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W. P. Carey signs lease agreement for Mass. office building

Diversified real estate investment trust W. P. Carey Inc. signed an 18-year triple-net lease agreement with the Astellas Institute for Regenerative Medicine, or AIRM, at the REIT's 251,000-square-foot office building in Westborough, Mass.

The two-story office building will be converted into a life sciences facility that will function as AIRM's research and development headquarters at a total cost of $90 million, which will be co-funded by W. P. Carey and AIRM.

The lease is set to begin in September and construction is expected to start shortly thereafter.

AIRM is an indirect wholly owned unit of global pharmaceutical company Astellas.