Vertex Pharmaceuticals has made the decision to renew its lease for 1.1 million square feet at 11 Fan Pier Blvd. and 50 Northern Ave. in Boston’s Seaport District, where it has been located since 2014. The lease, originally set to expire in 2028, was renewed after exploring relocation options.
The building at Fan Pier is owned by RMR Group of Newton and was purchased from The Fallon Co. for $1.1 billion in 2014.
In addition to its headquarters, Vertex has expanded its presence in the Seaport area by occupying an additional space of over a quarter million square feet at Northern Ave., as well as signing a new lease for over three hundred thousand square feet at Drydock Ave., which is expected to break ground soon and will be developed by Related Beal.
This renewal of their headquarters comes amidst a slowdown within the life sciences sector with approximately nine point seven million square feet currently under construction throughout Boston; half of which is anticipated to be completed before the end of year twenty twenty four according data provided by CBRE.
