The Real Deal Miami

National market report

June 07, 2011 04:16PM

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The Boston Waterfront

From the New York June issue: Vertex Pharmaceuticals signed a 15-year, $1.1 billion lease to move its base of operations from Cambridge to the South Boston waterfront, according to the Boston Herald. The biotechnology company announced last month that it had finalized a $72.5 million-per-year lease on 1.1 million square feet of office space at South Boston’s Fan Pier Complex, where developer Joe Fallon is slated to soon begin construction on two 18-story structures for Vertex. Thomas Menino, the mayor of Boston, had angered Cambridge officials in January by offering a $71.8 million package of state and local government incentives to attract Vertex. The deal, however, remains contingent on Vertex gaining necessary approvals for Incivek, a hepatitis C drug. [more]