When Peter Rinning saw his new landlord was looking to reposition his Somerville neighborhood for biotech startups, he didn’t expected to be told, “You’re one of the reasons we’re buying this building. Don’t go anywhere.”
The development team behind one of the first big life sciences projects in eastern Somerville says it has secured support from a key neighborhood group as it pursues entitlement for its project.
Greater Boston’s massive life science real estate boom largely bypassed Somerville and Charlestown in recent years as growing firms gravitated toward western suburbs instead.
DLJ Real Estate Capital Partners, Leggat McCall Properties and Shawmut Design and Construction celebrated the official groundbreaking of the first of an expected wave of life science and office buildings in Somerville’s Boynton Yards, an industrial neighborhood near the city’s Union Square and Cambridge’s Kendall Square.
A 1.17-acre industrial property near Charlestown’s Hood Park has sold for $10.05 million.
