As the life sciences market continues to struggle, one of its largest landlords has other plans for what once was a Fenway lab project.
Alexandria Real Estate Equities announced a pivot away from plans to convert 401 Park Drive in Fenway into lab space.
“We have seen an increase in demand for office,” Alexandria CEO Peter Moglia said during the Q4 earnings call. “Given the availability we have elsewhere in the Fenway for lab, it made more sense to just go ahead and follow a business plan to lease it as office and not create any more lab space in the near future.”
The property,…