MALDEN, MA — Two area life science companies will move to Malden as a third gets set to expand its local presence in a soon-to-be-completed redevelopment project in the downtown area, developers announced on Tuesday.
New tenants will occupy 100,000 square-feet in the Exchange 200 building overlooking the Malden Center transit stop, which will be Malden’s largest life science and lab development when crews complete work later this fall.
Officials have since celebrated the news, saying these new arrivals fit into a larger effort to solidify Malden as a life science hub just outside of Boston.
“We’re making solid investments and huge strides to create jobs and economic opportunity for Malden residents while encouraging scientific and R&D progress that benefits not only our community, but people across the country and around the world,” Malden Mayor Gary Christenson said in a statement this week.
Developers completed an initial round of redevelopment at 200 Exchange Street in Malden in 2020.
By the end of 2021, though, the Boston-based Berkeley Investments had opted to partner with Singerman Real Estate, a Chicago firm, to convert much of the space for lab use. That process is now wrapping up just under a year later.
The total Exchange 200 site contains 352,000 square feet of space. It already has ground floor tenants including Starbucks and 110 Grill. It is now adding its trio of life science companies.
Tenants include Discovery Life Science, which is leasing 53,000 square-feet, according to this week’s announcement.
Outer Biosciences will move into 15,000 square-feet of space while a currently unnamed Cambridge advanced materials technology company will occupy 22,000 square feet.
Both Outer Biosciences and the Cambridge materials technology company will be relocating from current facilities. Discovery will expand an existing footprint in Malden.
Together, developers and municipal officials throughout the region have pointed to rising property costs and space constraints in traditional life science hubs in Boston and Cambridge as factors pushing companies to look elsewhere for new headquarters or more spacious satellite operations.
Burlington celebrated new life science transplants over the summer, with Vericel and the Broad Institute both finalizing plans to open facilities in town.
Woburn officials gathered last week to mark a ribbon cutting at expanded lab space for the Woburn-based Comera Life Sciences.
In Malden, officials and industry leaders have pointed to accessible public transit, a rapidly developing downtown core and a broad talent pool as pull factors specifically boosting the city’s stock in the eyes of individual companies.
Outside of Exchange 200, the Malden City Council has also approved a new nine-story facility on Dartmouth Street that could house life science tenants. Construction on that project was initially forecast to wrap up as soon as next year.
Companies will begin moving into their leased spaces at Exchange 200 later this year, according to developers. Discovery will then fully open its lab space in late 2023.
Exchange 200 developers have said their space caters to companies’ needs with a mix of outfitted spaces and “shell space” that can be built out for more specific needs. As such, developers said this week that they expect to finalize additional lease agreements in the coming months.
Christenson, who has highlighted previous life science development in Malden, continued to look to the future in recent comments.
“We’re just getting started,” he said.
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