The Broad Institute and Boston Properties are teaming up to build a new 300,000-square-foot facility for the life sciences entity, according to industry insiders.

Boston Properties, which is already The Broad Institute’s landlord at Seven Cambridge Center, will be the developer for the project on a site it owns that was originally slated for residential development, according to a source.

The land lies between Eight Cambridge Center and the Whitehead Institute at Nine Cambridge Center, according to sources.

According to reports, The Broad Institute is floating $375 million in bonds, partly to pay for the new research facility.

The Broad Institute is an independent research entity operating in collaboration with MIT, Harvard University and others.