Biomedical Venture Capital Firm Becomes First Tenant at Recently Completed
450 Kendall St., Cambridge
(November 6, 2014 – Boston) – Transwestern | RBJ today announces the firm brokered a lease between BioMed Realty Trust Inc. (NYSE: BMR) and MPM Capital Inc. at the recently completed 450 Kendall St. in Cambridge, Massachusetts. Transwestern | RBJ’s Steven Purpura, managing partner and Northeast market leader, and Eric Smith, partner, represented the building owner, BioMed Realty. Transwestern | RBJ’s John Barry, partner, and Jeff Landers, assistant vice president, represented MPM Capital in the 14,511-square-foot lease.
450 Kendall St. is the first speculative office building to be constructed in Cambridge since 2001. In signing the lease, MPM Capital, a venture capital firm focusing on the biomedical industry, becomes the 60,117-square-foot building’s first tenant.
“We are very pleased to welcome one of the top venture capital firms in Boston, MPM Capital, to our new building,” said Bill Kane, vice president of leasing and development at BioMed Realty. “We are seeing strong interest from the venture capital community to be located closer to the innovation in the center of Cambridge. The demand in Kendall Square and Cambridge isn’t a surprise, but the demand of the life science ecosystem continues to gain strength as venture capital firms and investment institutions want to be in close proximity to where groundbreaking research is being done.”
MPM Capital will occupy space on the building’s fourth and fifth floors, each of which feature an outdoor terrace overlooking the adjacent Broad Canal with views of downtown Boston. The new location is an expansion from the firm’s approximately 11,000 square feet in Boston’s John Hancock Tower. Move-in is scheduled for April 2015.
“MPM Capital is excited to be moving back to Kendall Square’s thriving and vibrant life sciences scene, where we will continue our role as a catalyst of this important ecosystem,” said Todd Foley, managing director, MPM Capital. “MPM’s new offices include terrific indoor and outdoor spaces for hosting industry events, as well as substantial incubation space for startups. In the past two years alone, MPM has incubated seven companies in our Boston office, and has participated in financings for an additional seven local companies. With this new building, we look forward to further expanding our local activities.”
Located in Cambridge’s Kendall Square area, 450 Kendall St. consists of five floors and has approximately 40,000 square feet of space available. The building features a café with outdoor seating overlooking the canal and is within walking distance to the Kendall Square Massachusetts Bay Transportation Authority station and a wide range of amenities.
The Cambridge market consisted of 11.2 million square feet of office space with 6.6 percent vacancy at the close of third-quarter 2014, according to research by Transwestern | RBJ.
ABOUT BIOMED REALTY TRUST INC.
BioMed Realty, with its trusted expertise and valuable relationships, delivers optimal real estate solutions for biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry. BioMed Realty owns or has interests in properties comprising approximately 17.2 million rentable square feet. Additional information is available at www.biomedrealty.com. Follow us on Twitter @biomedrealty.
ABOUT MPM CAPITAL
MPM Capital is one of the world¹s largest life science-dedicated venture investors. With committed capital in excess of $2.8 billion, MPM Capital is uniquely structured to invest globally in healthcare innovation. To learn more, visit www.mpmcapital.com.
ABOUT TRANSWESTERN
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, research and sustainability. The fully integrated global enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. As a member of the Transwestern family of companies, the firm capitalizes on market insights and operational expertise of independent affiliates specializing in development, real estate investment management and research. Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 38 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate. For more information, please visit transwestern.com and follow us on Twitter: @Transwestern and @TranswesternBOS.
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