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Boston & New England  + Massachusetts  + Office  | 

$90M Life Sciences Conversion Planned for Boston-Area Asset

W. P. Carey Inc. signed a new triple net lease agreement with the Astellas Institute for Regenerative Medicine at the REIT’s 251,000-square-foot office building in Westborough, MA. As part of the 18-year lease, the existing two-story office building at 9 Technology Dr. will be converted into a state-of-the-art life sciences facility and serve as AIRM’s R&D headquarters.

The lease will commence in September 2018 and construction will begin shortly thereafter, once the current tenant vacates the property. Construction conversion costs are expected to total more than $90 million, and will be jointly funded by W. P. Carey and AIRM.

AIRM plans to invest significant capital into the conversion project, which will house more than 250 employees upon completion. AIRM is an indirect wholly-owned subsidiary of Tokyo-based Astellas, a top 20 global pharmaceutical company.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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