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Pharmaceutical Company Gives Up 90K SF in Kendall Square
Cambridge-based drug manufacturer Momenta Pharmaceuticals has given up nearly 90,000 square feet of office and lab space at 320 Bent St. in Kendall Square, according to a filing with the Securities and Exchange Commission.
Before Momenta gave up space there, Kendall Square boasted a zero percent lab vacancy rate, and the East Cambridge submarket remains one of the most in-demand areas for lab science companies. Average Class-A lab rents are now above $100-per-square-foot.
Momenta originally leased 105,000 square feet of office and lab space in the building from BioMed Realty Trust. As part of the transaction, the company will pay a $3 million termination fee to void the lease. Momenta will continue to lease 15,000 square feet at the property.
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