King Street Properties Secures First Lab Tenant for 915 Million Dollar Allston Development

Biotech firm Terrestrial Bio, formerly Vaxess Technologies, secures headquarters at King Street Properties' $915M Allston LabWorks following $50M Series C funding.

By: AXL Media

Published: Mar 27, 2026, 11:22 AM EDT

Source: Bisnow

A Landmark Commitment to the Western Avenue Corridor

The lease agreement represents a major milestone for King Street Properties’ $915 million investment in the Allston neighborhood. Terrestrial Bio’s arrival validates the developer's vision for a three-building ecosystem that spans 534,000 square feet of laboratory space. The move is a significant scale-up for the biotech firm, which is relocating its primary operations from a 10,000 square foot space in Woburn. While Terrestrial Bio will maintain a presence at its original Woburn location, the Allston site provides the specialized infrastructure required to commercialize its medical patch technology.

Strategic Funding and Rebranding Efforts

The leasing news coincided with Terrestrial Bio’s announcement of a successful $50 million Series C funding round. This capital infusion is earmarked for the firm’s transition into a commercial-stage entity. The rebranding from Vaxess to Terrestrial Bio reflects a broader strategic pivot as the company seeks to dominate the transdermal drug delivery market. For King Street Properties, securing a well-capitalized tenant during a period of cautious venture capital spending in the biotech sector is a critical victory for the project’s long-term financial health.

Complementary Retail and Non-Profit Ecosystem

Prior to this lab lease, King Street Properties focused on activating the "street-level" experience of the development. Allston LabWorks already hosts a variety of retail tenants, including Park Bagelry, Molly’s Bookstore, and Fido, a local pizza restaurant. Additionally, the project includes BioBuilder, a non-profit organization dedicated to life sciences training for students. By blending high-end research facilities with community-oriented retail and education, the developer is attempting to create a "sticky" environment that attracts both elite scientists and local residents.