Home Economy Mass. firm signs lease for former Rubius facility in Smithfield

Mass. firm signs lease for former Rubius facility in Smithfield

By

Christopher Allen

-

11/26/2024

5bxSr8Du-rubiuscrop — MASSACHUSETTS-BASED BIOTECHNOLOGY FIRM Organogenesis has signed a 16-year lease with Boston-based The Davis Cos. to occupy the former Rubius facility at 100 Technology Way in Smithfield. / SCREENSHOT OF LOOPNET.COM

SMITHFIELD –Massachusetts-based biotechnology firm Organogenesis Holdings Inc. has signed a 16-year lease with two 10-year options for renewal with Boston-based The Davis Cos. to occupy the former Rubius Therapeutics facility at 100 Technology Way, according to a Nov. 18 filing with the U.S. Securities and Exchange Commission. Founded in 1985, the Canton, Mass.-based Organogenesis Holdings is a spinoff based on regenerative

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SMITHFIELD –Massachusetts-based biotechnology firm Organogenesis Holdings Inc. has signed a 16-year lease with two 10-year options for renewal with Boston-based The Davis Cos. to occupy the former Rubius Therapeutics facility at 100 Technology Way, according to a Nov. 18 filing with the U.S. Securities and Exchange Commission. Founded in 1985, the Canton, Mass.-based Organogenesis Holdings is a spinoff based on regenerative technology developed at the Massachusetts Institute of Technology, according to the company's website. The firm is seeking to spend $97.5 million to build out the 122,507-square-foot building to expand manufacturing operations. According to the SEC filing, Organogenesis is obligated to complete its build out of the premises within three years and will receive an allowance to partially offset the cost, followed by "a period of no or reduced rent." Beginning June 1, 2026, the company will pay an annual base rent of $43 per square foot, increasing by 3% each year thereafter. Organogenesis will be responsible for local real estate taxes and has the right to terminate the lease-paying a $1.25 million fee – if it fails to secure local tax incentives from the town of Smithfield by March 31, 2025. Requests for comment to Smithfield Town Manager Robert Seltzer as well as representatives from Davis and Organogenesis were not immediately returned. In October, the R.I. Commerce Corp.’s board of directors unanimously approved $10 million in Rebuild Rhode Island tax credits as package of a requested incentive package, in addition to $5 million approved by the R.I. Life Sciences Hub. The state tax credit would result in $17 million in forgone state revenue but could increase annual gross domestic product by $30.4 million by 2029, according to an analysis by Appleseed Consulting Inc., which projected direct expenditures to generate approximately $1.2 million in state tax revenues. In a Nov. 22 press release, Organogenesis CEO and president Gary S. Gillheeney Sr. said the company is “pleased to join the Rhode Island life sciences community as we expand our New England manufacturing capacity to support future growth.” The building has been vacant since Rubius sold the building to Davis Cos. in early 2023. Organogenesis will continue to operate its headquarters and manufacturing facilities in Canton as well as additional operations in Norwood, Mass., Birmingham, Ala., San Diego, Calif., St. Petersburg, Fla., and Reinach, Switzerland. In its most recent earnings call for the third quarter of 2024 the company reported a gross profit of $88.4 million, an increase of $5.6 million over the same quarter in 2023 with an adjusted net income of $12.9 million. Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com.