Marcus Partners Brings Life Science Project to South Boston Marina
- Apr 05, 2021
Marcus Partners has filed for a Project Notification Form for the redevelopment of two adjacent parcels located within Raymond L. Flynn Marine Park on the South Boston waterfront. The two-building life science project will span a combined 228,000 square feet. Ginkgo Bioworks is the anchor tenant, already locked in with a 150,000-square-foot commitment.
The project comprises Parcel O and P, enclosed by Fid Kennedy Avenue, B Street, Capstan Way and Ballard Way. The first lot was home to an Au Bon Pain bakery, and the latter is currently occupied by Matt J. McDonald Co. Parcel O will accommodate a brand-new eight-story, 219,000-square-foot structure, while the existing steel manufacturing building on the other site will undergo an adaptive reuse transformation, eventually resulting in a 9,000-square-foot amenity building for employees.
Last October, the Boston Planning & Development Agency (BPDA) approved the assignment of the existing ground leases to Marcus. Demolition is planned for the last quarter of 2021, with groundbreaking slated for the first quarter of next year. The entire project is expected to deliver in 2024.
According to Universal HUB, the project will include 96 parking spaces. Due to the site’s proximity to water, the proposed building on Parcel O will be raised by 4 feet, considering estimated future sea-level rise. Marcus will also join the BPDA’s Climate Resiliency Infrastructure Fund, which was created for the protection of the park from prospective high-tide situations.
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In the signing of the anchor tenant at Marcus’ upcoming campus, Colliers International’s John Carroll, Evan Gallagher and Curtis Cole worked on behalf of the landlord, while Anne Columbia and Patrick Downey of Columbia Group Realty Advisors Inc. negotiated the agreement for the tenant. One of the world’s largest privately held biotech companies, Boston-based Ginkgo’s won’t have to move far, as its current headquarters are situated just near the upcoming development, within the Innovation and Design Building.
SGA, along with DREAM Collaborative, are in charge of designing the energy-efficient project, which will be aiming for LEED Gold certification. John Moriarty & Associates, along with Minority or Women-Owned Business Enterprise will be in charge of construction management. SGA is also leading the reimagining of 350,000-square-foot life science asset in Jersey City, New Jersey. Situated at 95 Greene St., the property will become the first lab-ready facility in urban New Jersey.
Last year, Marcus sold off several of its office buildings on the East Coast. In August, along with partner The Davis Cos., the company finalized the disposition of Reservoir Woods East, a three-building ensemble in western Boston’s Waltham, Mass., suburb. The buyer paid $330 million for the asset. Later in the fall, Marcus sold a 284,333-square-foot office asset in the Washington, D.C.-area, in a $87.5 million deal.