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Image courtesy of SGA
A biotech tenant at the Arsenal on the Charles complex in Watertown has committed to expand into a new office-lab building scheduled for completion in mid-2024.
Enanta Pharmaceuticals will occupy 73,000 square feet within one of two new buildings planned at the 29-acre campus by owner Alexandria Real Estate Equities.
The company agreed to pay $92 per square foot in rent. The 10-year lease calls for total payments of $76.5 million and includes a $15 million tenant allowance, according to an SEC filing. The transaction was first reported by Bisnow.
In March, Enanta received fast-track FDA approval to begin clinical trials of a daily oral COVID-19 treatment. The company also researches drug treatments for viral infections and liver diseases.
Enanta also amended its two existing leases on the Arsenal campus, shortening the lease for 500 Arsenal St. from 2027 to the estimated June 2024 occupancy date for the new building. It added 20,000 square feet to its office space at 400 Talcott Ave., while extending the term to coincide with the new building lease and running through June 2023.
Enanta initially leased 45,000 square feet on the Arsenal Street campus in 2001.
After buying the property in 2019, Alexandria submitted plans to add two new life science buildings to meet the industry’s demand for research space. The firm is pursuing a similar densification strategy at its nearby Watertown Mall property, with plans for three new life science buildings totaling 500,000 square feet.
