Innovation Square (iSQ) Update
First phase of Innovation Square lab project in Seaport, anchored by Mass Innovation Labs, breaks ground
A groundbreaking ceremony was held Wednesday for the $50 million, 125,000-square-foot first phase of Innovation Square in the Seaport District, which will be anchored by a new two-floor, 54,000-square-foot office for Mass Innovation Labs. The groundbreaking of the four-story building follows Mass Innovation Labs’ announcement earlier this week that it will lease 84,000 square feet at The Auerbach Center, a 160,000-square-foot mixed-use building coming to the 15-acre Boston Landing development in Brighton, opening June 2018. Mass Innovation Labs also announced earlier this month it will lease 52,000 square feet at 21 Erie Street in Cambridge.
Mass Innovation Labs will open its’ Seaport office by the first quarter of 2019. “Mass Innovation Labs is the perfect tenant to kickoff [Innovation Square],” said Stephen Faber, President of Innovation Square co-developer Related Beal, in a prepared statement. “They nurture innovative, entrepreneurial, high growth organizations with the potential to create a substantial economic engine for Boston and the commonwealth.” Cushman & Wakefield represented Mass Innovation Labs in the lease, and JLL represented Related Beal and Innovation Square development partner Kavanagh Advisory Group. Upon full buildout, Innovation Square will feature 360,000 square feet of lab space. East Boston Savings Bank provided nearly $51.5 million in construction financing for the development’s first phase. Additional space at Innovation Square is now available for lease.