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Organogenesis lease expected mid-November; build-out estimated at about $97M
Summary
Staff told the board Organogenesis hopes to sign a Smithfield lease in mid-November for a 15-year term with options; the presenters estimated the build-out value at a little over $97 million and said the site includes adaptable clean lab space.
Board members asked for specifics on the lease term and build timeline. Staff said the firm is "looking to sign the lease mid November," and that the proposed lease term is 15 years with multiple five-year renewal options. Presenters emphasized the site has adaptable clean space suitable for laboratory build-out.
Jeff Miller provided a build-out estimate: "A little over $97,000,000." Staff explained that the rebuild tax credits are tied to completed improvements and require a certificate of occupancy before the credits begin to flow.
