Oooooh a diving board!! I wonder when the little pool below will be installed!
400,000 square feet is no small amount. State Street got naming rights with their 510,000 square feet lease..
Leaves an even more bitter taste in my mouth now that they have a proven positive selling history with office, after switching from office to ugly lab building next door, though I do realize there will potentially be substantially more square footage on the market by the time that's built.
The question, of course, is whether this is a downsizing office client from elsewhere in Downtown, leaving net vacancy.
Supposedly, this company
https://www.intersystems.com/who-we-are/about-us/
https://www.intersystems.com/who-we-are/worldwide-offices/
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One Memorial Drive
https://rebusinessonline.com/metlife-norges-bank-acquire-one-memorial-drive-office-tower-in-cambridge-massachusetts-for-825-1m/#:~:text=Located on the Charles River,CAMBRIDGE, MASS.
Another periodic reminder too that many of the region's tech / life sciences / "Kendall Square" tenants don't actually need lab space.Indeed it is InterSystems:
Another downtown office tower could soon fill up - The Boston Globe
Medical tech firm InterSystems is in talks to lease roughly 400,000 square feet in the One Congress office tower under construction downtown.www.bostonglobe.com
Another periodic reminder too that many of the region's tech / life sciences / "Kendall Square" tenants don't actually need lab space.
Indeed. I am admittedly curious, though, whether Intersystems is basically being pushed out of their present home (which really is a nice building and a prime spot right on transit) because those who purchased the building are considering an office-lab conversion? Or, if not pushed out, then basically would be facing higher rent in their current building (which is a candidate for lab tenants) versus another very nice one in One Congress which clearly isn't a candidate for lab tenants.
InterSystems, a medical software, billing and records with 25 offices worldwide, has occupied about half of One Memorial Drive in Cambridge alongside Microsoft for the past several years. This would put the company on the upper floors of a glassy tower visible from all over the city, above the world headquarters of State Street, which committed to 500,000 square feet prior to the start of construction in 2019.
Billionaire Phillip “Terry” Ragon founded what was then called Interpretive Data Services Inc. in 1978, and changed the company’s name to InterSystems Corp. two years later. Ragon still serves as InterSystems’ chief executive and also founded Cambridge’s Ragon Institute, a medical research lab affiliated with Harvard, MIT and Massachusetts General Hospital. InterSystems has 1,800 employees worldwide and reported $770 million in revenue in 2020.