News Summary
Organogenesis Holdings has signed a full-building lease for 123,000 square feet at 100 Technology Way in Smithfield, Rhode Island. This expansion aims to enhance the company’s biomanufacturing capabilities, driven by the increasing demand for specialized production spaces in the life sciences sector. As part of a broader initiative to create a state-of-the-art cGMP facility, this move not only boosts Organogenesis but also positions Rhode Island as a growing hub for biomanufacturing, supported by proactive state incentives.
Rhode Island is set to bolster its biomanufacturing landscape as Organogenesis Holdings has signed a full-building lease for 123,000 square feet at 100 Technology Way in Smithfield. This strategic move marks a significant expansion of the company’s biomanufacturing capabilities, emphasizing the growing demand for specialized production space in the region’s life sciences sector.
The lease is part of a larger initiative to transform the facility into a state-of-the-art cGMP (Current Good Manufacturing Practice) production facility. The property, owned by The Davis Companies, was purchased for $18.5 million earlier this year and was previously home to Rubius Therapeutics and Alexion Pharmaceuticals.
The facility sits on 15.5 acres of land that has been approved for further development, allowing for the potential addition of another 175,000 square feet of biomanufacturing space. This expansion underscores Rhode Island’s appeal to companies in the biotech and pharmaceutical industries, supported by aggressive incentive packages from the state government.
Organogenesis, which is headquartered in Canton, Massachusetts, has been at the forefront of regenerative medicine, specializing in advanced wound care and surgical biologics. This new facility in Rhode Island will enable the company to increase production capabilities to meet escalating market demands.
Significance of the Expansion
With the pharmaceutical and biotech sectors witnessing unprecedented growth, Organogenesis’s expansion is timely. The New England region has become a focal point for biomanufacturing, attracting major investments from prominent companies. This trend includes recent announcements such as Bain Capital’s plans for a 154,000 square foot biomanufacturing facility in Bedford, Massachusetts, and significant financial commitments from industry leaders, including Pfizer, AstraZeneca, and Eli Lilly. These companies are investing billions into new production projects across the United States.
Commitment to Quality and Growth
The Davis Companies, which facilitates the leasing, have demonstrated a commitment to providing top-tier tenant experiences, as noted by their Senior Vice President of Asset Management. The firm is dedicated to meeting the high standards required by the life sciences industry, which is crucial for attracting and retaining tenants like Organogenesis.
Market Trends and Future Prospects
The lease agreement at 100 Technology Way signifies a larger trend within New England’s life sciences market that reflects an increasing demand for specialized biomanufacturing spaces. Rhode Island’s proactive government incentives play a significant role in drawing companies to the area, showcasing the state’s competitive edge in the biotech landscape.
This development not only enhances Organogenesis’s ability to deliver innovative treatments but also positions Rhode Island as a burgeoning hub for biomanufacturing. The state’s strategic location provides strong access to key life sciences and manufacturing corridors in Greater Boston, further solidifying its relevance in the biotechnology sector.
Overall, the signing of the lease by Organogenesis marks a key milestone in Rhode Island’s ongoing efforts to attract and support biomanufacturing operations. With continued growth and interest in this sector, the state’s economy stands to benefit significantly from the expansion of such critical facilities.
The lease transaction was facilitated by JLL professionals representing Organogenesis, while Newmark represented The Davis Companies. The collaboration between these firms illustrates the growing interconnectedness of the biomanufacturing sector and the real estate market.
Deeper Dive: News & Info About This Topic
- Boston Real Estate Times
- Providence Business News
- Bisnow
- Providence Business News
- CoStar
- Wikipedia: Biomanufacturing
- Google Search: biomanufacturing in Rhode Island
- Google Scholar: biomanufacturing Rhode Island
- Encyclopedia Britannica: Biomanufacturing
- Google News: Rhode Island biotech
