Boston-based Davis Cos. is nearing completion of a 37,500-square-foot lab and R&D building at Fresh Pond Technology Park in Cambridge’s Alewife section, the first of two projects in the neighborhood designed to lure life science companies.

The project designed by architectural and engineering firm Jacobs is expected to be completed in June. Davis Cos. is marketing the property as a lower-cost alternative to Kendall Square and Boston’s Seaport District. 

The single-story building provides lab space with 13.5-foot clear heights, 4,000-amp electric power, new HVAC and fire suppression systems, a two-bay loading dock and indoor bike storage and showers. Renovations included a new insulated metal panel facade and entryway. The property has 58 parking spaces and a private shuttle to the MBTA’s Alewife station.

JLL Managing Director Peter Bekarian is the leasing agent.

The property is one of two in Alewife that Davis Cos. is positioning to attract spillover life science demand from East Cambridge.

The developer in February broke ground on The ARC, a 223,000-square foot speculative renovation and expansion of 35 Cambridgepark Drive, scheduled for completion in mid-2018.

That project designed by Spagnolo Gisness & Assoc. and AHA Consulting Engineers will convert a 3-story office building into lab and office space, demolishing the top two floors and building new 40,000-square-foot floor plates for lab operations. Newmark Grubb Knight Frank Executive Managing Director Mark Winters represents ownership in leasing.