NAI Hunneman Commercial inked a lease agreement to a pharmaceutical company for a 58,500-square-foot biotech manufacturing facility in Tewksbury, Mass.
The value of the transaction was not disclosed.
Watertown, Mass.-based Acusphere, a specialty company that develops new drugs and improved formulations of existing drugs, will expand its manufacturing operations to 890 East Street in Tewksbury. The firm will keep its headquarters in Watertown.
Lowell Peabody, senior vice president and Ted Shannon, vice president of NAI Hunneman Commercial, represented the landlord, JJ Phelan & Sons Co. Inc, and worked closely with the MassDevelopment, the state’s economic development authority, to insure that the availability of the property reached prospective life sciences companies. Curt Oberg of Spaulding & Slye represented Acusphere in the transaction.
Acusphere will begin tenant improvement construction in Tewksbury within the next few months to begin relocating its manufacturing operations. The company signed a five-year, nine-month lease containing two five-year renewal options.
Boston-based NAI Hunneman Commercial is a provider of commercial real estate services.
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