AdvanCell signed a long-term, full-building lease for 128,000 SF at 1 Corporate Drive, IQHQ Innovation Park, Andover, MA.

The site becomes AdvanCell’s first U.S. manufacturing facility and global headquarters.

Its purpose is Lead-212 targeted alpha therapy production for late-stage prostate cancer trials and future commercial supply.

It ranks among the largest greater-Boston life-science leases of the year, bringing the 340,000 SF Phase 2 campus to 100% leased.

Life-science demand is concentrating in purpose-built manufacturing, not generic wet lab — and a full-building, single-tenant commitment de-risks a newly delivered campus in one signature.

After two years of oversupply headlines, greater Boston’s life-science story is narrowing to a specific kind of space: GMP manufacturing and specialized production, not the speculative lab that flooded the market. AdvanCell needs radiopharmaceutical infrastructure, and that space does not sit empty for long.

For the landlord, a single credit tenant taking an entire building fills the last of a new phase and sets a mark for the campus. For the region, it is another reshored drug-manufacturing footprint — capacity that was previously more likely to land offshore.

The underwriting is a credit-and-fit-out question, not a market-vacancy question. When the tenant needs the exact building, the general market’s vacancy rate stops driving the deal.

Watch the split inside life science: commodity lab stays soft, while purpose-built manufacturing and production leases at full-building scale to single credits. Basis and tenant-improvement recovery — not headline vacancy — decide these deals.

In life science, the vacancy problem and the manufacturing shortage are two different markets — and only one of them is leasing.

Source: Boston Real Estate Times · Connect CRE · GeneOnline — late June 2026