Harvard Enterprise Research Campus
Update
06/16/23
Tishman Speyer Secures Construction Financing for First Phase of Enterprise Research Campus Development in Allston
Innovation-Focused Development Will Incorporate Premier Life Science Ecosystems, Apartments, Hotel, Conference Center and Outdoor Community Space
Tishman Speyer today announced it has secured $750 million in financing for the first phase of the Harvard Enterprise Research Campus (ERC), a 900,000-square-foot, mixed-use development it is undertaking in collaboration with the Harvard Allston Land Company.
The construction financing package, led by Otera Capital, is the largest reported in the United States to date in 2023. With all permits now secured, construction on the first phase of the ERC will begin next week, with buildings scheduled to open in late 2025 and early 2026.
The nine-acre first phase of the ERC, which was approved by the Boston Planning and Development Agency (BPDA) in July 2022 after an extensive community engagement process, will encompass two laboratory buildings devoted to scientific research and development, a 343-unit rental apartment building and a hotel. Tishman Speyer will also develop, on Harvard University’s behalf, the mass-timber David Rubenstein Treehouse, to serve as a campus-wide conference facility.
The ERC, which is adjacent to the Harvard Business School and Harvard Science and Engineering Complex in Allston, will incorporate a series of street-level shops and restaurants, and over two acres of open space that will host an array of public events, such as farmer’s markets, concerts and outdoor fitness classes.
As part of an historic agreement with the City of Boston and the BPDA, 25 percent of all new units in the first phase will be affordable to individuals and families earning between 30 percent and 100 percent of Area Median Income (AMI). This commitment, which far exceeds Boston’s existing 13% inclusionary housing development policy, will ensure that the ERC is affordable to a wide range of local residents.
“With financing now in place, we are set to realize a collective vision for the ERC as an inclusive community driven by innovation and human connection,” said Tishman Speyer CEO Rob Speyer. “Together, we are creating a destination within Allston that will inspire local residents, families and visitors along with students, researchers and entrepreneurs.”
Breakthrough Properties, a joint venture of Tishman Speyer and Bellco Capital and a leading global developer of life sciences real estate, will develop, lease and operate 440,000 square feet of world-class laboratory and office space in two ERC buildings. Designed to support cutting-edge biotechnology and pharmaceutical companies across all life cycles – from early-stage to growth-stage to top global firms – the ERC will be the premier location for companies that are developing life changing technologies and want access to leading researchers and potential partners at Harvard University.
In December 2019, Tishman Speyer was selected by the Harvard Allston Land Company to serve as the developer for the first phase of the ERC at the conclusion of a competitive process. This phase of the project is designed by an array of renowned master planning and architectural firms, including Studio Gang, Henning Larsen, Utile, Marlon Blackwell Architects, MVRDV, Moody Nolan, Arrowstreet and Scape Landscape Architecture.
The joint effort between Tishman Speyer and the Harvard Allston Land Company has led to several one-of-a-kind accomplishments. Tishman Speyer and the Harvard Allston Land Company worked collaboratively to complete one of the largest inclusionary investor initiatives in Boston history for the project. The initiative brought more than 150 Black and Hispanic individuals and households, including a number of local Bostonians, into ownership of the ERC. The assembled group contributed over $30 million of the project’s equity investment.
Diversity and inclusion have also been integral components of Tishman Speyer’s and the Harvard Allston Land Company’s joint effort. The procurement process resulted in more than 30 percent of pre-construction costs and over 15 percent of total construction costs being awarded to minority- and women-led firms. Tishman Speyer will also curate a dynamic ground floor experience with small, local, minority and women-owned retailers.
“We are excited to see the Enterprise Research Campus move forward and grow the life sciences research ecosystem around Harvard University,” said Carl Rodrigues, CEO of the Harvard Allston Land Company. “This project will create new opportunities and places for students, faculty and our neighbors in Allston, and will complement the cutting-edge institutional research taking place on Harvard’s campus and throughout the region.”
In addition, Tishman Speyer has facilitated partnerships among construction companies as a means of ensuring that minority-owned firms meaningfully participate and derive long-term benefit from their involvement in the project. For the laboratory buildings, Turner Construction is partnering with Janey Construction Management and J&J Contractors. The residential and hotel components are being constructed via a partnership between Consigli Construction and Smoot Construction.
The ERC, which is targeting LEED Gold certification, will support the region’s sustainable future by creating climate-resilient, eco-friendly buildings using low-carbon construction methods.
