February 26, 2018 Comments Off on $90M Life Sciences Conversion Planned for Boston-Area Asset Views: 2942 Massachusetts, National News, Northeast

$90M Life Sciences Conversion Planned for Boston-Area Asset

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W. P. Carey Inc. signed a new triple net lease agreement with the Astellas Institute for Regenerative Medicine at the REIT’s 251,000-square-foot office building in Westborough, MA. As part of the 18-year lease, the existing two-story office building at 9 Technology Dr. will be converted into a state-of-the-art life sciences facility and serve as AIRM’s R&D headquarters.

The lease will commence in September 2018 and construction will begin shortly thereafter, once the current tenant vacates the property. Construction conversion costs are expected to total more than $90 million, and will be jointly funded by W. P. Carey and AIRM.

AIRM plans to invest significant capital into the conversion project, which will house more than 250 employees upon completion. AIRM is an indirect wholly-owned subsidiary of Tokyo-based Astellas, a top 20 global pharmaceutical company.

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