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Greystar lands 105K SF tenant lease at Somerville lab building
The lease is the first tenant announced for Greystar's 469K SF lab development, a project that started in 2022 and delivered two years later.
Greystar has secured a 105,000 square foot lease for a tenant at its $74 million lab development in Somerville, near Assembly Row, the company announced Thursday, according to Bisnow.
The tenant deal is the first announced for the overall 469,000 square foot project, which Greystar began building in 2022 and delivered two years later.
Bisnow reports that MGB, which plans to consolidate its pathology operations in the building, has rights for future expansion. The lease also follows MGB's earlier expansion in the Assembly Row neighborhood, where it planted roots in 2016.
Greystar Senior Director of Investment Management Matt DeNoble said the building was designed to support innovation and sustainability, and that renewed demand for lab space positions the property to expand its tenant base, according to Bisnow.