Insight. A direct vacancy rate of 2.6 percent represents the lowest rate seen in the market since 2000. Th