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n Cambridge, MA, office landlords are struggling with high vacancy rates. To address this issue, Blackstone and BioMed Realty are seeking to redevelop a vacant commercial building near MIT into life sciences space. The proposed project involves converting 350 Massachusetts Ave., a five-story, 118,300-square-foot property in University Park, into laboratory space.

    The building's office floors and significant ground-floor retail space currently sit empty. According to reports, lab owners are also facing challenges, with vacancy rates around 25% in Cambridge, despite the city being home to the global life sciences hub Kendall Square.

    The tech sector's shift to remote work has hit office landlords hard, while a slowdown in biotech fundraising and excess new lab construction have impacted the life sciences market. BioMed Realty acquired the property in 2021 from Brookfield Asset Management as part of a larger deal, with MIT retaining ownership of the land and BioMed holding a long-term ground lease.

    The Cambridge Planning Board will review the proposal at its May 20 meeting.