Front of the Astellas building

Redevelopment in Greater Boston

W. P. Carey converts existing office into BREEAM-certified, state-of-the-art life sciences facility


Tenant Description: Astellas Institute for Regenerative Medicine (AIRM) is an indirect wholly-owned subsidiary of Tokyo-based Astellas, which is rated A1 by Moody's and is a top 20 global pharmaceutical company. Founded in 1923, Astellas currently employs over 15,000 people globally and conducts business in over 70 countries.
Total Investment: $56 million

Transaction Type: Redevelopment*

Location: Massachusetts

Square Footage: 262,000 square feet

Facility Type: Life sciences facility

In 2018, W. P. Carey agreed to fund up to $56 million to redevelop one of its existing office buildings into a state-of-the-art life sciences facility for its new tenant 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 the facility currently serves as AIRM’s R&D headquarters for regenerative medicine and cell therapy. In 2022, the facility received a BREEAM "Very Good" certification, making it W. P. Carey's first BREEAM-certified building in the U.S. and, more notably, the first life sciences building in the U.S. to be certified with any BREEAM rating framework.


The facility is strategically located within the Greater Boston Area, home to the largest concentration of life sciences researchers in the U.S. The new facility enabled AIRM to consolidate its full continuum of regenerative medicine into one building and meet growing commercial production demands and ensure the smooth supply of clinical trial materials for regenerative medicine and cell therapy. This transaction demonstrates W. P. Carey’s proactive approach to asset management and ability to work with new tenants to ensure their real estate meets their business needs.

*In a redevelopment, W. P. Carey converts an existing facility into a brand new, state-of-the-art facility custom-built to meet the unique specifications of a prospective or existing tenant. In doing so, W. P. Carey increases the property value by modernizing one of its existing assets and improves to the criticality of the asset to the tenant’s building. Upon completion of the redevelopment, the company enters into a long-term net lease with W. P. Carey, while securing full operational control of the facility.