Waltham’s newest life-science address along Route 128 is officially tapped out. The four-story building at 300 Third Avenue has hit full occupancy after a local biotech scooped up another full floor, filling out roughly 143,500 square feet that now house two biotech companies spread across multiple levels. Leasing teams say the fully packed property is the latest signal that suburban lab demand is waking back up outside Cambridge.
Lincoln Property Company and MetLife Investment Management said in a March 31 press release that 300 Third Avenue, a 143,533-square-foot, purpose-built life-science development, is now fully leased to Biocytogen and BPG Bio, according to Lincoln Property Company. The release notes that Biocytogen has added a 35,000-square-foot, full-floor expansion and will now occupy more than 70,000 square feet in the building.
Route 128 momentum
Local coverage has cast the deal as part of a broader comeback story for leasing along Route 128, where landlords are pushing both newly built lab space and office-to-lab conversions to reel in tenants, according to the Boston Business Journal. Industry publications including Connect CRE and neighborhood coverage in Hoodline have been tracking similar full-floor commitments at nearby Waltham properties this year, suggesting 300 Third is not a one-off.
What the tenant says
“The expansion of our Boston facility marks an important milestone in Biocytogen’s global partnership strategy,” Biocytogen Chief Operating Officer Madeline Lee said in the Lincoln release. The company, which set up its U.S. headquarters at 300 Third in 2022, plans to consolidate its lab and office operations across multiple floors in the building, the release added, increasing its capacity for antibody discovery work.
Building features and commute
The property carries LEED Gold and WiredScore Gold certifications and comes with a suite of commuter-friendly perks, including a roof deck, fitness center, grab-and-go café and a complimentary shuttle to Alewife Station, according to the property’s leasing page. Large floor plates, 441 on-site parking spaces and visibility from Route 128 are pitched on the building website as key draws for tenants that want ready-to-go lab infrastructure right off the highway.
What’s next for Waltham
Leasing representatives on the transaction included Lincoln’s Tim Latham, Christopher Scott and Chris Devaux for the ownership, with Colliers’ Tim Allen representing Biocytogen, industry notices show. With 300 Third now spoken for, landlords and brokers say the spotlight is likely to swing toward conversions and build-to-suit projects as companies pursue scarce, move-in-ready lab space along the Route 128 corridor.
