CAMBRIDGE, MA — As office landlords across Cambridge grapple with persistently high vacancy rates, Blackstone and BioMed Realty are seeking to reposition a vacant commercial building near MIT for life sciences use, according to documents filed with the city.
The real estate firms are requesting approval from the Cambridge Planning Board to convert 350 Massachusetts Ave.—a five-story, 118,300-square-foot brick-and-steel property in University Park near Central Square—into laboratory space, the Boston Business Journal reported. The building’s office floors, along with a significant portion of its ground-floor retail, currently sit vacant.
“By some measures, lab owners in Cambridge are faring just as badly as office landlords,” BBJ reported. “Both property types have vacancy rates just under 25% in the city, even though it is home to global life sciences hub Kendall Square.”
Office landlords have been hit hard by the tech sector’s shift to remote work—a major blow in a city historically anchored by tech companies. Meanwhile, the life sciences market is reeling from a slowdown in biotech fundraising and a glut of new lab construction.
BioMed Realty, a Blackstone portfolio company, acquired 350 Mass. Ave. in 2021 from Brookfield Asset Management as part of a broader transaction, according to the BBJ. While MIT retains ownership of the land, BioMed holds a long-term ground lease on the property.
The Cambridge Planning Board is scheduled to review the proposal at its May 20 meeting.
