CASE STUDY Boston-based Biotech Company
OVERVIEW
- Boston, MA Suburban Market
- Biology / Tissue Culture Lab with Supporting Plug-N-Play Office Space
- 9,172 SF including 45% Lab and 55% Office
- 4 Year Lease Term, $14/SF NNN, $29/SF Gross
- Saved 25% vs Market, Accelerated Occupancy
“As we raised our growth round of financing, we needed growth space. The Lee & Associates real estate advisory team made a tremendous impact facilitating a successful outcome for our firm. Their leadership, teamwork, and relentless efforts were outstanding!”
- CEO, Nirogy Therapeutics
For more information regarding this case study, please contact:
ERIC SOLEM
Managing Principal | President
D (617) 906-5567
esolem@lee-associates.com
SCOTT PANNETON
Director
D (978) 551-6077
spanneton@lee-associates.com
The Challenge
Nirogy Therapeutics (“Nirogy”), a biotech company founded in Boston, Massachusetts, is developing small molecule therapeutics in cancer with a special focus in the areas of immuno-oncology, autoimmunity, and inflammation therapy.
Nirogy exclusively engaged Lee & Associates to identify, negotiate and secure a research and development laboratory. The space requirements included the need for a biology and tissue culture lab infrastructure with supporting office space that could accommodate up to 40 employees.
Our Approach
The team implemented a multi-criteria decision analysis process to help rationalize the search, collected market information across a number of submarkets in the suburban Boston market, and analyzed an exhaustive set of options. As a short list of sites were confirmed, the team initiated discussions with brokers and owners to provide a full understanding of each opportunity.
Additionally, Lee & Associates introduced an architectural, engineering and construction team early on in the process to provide time-critical advice enabling the Nirogy management team and board of advisors to evaluate options, mitigate risk and accelerate time of delivery.
The Outcome
After an initial co-working lab space became too constrained and could no longer meet Nirogy’s growth needs, the Lee & Associates team moved quickly to identify and recommend viable custom build alternatives.
For each of the preferred sites, the Lee & Associates team parallel tracked the architectural design, structural engineering and construction timeline for site due diligence. Not only did Lee & Associates save over a half million in costs versus market alternatives, the team was able to secure time-critical “swing space” for occupancy during construction which allowed Nirogy to proceed with key strategic hires immediately!