Boston Real Estate | 2 minute read
Breakthrough Properties Fully Leases Boston Building to Biotech Company
BY Lucian Alixandrescu | Jul 31, 2020
Life science real estate investment firm Breakthrough Properties announced the lease of the property at 105 W. First St. in Boston, Mass. to CRISPR Therapeutics, a gene editing company. CRISPR will fully occupy the building, dubbed “The 105,” which totals 263,500 square feet of office space in Boston. Newmark Knight Frank represented the lessor in the lease, while CRISPR was represented by a Cushman & Wakefield team.
The 105 is Breakthrough’s first ground-up development, and was acquired by the company in 2019. The company broke ground on the site in 2020 and the property is scheduled for delivery in early 2022. Designed by architecture firm Payette, the Boston office space is set to benefit from a fitness facility, outdoor terraces and easy access to the MBTA’s Red Line. Breakthrough is also reportedly aiming for a LEED Gold certification.
Dan Belldegrun, CEO of Breakthrough Properties, said: “Our mission at Breakthrough is to deliver cutting edge facilities and environments that support companies at the forefront of life-changing science. We are thrilled to partner with CRISPR, one of the world’s emerging leaders in the biotech industry, as it continues to develop therapies that change the way we fight disease. There has never been a more important time to focus on the scientific innovation and we’re honored to play a small but supportive role in CRISPR’s exciting future.”
Breakthrough Properties was launched in 2019 by Tishman Speyer in conjunction with biotech investment firm Bellco Capital. It aims to acquire, develop and operate state-of-the-art science properties, as well as make investments in agriculture. Tishman Speyer President & CEO, Rob Speyer, said that Breakthrough Properties combines “Tishman Speyer’s global property development capabilities with Bellco Capital’s recognized life sciences expertise and strong relationships.”
CRISPR Therapeutics was founded in 2013 and develops gene-based medicines for serious illnesses. The company also has research and development facilities in Cambridge, Mass., as well as offices in San Francisco, Calif.
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POSTED IN: Boston Real Estate, Commercial Real Estate
Lucian is a senior content writer for CommercialCafe, specializing in commercial real estate research and data-driven reporting since 2019. With deep expertise in industrial real estate, office markets, demographics, and economics, he produces comprehensive market studies and insights on national and regional CRE trends. He also reports on adjacent subjects such as population shifts and the job market. His reports have been cited by and featured in The New York Times, Forbes, NBC, Bisnow, The Business Journals, and Yahoo Finance. Lucian holds a background in language and literature studies and brings more than 5 years of previous freelance writing experience to his commercial real estate journalism.
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