100 Chestnut St. in Somerville/Image courtesy of Gensler
A developer’s bet on Somerville’s Brickbottom neighborhood as a new life science industry cluster gained momentum with a 76,000-square-foot lease to Cambridge-based ADA Forsyth Institute.
The transaction brings the 208,600-square-foot speculative development known as 100 Chestnut up to 90 percent leased.
Founded in October, ADA Forsyth is a partnership between the American Dental Association and Cambridge-based Forsyth Institute that researches oral health. The institute is currently based at Clarion Partners’ 245 First St. lab building in Kendall Square, where it occupies 62,000 square feet.
Development partnership North River Leerink broke ground in 2022 on the 208,600-square-foot speculative lab building after receiving $192.5 million in construction financing from Square Mile Capital.
Since then, the property has attracted leases of 42,500 square feet to Ultragenyx for a relocation from Kendall Square, and 16,000 square feet to Charles River Accelerator and Development Lab (CRADL) for a contract vivarium and in vivo services facility. An undisclosed life science incubator is expanding from Kendall Square to 42,000 square feet at 100 Chestnut, North River Leerink announced.
“Leasing activity has gone down from its heyday, but we believe the life science industry and certainly our region is extremely strong, and we do think it will improve,” said Jeff Leerink, CEO of Leerink Partners.
Developers have focused on the 150-acre industrial neighborhood near the Cambridge line as a likely growth spot for life science companies, because of its proximity to Cambridge, its location next to the East Somerville station on the MBTA Green Line Extension and the planned dismantling of the elevated McGrath Highway.
North River Leerink also controls properties at 200 Chestnut St. and 86 Joy St. with potential development capacity for 500,000 to 1 million square feet, developers say, pending the outcome of a city planning and rezoning study.
JLL’s leasing team represented ADA Forsyth in the transaction.
Editor’s note: This report has been updated with the square-footage of ADA Forsyth Institute’s Cambridge office.
