Biotechnology Firm to Relocate HQ in Boston

Stoke Therapeutics has signed a 98,500-square-foot headquarters lease at 245 Fifth Ave., a 262,000-square-foot office building in Waltham, Mass., near Boston. Anchor Line Partners and Northwood Investors own the six-story building.

Cushman & Wakefield arranged the long-term agreement. The brokerage company also handles leasing efforts.

This corporate relocation will involve the biotechnology firm moving out by the end of this year from its current lease, which is at a 36,800-square-foot office building in Bedford, Mass., Yardi Matrix shows. Stoke is focused on restoring protein expression through RNA medicine and is developing its lead investigational therapy.

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The LEED Gold-certified building is close to Interstate 95 and less than 3 miles from Waltham’s city center. Downtown Boston is within 18 miles, while Boston Logan International Airport is 20 miles southeast.

Completed last year, the mid-rise has floorplates averaging 50,000 square feet and is part of a six-building campus within the CityPoint neighborhood. The complex totals 783,000 square feet.

The property also has 18,000 square feet of amenities, which include a coworking lounge, fitness center, library, game room, food truck hall and meditation rooms, as well as outdoor flex space.

Cushman & Wakefield Senior Director Mitch Perez, Executive Vice Chair Connor Barnes and Executive Director Michael Weiss represented Stoke in the deal. Executive Managing Directors Michael O’Leary and Duncan Gratton handle leasing efforts at 245 Fifth Ave.

Boston’s office vacancy sees year-over-year decline

Boston’s office vacancy rate at the end of November clocked in at 15.4 percent, dropping 140 basis points year-over-year, according to a Yardi Matrix office report. The metro’s average listing rates as of the same month reached $48.66, increasing 3 percent compared to a year prior.

In November, State Street signed a 162,000-square-foot commitment at 700 District Ave. in Burlington, Mass. The deal represents the renewal of 147,000 square feet of space, along with a 15,000-square-foot expansion.

Leasing activity remained active at the beginning of this year as well. Last week, Roche expanded its presence at One Milestone in the Innovation Center at the Harvard Enterprise Research Campus to 100,000 square feet, up from its initial 30,000-square-foot commitment.