June 27, 2002

Coatue leaves Cambridge for Woburn

Woburn, MA - Coatue, a ventured-funded emerging technology firm, recently leased more than 7,000 square feet at 25 Olympia Avenue, Woburn. Formerly based in a business incubator in Cambridge, Coatue's move to Woburn is said to be driven by its rapid growth and a desire to escape the high costs and difficult parking of Cambridge.

Like many new firms, Coatue reportedly has aggressive expansion plans. According to company officials, Coatue will use the Woburn facility, owned by privately held Cummings Properties, to manufacture prototypes using its proprietary polymer microchip technology.

Coatue principal Andrew Perlman reportedly identified the technology after a worldwide search. Perlman, a successful entrepreneur, co-founded Cignal Global Communications, an international telecommunications service provider, later acquired by Priority Telecom.

Keith Coulter of Waltham-based McPherson Corporation represented Coatue in the search for space and lease negotiations. Coulter reportedly showed Coatue dozens of properties before the Woburn site was selected. The space Coatue chose was already built out with laboratory benches and exhaust hoods and would allow production to start almost immediately. According to Cummings Properties, the space became available as a result of the existing tenant more than tripling its size and moving to a new location.

Derek Cook, senior leasing officer with Cummings Properties noted, "We are excited to have Coatue join us in Woburn. Andrew Perlman has already demonstrated his ability to build a successful company and we look forward to assisting Coatue's growth." Cook also noted that the Olympia Avenue campus is home to several other high technology firms.

Cummings Properties leases, owns, and manages a portfolio of 8 million square feet in 10 communities north of Boston. Dozens of emerging technology firms are among its nearly 2000 tenants.