Biowar: Cambridge company's move to South Boston no sure thing yet

Interesting stuff, Adam. The full article is firewalled, but from the tags, it looks like Vertex is in active discussions with Alexandria Real Estate about taking 900,000 sqf in its proposed development along Binney Street. That's a little less than its current 915k in Cambridge, and decidedly less than the 1+ million on the Fan Pier, but presumably the difference could be made up by retaining some of its current facilities in Cambridge.

Alexandria needs an anchor tenant for its development. This would take up two-thirds of the new office/lab space in one fell swoop, and kickstark the commercial development. That's gotta be worth some serious concessions, in this market. It's also an easier move for Vertex's workforce, which won't face a substantially changed commute. And over the short- and medium-term, Kendall will remain a nicer place to work than the windswept Fan Pier, awaiting a full build out.

There are challenges, to be sure. Binney Street is capped at nine stories - Vertex would accordingly be spread out among more buildings, and won't get the same signature architecture it might have landed on the Fan Pier. There won't be as much space for expansion, either.

But we know that Cambridge has been dangling its own set of incentives for Vertex, and it wouldn't be entirely surprising to see them stick around. And, if they do, both Cambridge and Boston ought to rethink their development strategies. By allowing local firms like Vertex to play one city against the other, the winner loses millions in unnecessary incentives, and the state may lose tens of millions. A coordinated effort aimed at attracting out of state firms would be a much more effective use of the same funds.