Lendlease, Ivanhoe Pay $67M for Boston Life Science Site
- Mar 18, 2021
A partnership between Lendlease and Ivanhoé Cambridge has acquired one of the last vacant parcels at New Balance Development Group’s Boston Landing campus, for $67 million. The 1.2-acre site at 60 Guest St. is fully approved to accommodate a 320,000-square-foot life science development.
JLL Capital Markets represented the seller, NB Development Group, and procured the buyer. Local firm SGA Architects was selected to oversee design efforts of the project, which, once completed, is estimated to worth $500 million. Construction is set to commence in June 2022. Australian group Lendlease’s latest U.S. commitments includes overseeing development management at Google’s massive 7.3 million-square-foot mixed-use Downtown West project in San Jose, Calif.
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The property near Harvard Business School in the Brighton neighborhood is located less than 5 miles west of Kendall Square in Cambridge, Mass., home to one of the most important life science clusters in the U.S. and the Massachusetts Institute of Technology. Situated next to MBTA Boston Landing station and the Massachusetts Turnpike (Interstate 90), the transit-oriented site is 6 miles west of downtown Boston.
JLL Senior Managing Director Coleman Benedict and Senior Director Kerry Hawkins negotiated the sale of the 60 Guest St. parcel. Boston is home to most of the largest biotech and pharmaceutical companies and is one of the top-ranking life science markets in the country, Hawkins stated, in prepared remarks.
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Boston Landing is anchored by American footwear giant New Balance’s headquarters and includes practice facilities for the Boston Bruins at Warrior Ice Arena, as well as for the Boston Celtics at The Auerbach Center.
In early 2020, New Balance Development Group sold one of its mixed-use assets within the campus, situated at 15 Guest St. The 115,551-square-foot property traded for more than $18 million. Later, in October, NB finalized the disposition of another creative office asset within the district. A joint venture of Griffith Properties LLC and Artemis Real Estate Partners picked up the 228,900-square-foot 20 Guest St., in a $72 million transaction.