Anti-ageing start-up, Altos, which is backed by Jeff Bezos, has recently signed a 10-year lease at the 51,000 sqft Portway Building at Granta Park.
The building, which is owned by BioMed Realty, has just been fully-refurbishes and offers fully-fitted Grade A lab and office space was pre-let prior to completion with the remainder of the space, totalling approx. 47,000 having been let to cancer medicine firm, Bicycle Therapeutics, also on a 10-year lease.
Cheffins, which has been responsible for over 80 per cent of laboratory deals in Cambridge in the last 12 months, advised BioMed on these two leases.
Michael Jones, Head of Commercial at Cheffins says:
“These two deals are major news for the Cambridge market, achieving record rent levels and both being signed before building works had completed. At the Portway Building BioMed has provided just the sort of Grade A, fully-fitted lab space that these companies are looking for. Supply for lab space around Cambridge is now at effectively zero, and whilst various schemes are being progressed to deliver new space there is nothing yet under construction. With demand already at record levels and set to continue to grow we will inevitably see further rental growth and the real challenge will be unlocking enough new development to allow the city to continue to ride the crest of the life sciences wave.”
BioMed was also advised by Cushman & Wakefield on these two lettings.
For further information, contact Michael Jones, Head of Commercial Division at Cheffins on 01223 271971, www.cheffins.co.uk