Image courtesy of SGA and DREAM Collaborative

What: Innovation Square Phase III
Where: 316-318 Northern Ave., Boston
Owners: Related Beal, Mitsui Fudosan America, Vertex Pharmaceuticals, Kavanagh Advisory Group and Boston Real Estate Inclusion Fund (BREIF)
Built: 2024-2026

Developers closed on financing for an estimated 345,000-square-foot research center in Raymond L. Flynn Marine Park that’s leased to Vertex Pharmaceuticals.

Designed by SGA and DREAM Collaborative, ISQ3 will be Boston’s first LEED Platinum and zero-net carbon life science building, incorporating electric heat pumps and a rooftop solar array, developers said. Completion is scheduled for 2026.

According to a Suffolk County mortgage, Santander Bank provided $280 million in financing. The lending group also includes Ullico, LBBW and Washington Capital, according to the development team.

The developers are ground-leasing the property from the Economic Development and Industrial Corp. of Boston.

They Said It:

“This project is a tremendous opportunity to welcome women and minority investors to help close the wealth gap in Boston. Moreover, expanding exposure and interest in biotechnology to a wider range of people reinforces the strength of the Boston economy.”
— Richard Taylor, partner, BREIF