Ozempic maker joins Alexandria’s Greater Boston life sciences campus
Novo Nordisk signed for 166K sf, taking entire building in Waltham
One of the most prominent players in the life sciences industry is bulking up its Greater Boston campus by signing the maker of a drug known for slimming down.
Pharmaceutical company Novo Nordisk signed a lease for 166,000 square feet at 60 Sylvan Road in Waltham, about 30 minutes west of Boston, Commercial Property Executive reported. The lease covers the entire building, which is part of the 1.5 million-square-foot Alexandria Center for Life Science campus.
Novo Nordisk — manufacturer of semaglutide, which has traded as diabetes and weight management drugs Ozempic and Wegovy — will move into the building once it’s delivered, anticipated for 2025. The campus amenities include conference space and walking paths, along with a cafe, fitness center and a vertical farm.
It’s unclear what Netherlands-based Novo Nordisk is paying for its space or how long its lease lasts, but the outlet described the deal as long-term.
The new tenant signed on in a tenuous moment for Boston’s life sciences market. Often hailed as one of the most robust in the country, activity and demand slowed in the third quarter and 1.5 million square feet of space was delivered from July to September without a tenant in place.
Roughly 12 million square feet is expected to be delivered by the end of the year, a third of which is pre-leased, according to Cushman & Wakefield. More space keeps coming to the market, too, including plans like Greystar’s 1.4 million-square-foot project slated for Somerville.
Alexandria develops and owns life sciences centers across the country. The first two buildings of a campus in New York’s Kips Bay were completed in 2010 and 2014, respectively, and its plans for a third tower merged in September. Construction on the final addition is still some time away, but the completed complex is expected to span 1.3 million square feet.
— Holden Walter-Warner