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300 Third Avenue

BPGbio Leases Office Space At 300 Third Avenue, Waltham
LEASEDOffice

BPGbio Leases Office Space At 300 Third Avenue, Waltham

300 Third Avenue

Building Size

70,000 SF

Asset Type

Office

Closing

Feb 21, 2024

AI

Located at 300 Third Avenue in Waltham, MA, the office property spanning 70,000 square feet has been leased for relocation. The space will soon house BPGbio, an AI-powered biopharma company, as it moves its headquarters from Framingham to Waltham, accelerating its development of therapeutics and diagnostics.

Summary of transaction details:

The deal involved key individuals such as Niven R. Narain, Ph.D, representing BPGbio in the transaction, along with representatives from Lincoln Property Company acting on behalf of the landlord, MetLife Investment Management. Additionally, Cresa's team played a crucial role as the tenant's representatives in securing the 70,000 square feet of lab and office space at 300 Third Avenue for BPGbio's upcoming expansion and relocation.

Players

Tim Latham

Lincoln Property Company

Broker

$4.9M

vol

4 deals

Broker

Waltham Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93