Home > Press Releases > RBJ Brokers Lease Between BioMed Realty Trust & Living Proof

RBJ Brokers Lease Between BioMed Realty Trust & Living Proof

November 7, 2011 Leave a comment Go to comments

Developer and Distributor Of Scientifically Advanced Beauty Products Leases Space

In 301 Binney Street, Cambridge, Mass.

BOSTON – September 13, 2011 – Richards Barry Joyce & Partners, LLC (RBJ&P), a full-service commercial real estate advisory firm, announced today that it brokered a 20,500 square foot lease between BioMed Realty Trust, Inc. and Living Proof, Inc. at 301 Binney Street in Cambridge, Massachusetts, which is owned through BioMed’s joint venture with institutional investors advised by Prudential Real Estate Investors.

Living Proof, which develops and distributes scientifically advanced beauty products, will lease laboratory and office space on the building’s first floor.  The location will be Living Proof’s corporate headquarters and more than doubles the company’s previous space at 63 Rogers Street in Cambridge.  Living Proof is expected to relocate in January 2012.  The lease term is seven years.

Jon Varholak and Eric Smith of RBJ&P represented Living Proof in the transaction.  RBJ&P’s Steven Purpura represented BioMed.  The firm is the exclusive leasing agent for 301 Binney Street.

“We are excited to be able to negotiate this transaction between Living Proof and BioMed,” said Jon Varholak, partner, RBJ&P.  “Both parties worked together to structure a creative deal that benefits each side.”

“It was important for Living Proof to remain in Cambridge given the biotech roots of the Company”, said Jon Flint, Chairman and CEO of Living Proof.  “We are excited to be moving to 301 Binney Street to assist with our continued growth and development of best in class beauty products that are based on scientifically proven results.”

Laboratory Market Statistics – Cambridge
According to research by RBJ&P, the Cambridge submarket consists of 8,260,000 square feet of laboratory space and was 17.4% vacant, as of the quarter ended June 30, 2011.

About 301 Binney Street
Located in the heart of the Kendall Square/East Cambridge biotechnology market, 301 Binney Street consists of 410,151 square feet of first class office/laboratory space.  The facility sits on a subgrade garage and features a superior laboratory base building shell.  Tenants enjoy excellent access via I-93, close proximity to the Red Line (Kendall) and the Green Line (Lechmere) MBTA Stations and the EZ Ride Shuttle Bus. Nearby amenities include shops, restaurants, cinemas and hotels.  The building has 110,000 square feet of space available.

About Living Proof
Living Proof is a company of scientists from some of the world’s leading university and research laboratories working together with beauty experts towards one common goal: to invent breakthrough formulas that provide beautiful results you can see from across the room.  More information can be found at www.livingproof.com.

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