Redevelopment in Greater Boston
W. P. Carey converts existing office into state-of-the-art life sciences facility
In 2018, W. P. Carey agreed to fund up to $56 million to convert one of its existing office buildings into a state-of-the-art life sciences facility for its new tenant Astellas Institute for Regenerative Medicine (AIRM), a subsidiary of a Tokyo-based top 20 global pharmaceutical company.
Construction of the custom-built 262,000-square-foot facility was completed in 2020 and currently serves as AIRM’s R&D headquarters for regenerative medicine and cell therapy. The new facility enabled AIRM to consolidate its full continuum of regenerative medicine into one building and meet growing commercial production demands.