Alnylam signs a 45,000 SF lease, the largest in Cambridge
CAMBRIDGE, Mass. (10/29/03) - Alnylam Pharmaceuticals (www.alnylam.com), has signed a 45,000 SF lease at 300 Third Street, Cambridge, representing the largest life science lease of 2003. The transaction involved a complex negotiation involving Alnylam, Beal Companies (landlord), and Palm, Inc.who held a lease on the space and agreed to terminate their lease on what will be the Alnylam portion of the property.
Roy Hirshland, President and C.E.O. of T3 Realty Advisors represented Alnylam and Michael Manzo, Senior Vice President of The Beal Companies represented the owner. 300 Third Street is a joint venture of The Beal Companies and Cornerstone Realty Advisers, a wholly owned subsidiary of the MassMutual Insurance Company. Palm was represented by Joseph Flaherty and Tad Lee of Meredith & Grew.
Most of 300 Third had been leased by Palm several years ago. The Alnylam lease involved negotiating a lease termination with Palm allowing Alnylam to enter into a lease directly with Beal, the building owner. In addition, the project will involve converting the office building into a state of the art research facility. "All of these factors created an intense and very long negotiating process. In the end we are all proud of a deal that allowed all parties to achieve their business objectives", said Hirshland who has advised Alnylam since it's founding several years ago.
"We're excited about being in Cambridge, for starters," said John Conley, Alnylam's Vice President of Strategy and Finance. "In this location, we'll have an unparalleled ability to network and hire and make connections. This new world class research facility will help support Alnylam's growth. We look forward to our move to 300 Third Street."
"We are most pleased to have Alnylam's executive headquarters at 300 Third Street. 300 Third Street is being reconfigured to allow research companies to conduct their business in what is essentially a new building and I am sure this was a big factor in Alnylam's decision to relocate to our building", added Manzo of Beal.