Vertex finalizes Fan Pier deal
Vertex Pharmaceuticals today finalized a deal to move its offices to the Fan Pier development on the South Boston waterfront.
A company spokesman said Vertex will pay an average of $72.5 million in rent for 1.1 million square feet of office and lab space during the next 15 years. Vertex will be housed in two buildings to be constructed as part of developer Joseph F. Fallon's $2.5 billion complex of offices, residences, stores and parks along Northern Avenue.
The deal is still contingent on a approval of Incivek, Vertex's blockbuster treatment for hepatitis C. A medical advisory committee unanimously recommended FDA approval of the drug last week, and the agency is scheduled to vote on the matter May 23.
The Boston City Council yesterday began weighing Boston Mayor Thomas M. Menino's proposal to give Vertex a $12 million tax break to help pay for construction of its new headquarters at Fan Pier. The council referred the matter to its economic development committee without any discussion.
The tax break is part of a $72 million package of city and state incentives used to convince the company to move its headquarters to the waterfront from an array of buildings it currently occupies in Cambridge. Governor Deval Patrick’s administration is providing $50 million to pay for roads and other infrastructure to support the Fan Pier development, as well as up to $10 million in tax breaks to help Vertex hire 500 additional employees.