What: 15 McGrath Highway
Owner: DLJ Real Estate Capital Partners and Leggat McCall Properties
Built: 2024 (expected)
Despite the general softening of the local life science real estate market, a major pension fund has decided to back Somerville’s latest spec lab high-rise.
Oxford Properties Group, an arm of the pension fund for government employees in the Canadian province of Ontario, is financing 15 McGrath Highway, a 262,000-square-foot, 9-story project next to the massive Cambridge Crossing mixed-use development.
JLL Capital Markets arranged the $230 million construction loan. A $175.5 million mortgage for the property issued by Oxford was also recorded July 27 at the Middlesex South Registry of Deeds.
They Said It:
“Greater Boston continues to be ranked among the top life sciences markets in the world. As a result, liquidity for projects with best-in-class sponsorship and location, such as 15 McGrath, remains intact and active.”
— Brett Paulsrud, senior managing director, JLL