Foundation Medicine, a leading genomic testing company, is looking to sublease a portion of its recently acquired headquarters in Boston’s bustling Seaport District. According to the Boston Business Journal, the company has agreed to lease 580,000 square feet at 400 Summer St. in 2019 and is preparing for employees to move into their newly constructed 16-story tower.
The sublease opportunity encompasses approximately 125,000 square feet of office space on floors twelve through fifteen and will be available starting April of 2024. A spokesperson for Foundation Medicine assured that this decision will not alter their presence in Boston or affect employee workspace availability.
As competition increases within Boston’s office market, the addition of newly built Class A office space could further intensify leasing challenges within the city. In fact, Colliers’ research indicates that as of third quarter data from last year shows an already high vacancy rate at around twenty percent.
This article was originally published on Connect CRE.
