CAMBRIDGE, Mass. (10/29/03)— Alnylam Pharmaceuticals (www.alnylam.com), has signed a 45,000 SF lease at 300 Third Street, Cambridge, representing the largest life science lease of 2003. The transaction involved a complex negotiation involving Alnylam, Beal Companies (landlord), and Palm, Inc.who held a lease on the space and agreed to terminate their lease on what will be the Alnylam portion of the property.
Roy Hirshland, President and C.E.O. of T3 Advisors represented Alnylam and Michael Manzo, Senior Vice President of The Beal Companies represented the owner. 300 Third Street is a joint venture of The Beal Companies and Cornerstone Realty Advisers, a wholly owned subsidiary of the MassMutual Insurance Company. Palm was represented by Joseph Flaherty and Tad Lee of Meredith & Grew.
Most of 300 Third had been leased by Palm several years ago. The Alnylam lease involved negotiating a lease termination with Palm allowing Alnylam to enter into a lease directly with Beal, the building owner. In addition, the project will involve converting the office building into a state of the art research facility. "All of these factors created an intense and very long negotiating process. In the end we are all proud of a deal that allowed all parties to achieve their business objectives", said Hirshland who has advised Alnylam since it’s founding several years ago.
"We're excited about being in Cambridge, for starters," said John Conley, Alnylam's Vice President of Strategy and Finance. "In this location, we'll have an unparalleled ability to network and hire and make connections. This new world class research facility will help support Alnylam’s growth. We look forward to our move to 300 Third Street."
"We are most pleased to have Alnylam’s executive headquarters at 300 Third Street. 300 Third Street is being reconfigured to allow research companies to conduct their business in what is essentially a new building and I am sure this was a big factor in Alnylam’s decision to relocate to our building", added Manzo of Beal.
About Alnylam Pharmaceuticals: Alnylam is the leading company in the emerging field of RNA interference (RNAi) whose vision is to Harness a Revolution in Biology for Human HealthTM. Growing from its foundation as the world's first company focused on RNAi-based therapeutics, the company is built around the leading capabilities of its two operating units, Alnylam Pharmaceuticals of Cambridge, Massachusetts, and Ribopharma of Kulmbach, Germany. Over the last several years, RNAi has been identified as a fundamental cellular mechanism for gene silencing. The company's leadership in the field of RNAi is supported by its preeminent founders and advisors and its strengths in fundamental patents, technology, and know-how that underlie the commercialization of RNAi-based therapeutics. The company's focus is to discover, develop, and commercialize therapeutic products based on RNAi for a broad range of therapeutic indications including viral, oncologic, metabolic, CNS and autoimmune diseases. The company's mission is to lead research in the field of RNAi, to build the leading pipeline of RNAi-based therapeutics, and to emerge as business leaders. Its global headquarters are in Cambridge, MA.
About Meredith & Grew: Meredith & Grew, Incorporated is a full-service real estate company with capabilities including Brokerage Services; Counseling & Valuation Services; Development & Advisory Services; Finance & Capital Markets; and Property & Asset Management. Headquartered in Boston, Meredith & Grew serves more than 200 markets worldwide as a member of ONCOR International.
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