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.
Despite the general softening of the life science real estate market, a major pension fund has decided to back Somerville’s latest spec lab high-rise.
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.”
Developers of the first major life science building in Somerville’s Boynton Yards have recapitalized the property in a $478-million deal with a San Francisco investor joining the ownership.
Leggat McCall Properties and DLJ Real Estate Partners are expanding their real estate footprint in Somerville’s Boynton Yards again with the $60 million acquisition of a pair of parcels including Riverside Properties’ 561 Windsor St. which is the home to Taza Chocolate and tech startups.
DLJ Real Estate Capital Partners and Leggat McCall Properties have teamed up again, this time to pitch a 9-story lab building along the McGrath Highway.
Greater Boston remains at the epicenter of the life sciences market in the country – if not the world – and the demand for state-of-the-art space has never been higher.
Boston-based Leggat McCall Properties and DLJ Real Estate are proposing a 1.1 million-square-foot mixed-use development in Somerville’s Boynton Yards, where the developers already have begun construction of a speculative life science building.
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.
Boston is ranked No. 2 for investor demand by the Urban Land Institute and PwC, and the industrial sector is drawing increasing interest, as limited supply has rents soaring to record levels.
Boston-based Leggat McCall Properties and DLJ Real Estate Capital Partners of New York envision a 1 million-square-foot life science cluster tapping into the proximity to Kendall Square and the 2021 arrival of the MBTA’s Green Line Extension.
Two months after breaking ground on a speculative office-lab building, developers have acquired another key parcel in Somerville’s Boynton Yards with an eye toward a 1 million-square-foot multi-phased development.
A 9-story, 289,000-square-foot class A office and lab building that broke ground in July will become the largest life science development in Somerville.
As projects in Somerville, East Boston, Allston-Brighton and South End move forward, developers of large vacant commercial properties in Newton and Woburn are laying out plans for mixed-use projects totaling over 3 million square feet.