Re: Fan Pier
Fan Pier lands major biotech -- Cambridge's Vertex
One of Cambridge, Mass.?s largest biotech companies has committed to moving to Boston as the anchor tenant at Fan Pier.
Vertex Pharmaceuticals Inc. has signed a letter of intent to lease at least 500,000 square feet ? with the possibility of an additional 500,000 square feet ? in two buildings.
The letter was signed late last week between the Cambridge pharmaceutical company and Fan Pier developer Joseph Fallon.
A lease between Fallon and Vertex would be critical for the controversial waterfront project: Fallon broke ground on the 21-acre waterfront site last summer and has yet to secure a tenant for the development. Multiple biotech industry sources confirmed the deal, although Fallon would not comment. Vertex CEO Joshua Boger could not be reached for comment because he was on vacation.
A move by Vertex would represent a major victory in Boston?s efforts to lure more biotechs within its borders.
A letter of intent is a significant milestone, but funding to help finance Vertex?s move must be finalized. One source familiar with the negotiations said that city and state incentives are likely under discussion. Also, in order for Fallon to secure construction financing he must show lenders he has a letter of intent signed with a tenant.
Another potential complication: Boger was recently appointed as a board member of the Massachusetts Life Sciences Center, which will help enact much of the $1 billion life sciences economic development initiative signed into law in June. Theoretically, Boger would have to recuse himself were the board to consider allocating any of the incentives to Vertex.
Vertex (NASDAQ;VRTX) currently occupies 500,000 square feet of space in half a dozen buildings in Cambridge. Sources said the company would likely move all of its offices to the waterfront location.
Vertex was founded in 1989 in a 10,000-square-foot building in Cambridge which the company still occupies. Vertex currently employs more than 1,150 people worldwide, with 894 in Cambridge.
The company?s fortunes have improved in recent years thanks to the early clinical trial success of its new hepatitis C treatment, which is slated to begin late stage human clinical trials sometime this fall.
http://www.bizjournals.com/boston/stories/2008/07/28/daily45.html