Senate Construction Update 09/11/20
Summer is coming to a close and while things have a different look this year, it’s time to get back to school (and work). In this series, Senate Construction, specialists in industrial and life science design/build for the past 30 years, will catch you up on major transactions you might have missed and highlight projects to watch. For the first update, we will cover Boston’s busiest sector, the lab/life science (R&D) market. Several large transactions have closed in recent months with additional major projects on the horizon within Boston and the suburbs. For those of you looking at the lab, R&D sector as a safe play, contact Senate Construction to discuss their life science development capabilities, email@example.com, or 978.425.9802.
Just a few weeks ago, Alexandria purchased the Reservoir Woods East Campus in Waltham for $330M. The site currently features 2 buildings offering a total of over 515,000 square feet of office and lab space plus as-of-right development potential of 440,000 square feet. The site also includes a 410 space parking garage along with 1,319 surface spaces.
A joint venture of Alexandria Real Estate and National development purchased the Mount Auburn Club in Watertown for $32.625M in early July. The club sits on a 6+ acre site just minutes from the Charles River and Arsenal Yards development. Redevelopment of the site would include new lab and office space.
Life Science developer IQHQ acquired Alewife Park in Cambridge for $125M in early July. The 26.5-acre site is currently home to GCP Applied Technologies who will lease back 290,000 square feet of space for 18 months, rent-free, as the firm explores options for a move. "Cambridge serves as home to some of the most elite biopharmaceutical and biotechnology companies in the world, and continues to be a coveted location for life science and technology companies due to its strong intellectual infrastructure, anchored by prestigious institutions such as MIT and Harvard," said Tracy A. Murphy, President of IQHQ.
Bristol-Myers Squibb will lease 360,000 square feet of space at the upcoming 250 Water Street at Cambridge Crossing. The move will combine the firm's two existing Cambridge R&D facilities into one space, expected to be ready in 2023. 250 Water Street will be a 9-story building featuring around 483,000 square feet with ground-floor retail and parking for 379 cars on site.
As part of the Hayden research campus in Lexington, 75 Hayden features over 200,000 square feet of state of the art lab space. King Street Properties has now fully leased the property with tenants to include Dicerna Pharmaceuticals, Frequency Therapeutics, Integral Health, and Voyager Therapeutics.
Projects to Watch
101 South Street - Boynton Yards
Under construction now, 101 South Street, the first building in the Boynton Yards redevelopment will feature 290,000 square feet of state of the art lab space over four levels of underground parking and first floor retail and community arts spaces. Phases 2 & 3 of the project call for additional R&D space, another nearly 750,000 square feet in total.
Just approved in Cambridge near Alewife this 3-story building is being developed by The Davis Companies. It will offer 144,175 square feet of technical office use with a 124-vehicle parking garage below.
Construction started earlier this year on this 14-story, 500,000+ square foot office/lab development from Samuels & Associates. Cancer drug maker Tango Therapeutics and investment firm Third Rock Ventures have already signed up to lease space within this Fenway Project. Construction is expected to last through 2022.
A permit valued at nearly $117M was pulled to kick off construction at 10 Stack Street in early August. Part of the Hood Park development the upcoming 345,000 square foot building will feature cutting-edge workspaces that inspire collaboration and innovation. Featuring flexible floor plates with the ability to accommodate a range of office and laboratory uses, the 13-story tower will also offer on-site amenities including two roof decks, bicycle parking, and 10,000 square feet of ground-floor retail.
Construction is ongoing for 225 Wyman Street in Waltham for what will be the largest contiguous Class A office building along the Route 128 “technology belt”. The 4-story building will offer over 500,000 square feet of office or lab space along with a full amenity package. The 6-acre site will include 3 acres of activated space and a network of walking trails.
Approved in July, this 4-story project will include 213,500 square feet of office, lab, and R&D space. The site is located just a few minutes from Arsenal Yards.
Presented by: Senate Construction