Vertex’s decision to leave Cambridge Slingshots 30-year effort to redevelop Fan Pier

Vertex Pharmaceuticals Boston, MA

Building in Boston back on track By Jerry Kronenberg  Article Courtesy of:  http://www.bostonherald.com The Hub’s long chilly commercial real estate market began showing signs of warming up in 2011, with major projects from Eastie to Southie either publicly announced, under construction or completed. “We’re in pretty good shape,” Boston Redevelopment Authority Director Peter Meade told the Herald. “We broke ground on 1,000 units of housing (in 2011) — and the last time we did that was in 2006.” Meade sees June’s groundbreaking of Vertex Pharmaceuticals’ new headquarters at South Boston’s Fan Pier as perhaps 2011’s biggest achievement. Vertex’s decision to leave Cambridge and sign a $1.1 billion South Boston lease … [Read more...]

Vertex on Fan Pier Good News for South Shore Real Estate

Fan Pier Boston - Water Shuttle

Could the news that Vertex Pharmaceuticals is moving from Cambridge to Fan Pier mean good things for the housing market on the South Shore? The news that Cambridge based Vertex Pharmaceuticals will be relocating to Fan Pier in Boston was greeted with predictable applause from city of Boston officials and commercial real estate professionals in the South Boston/Downtown area, but there were cheers from the South Shore as well. Vertex Spokesman Zachry Barber reports that the agreed upon lease term is for 15 years and will include an average annual rent of $72.5 million. The two buildings to be built will total 1.1 million square feet, and will be the new home of thousands of workers. Vertex’s new addresses will be at 50 Northern Ave. … [Read more...]

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