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Issue Date: 8/29/2007, Posted On: 8/29/2007


Richards Barry Joyce & Partners and T3 Advisors Broker 88,930 SF Lease Between Intercontinental Real Estate Corporation and ImmunoGen

BOSTON – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it represented Intercontinental Real Estate Corporation (Intercontinental) in a new 88,930 square foot lease with ImmunoGen, Inc. (NASDAQ:  IMGN) at 830 Winter Street, Waltham, MA. ImmunoGen was represented by T3 Advisors LLC.

 

830 Winter Street is comprised of 182,106 square feet of space and ImmunoGen will occupy office and laboratory space on each of the building’s three floors.  ImmunoGen, a biopharmaceutical company that develops novel targeted anticancer therapeutics using its Tumor-Activated Prodrug (TAP) technology, will be moving to Waltham from its current headquarters in East Cambridge.

 

“830 Winter Street is one of the top laboratory facilities in the Greater Boston suburbs,” said Thomas R. Taranto, Jr., Director, Head of Asset and Portfolio Management at Intercontinental.  “Intercontinental is pleased to have ImmunoGen as a tenant and we look forward to a long lasting relationship with such a reputable company.”

 

“ImmunoGen is excited to have the opportunity to bring all of our research operations into a single facility along with our corporate offices.  We think 830 Winter Street is ideally suited to our needs and will provide us high-quality lab and office space for many years,” commented Daniel M. Junius, Executive Vice President and Chief Financial Officer of ImmunoGen, Inc.

 

Jon Varholak, Michael Frisoli and Ron Friedman of Richards Barry Joyce & Partners represented Intercontinental in the transaction.  RBJ is the exclusive leasing agent of 830 Winter Street, which is now fully leased.  ImmunoGen was represented by Roy Hirshland and Mike Shreve of T3 Advisors.

 

Boston’s suburbs continue to attract biotechnology companies, with Waltham and Lexington at the forefront of this trend,” said Jonathan Varholak, partner, Richards Barry Joyce & Partners.  “The scarcity of opportunities in Cambridge, which was created by the tremendous growth of Greater Boston as a hub of biotechnology, has helped fuel the growth of biotech in the suburbs.” 

 

According to research by RBJ, the Greater Boston suburban market consists of 3,729,000 square feet of laboratory space and was 21.0% vacant, as of the quarter ended March 31, 2007.  Lexington and Waltham account for 36% of all suburban lab inventory and 62% of all suburban Class A lab space.


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