Fan Pier, the large development currently underway down on the South Boston waterfront, has finally secured an anchor tenant for the controversial project.
Vertex Pharmaceuticals recently signed a letter of intent to move into Fan Pier when it is completed.
Cambridge based Vertex Pharmaceuticals Inc. recently signed a letter of intent to occupy 500,000 square feet at the new Fan Pier development. The LOI also says that there is the potential for Vertex to occupy an additional 500,000 square feet of space at a later date.
This is the major tenant that Joseph Fallon (Fan Pier developer) has been trying to get. Lenders for the project have been a bit cautious about lending out money because Fallon had not had an anchor tenant until this point. It is also important to the city’s push to get more biotech company’s within its borders.
Vertex and Fan Pier are not out of the woods yet, however, as Vertex must secure funding to finance their move from Cambridge (where they occupy 500,000 square feet throughout several buildings) to Fan Pier in South Boston. An answer to this problem could come from city and state incentives. The CEO of Vertex, Joshua Boger was recently appointed as a board member of the Massachusetts Life Sciences Center, which could pose problems considering that, as a board member, he will help with the distribution of the $1 billion life sciences economic development initiative. There is the possibility that he will need to remove himself from the board, particularly if he moves to allocate some of that money to Vertex’s move.
Neither Fallon nor Boger were able to be reached for comment regarding the agreement.
Source: Boston Business Journal
Filed under: Boston, Cambridge, Fan Pier, Massachusetts, South Boston Waterfront, Tenants, Under Construction
