Cresa began by leveraging the expertise of several disciplines to ensure a holistic assessment of REGENXBIO’s needs. While our Project Managers focused on the variety of space types that had to be supported – office, lab, manufacturing, vivarium – our Location Strategy and Transaction Management experts worked to identify geographies and sites that would offer incentives and expansion options.
Our team soon identified a build-to-suit option along the I-270 Biotech Corridor at Alexandria Life Science and Translational Research Center. Its proximity to amenities and ability to fulfill REGENXBIO’s requirements for power, high ceilings, loading docks and prominent signage made it the optimal solution. Notably, we negotiated several million dollars in combined state and county incentives.
During lease negotiations, our team also secured a generous expansion option that provides REGENXBIO several opportunities to expand at various times throughout the life of the lease while staggering the rental abatement. Effectively, this means REGENXBIO does not pay for the additional space until it is used.
While construction was underway, Cresa also actively negotiated modifications to the base building structure to accommodate REGENXBIO’s specific requirements. We helped REGENXBIO achieve their consolidation goal, and they now lease 132,000 SF across four floors at 9800 Medical Center Drive.