Lyme’s Center for Life Science Boston; 85% Preleased
CAMBRIDGE, Mass. (July 11, 2006) – David Clem, Managing Director and founder of Lyme Properties, one of the country’s oldest and largest life science property developers, today announced the signing of two leases in Lyme’s Center for Life Science Boston under construction in Boston’s Longwood Medical Area. Children’s Hospital Boston will occupy approximately 100,000 square feet on the 12th through 14th floors, and CBR Institute for Biomedical Research, Inc. will occupy approximately 50,000 square feet on the 2nd floor. Previously, Lyme signed leases with Beth Israel Deaconess Medical Center for 360,000 square feet and Dana Farber Cancer Institute for 50,000 square feet. Lyme’s Longwood research building is now 85% preleased.
The Center for Life Science Boston will offer 705,000 square feet of research and office space, below grade parking for 300 cars and a multi‐story winter garden on Blackfan Street. The building design also includes numerous energy efficient and environmentally advanced features, many of which were used in Lyme’s acclaimed Genzyme Center in Cambridge, and will receive a Leadership in Energy and Environmental Design (LEED) rating. The Center for Life Science Boston was designed by Tsoi Kobus & Associates of Cambridge, is being built by William A. Berry & Son, Inc. and will be completed in late 2007. Construction financing is being provided by Anglo Irish Bank, Bank of America and Massachusetts Mutual Life Insurance Company.
“From the beginning, we felt that this site offered researchers a unique location in what is arguably the greatest concentration of talent and discovery in the United States. The unparalleled roster of world class institutions and researchers that will occupy this building, justify the vision that Lyme and Scottish Widows, our joint venture partner, had for this site,” Mr. Clem said.
Prominent institutions adjacent to the new building include Beth Israel Deaconess Medical Center, Children’s Hospital’s Karp Family Research Laboratories, the New Research Building at Harvard Medical School and Merck’s Scolnick Research Center.
Greg Lucas of CB Richard Ellis represented Lyme Properties. Frank Nelson of Cushman & Wakefield and Mary Lentz of McCall & Almy represented Children’s Hospital Boston and CBR, respectively.
About Lyme Properties
Lyme Properties was founded in 1993 by David Clem who built the first life science laboratories in Kendall Square, Cambridge in the mid‐1980s as a founding partner of The Atheneum Group. Today Lyme is one of the country’s most experienced and largest life science developers specializing in the acquisition, development, and leasing of first‐qualify life science and mixed‐use properties located in prime educational, research, and medical centers. In recent years, Lyme has built lab space for companies such as Genzyme, Millennium, Vertex, Schering‐Plough, Microbia, Metabolix, and Monsanto. Lyme has built and leased over 1.5 million square feet of life science research space and has an additional 1.5 million square feet under development.