The development team behind 105 West First in South Boston has financed the project for $209,406,000 through Goldman Sachs Bank. CRISPR Therapeutics has signed a 263,500-square-foot lease agreement for the building scheduled for completion in early 2022. The 105 will offer best-in-class lab space along with an array of amenities, including a fitness facility and outdoor terraces accessible from two floors.
Breakthrough Properties has announced that leading gene-editing company, CRISPR Therapeutics, has signed a 263,500-square-foot lease agreement for the development referred to as "The 105," located at 105 West First Street and scheduled for completion in early 2022. The full-building lease transaction was executed just one year after the acquisition of the site in July 2019 and four months after groundbreaking.
Breakthrough Properties was launched in 2019 by Tishman Speyer, one of the world's leading real estate developers and owners, and Bellco Capital, a prominent biotechnology investment firm. On The 105 project, the company has been working closely with Tishman Speyer's Boston-based team every step of the way, from site selection to future project completion.
The 105 has been designed by the Payette architecture firm to be a best-in-class laboratory building to accommodate tenants at the forefront of life-changing science. Conveniently located near the Red Line's Broadway Station, it will feature a tailored array of amenities, including a fitness facility and outdoor terraces accessible from two floors. LEED Gold and Fitwel certifications will be sought.
Breakthrough Properties Chief Executive Officer Dan Belldegrun commented, "Our mission at Breakthrough is to deliver cutting edge facilities and environments that support companies at the forefront of life-changing science. We are thrilled to partner with CRISPR, one of the world's emerging leaders in the biotech industry, as it continues to develop therapies that change the way we fight disease. There has never been a more important time to focus on the scientific innovation and we're honored to play a small but supportive role in CRISPR's exciting future."
Tishman Speyer President & Chief Executive Officer Rob Speyer said, "With Breakthrough Properties, we are combining Tishman Speyer's global property development capabilities with Bellco Capital's recognized life sciences expertise and strong relationships. It's already proving to be a great collaboration. We believe Breakthrough will become a major global player in creating the next generation of research facilities, where important scientific advances will take place to benefit people around the world."
Since its founding in 2013, CRISPR has quickly grown to be a leading gene-editing company focused on developing transformative gene-based medicines for serious diseases. CRISPR has established a portfolio of therapeutic programs across a broad range of disease areas, including hemoglobinopathies, oncology, regenerative medicine and rare diseases. CRISPR Therapeutics AG is headquartered in Zug, Switzerland, with its wholly-owned U.S. subsidiary, CRISPR Therapeutics, Inc., and R&D operations based in Cambridge, Massachusetts, and business offices in San Francisco, California and London, United Kingdom.
Brokerage firm Cushman & Wakefield represented CRISPR, while Breakthrough was represented by Newmark Knight Frank.
Foundation Under Construction for South Boston R&D Building
The former RCN building on the site at 105 West First Street in South Boston has been taken down. The site has been cleared and a retaining wall, as well as the foundation, are being erected. The new building 7-story building will feature 250,000 square feet of R&D and office space. The ground floor of the building will include retail space along with community, shared work, or technology incubator space. As part of the project, a new pedestrian corridor will also be constructed linking West Second Street to West First Street, which are currently vertically separated by 12 feet.
The former RCN building on the site at 105 West First Street in South Boston is coming down. The demo will make way for an approved 7-story 250,000 square foot R&D office building. The ground floor of the building will include retail space along with community, shared work or technology incubator space. As part of the project, a new pedestrian corridor will also be constructed linking West Second Street to West First Street, which are currently vertically separated by 12 feet.
Building Permit Issued for 105 West First St. in South Boston
A building permit has been issued for early-stage construction to include utilities and foundation work for the 105 West First St. project in South Boston. The upcoming 7-story building will feature 250,000 square feet of R&D office space, ground floor retail, and a 35 car parking garage. Tishman Speyer purchased the project in July for $80M.
The property at 105 West First Street in South Boston has been acquired by Tishman Speyer for $80 million.
The approved seven-story, 250,000 square foot research and development (R&D) office building will be located on a 42,219 square foot site in South Boston across from A Street Park steps to the Channel Center development and the Broadway MBTA Red Line station.
The building will contain office, research, and development space, as well as ground-floor retail fronting West First Street.
New York-based, Ares Management, has acquired the development site for $25 million. The approved seven-story, 250,000 square foot research and development (R&D) office building that will be located on a 42,219 square foot site in South Boston across from A Street Park steps to the Channel Center development and the Broadway MBTA Red Line station.
The building will contain office, research, and development space, as well as ground-floor retail fronting West First Street, community-shared work or technology incubator space fronting West Second Street, convener space, and tenant amenities. A roof deck will be located on the building's top floor.
105 West First Street, new 250,000-square-foot office building, approved in South Boston
105 West First Street, a new seven-story, 250,000-square-foot research and development (R&D) office building located in South Boston steps to Broadway Station, was approved at last night (June 15th, 2017)’s Boston Planning & Development Agency (BPDA) Board Meeting. In addition to office space, 105 West First Street will feature 1,600 square feet of ground-floor retail, 2,400 square feet of convener space, 10,000 square feet of innovation space and 3,000 square feet of tenant amenity space. 105 West First Street will require additional approval by the City of Boston’s Zoning Board of Appeals (ZBA) in order to proceed with construction. Construction of 105 West First Street is subject to finalization of necessary financing and leasing commitments.
Plans revised for proposed 105 West First Street office development in South Boston
Developers Ares Management and CV Properties have revised the proposed 105 West First Street office development in South Boston in response to community feedback. The proposed building’s height has been reduced from 8 stories to 7; as a result, total proposed square footage has been reduced by 15,000 square feet to approximately 250,000 total gross square feet, and height has been reduced to 102 feet high at West First Street and approximately 90 feet high at West Second Street. For comparison, the adjacent Channel Center Garage is 102 feet high.
105 West First Street's proposed entrance along West Second Street has also been altered to have more of “a sense of presence,” mirroring the entrance to the adjacent Artists For Humanity building. Updated renderings of the proposed 105 West First Street are posted above. The developers would also financially support a community request to add a pedestrian-only cycle to the nearby intersection of West Broadway & A Street, and improve signage and crosswalk striping at the nearby intersection of West Second Street & B Street.
8-story office building proposed near Broadway Station
CV Properties has revealed new details and renderings of the proposed 266,000 square foot office building which would be located at 105 West First Street in South Boston near Broadway Station. The developer has filed plans with the Boston Planning & Development Agency (BPDA). These plans are now under official review. The following are renderings of 105 West First Street:
266,750 square foot R&D office building proposed in South Boston
CV Properties is proposing to construct a new 266,750 square foot research and development (R&D) office building in South Boston, which would be located steps to the Broadway MBTA Red Line Station. The proponent has filed a Letter of Intent (LOI) to develop the building with the Boston Planning & Development Agency (BPDA) and will soon file a Project Notification Form (PNF) with additional information.
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