Massachusetts

Basis Investment Buys Minority Stake in Related Beal’s $416M Life Sciences Development in Boston

by John Nelson April 2, 2024

BOSTON — Basis Investment Group, a New York City-based commercial real estate debt and equity investment platform, has purchased an equity stake in Phase III of Innovation Square, a $416 million life sciences development in Boston’s Seaport District. The company purchased a minority stake of an undisclosed value from the developer, Related Beal, the Boston office of Related Cos. Located on a 1.8-acre site at 22 Drydock St., Phase III of Innovation Square will comprise a seven-story life sciences building totaling 340,000 square feet. Related Beal is leasing the site from the City of Boston for a 99-year term. The property’s life sciences space is fully preleased to Vertex Pharmaceuticals, a biopharmaceutical company based in Boston. The company also fully occupies Phase II of Innovation Square, a four-story life sciences building located at 6 Tide St. in Boston. In addition to laboratories and offices for Vertex, 22 Drydock will include dedicated lab space for Gloucester Marine Genomics Institute, a nonprofit that provides hands-on training for careers in labs to veterans and neighborhood high school students. Related Beal says the project is the first LEED Platinum and zero-net-carbon life sciences building in Boston. A net zero carbon building is a highly efficient …

April 2, 2024

Acquisitions Life Sciences Massachusetts Northeast

Boston Properties Completes Sale of 45 Percent Interest in Cambridge Life Sciences Development

by Taylor Williams March 28, 2024

CAMBRIDGE, MASS. — Boston Properties (NYSE: BXP) has completed the previously announced sale of its 45 percent interest in a 577,000-square-foot life sciences development in Cambridge. The buyer was Norges Bank Investment Management. Construction is underway on the 16-story building, which is located at 290 Binney St. in the Kendall Square neighborhood and is fully preleased to AstraZeneca. Delivery is slated for spring 2026.

March 28, 2024

Affordable Housing Loans Massachusetts Multifamily Northeast

MassDevelopment Provides $17M in Bond Financing for Affordable Housing Complex in New Bedford, Massachusetts

by Taylor Williams March 27, 2024

NEW BEDFORD, MASS. — MassDevelopment has provided $17 million in tax-exempt bond financing for Wamsutta Apartments, a 144-unit affordable housing complex in New Bedford, located at the base of Cape Cod. The historic building was originally constructed in the 1870s and consists of 29 buildings that primarily house one-bedroom units. Residences are reserved for households earning 60 percent or less of the area median income. The borrower, an affiliate of HallKeen Management, will use proceeds to fund capital improvements and preserve the property’s affordability status.

March 27, 2024

Affordable Housing Leasing Activity Massachusetts Multifamily Northeast

MassHousing Provides $19.2M in Financing for Cape Cod Affordable Housing Redevelopment

by Taylor Williams March 26, 2024

ORLEANS, MASS. — MassHousing has provided $19.2 million in financing for an affordable housing redevelopment project in the Cape Cod community of Orleans. The financing consists of $15.4 million in tax credit equity bridge financing, $2.8 million in permanent financing and $1 million from the agency’s workforce housing initiative. The project will convert the former site of a Cape Cod Five Bank operations center that originally opened in 1977 into a 62-unit complex that will serve renters with a range of income restrictions. The borrower, Pennrose, will adaptively reuse part of the existing structure and also construct new units from the ground up. Amenities will include a fitness room, community room, resident services office and a package room.

March 26, 2024

Development Industrial Massachusetts Northeast

Polar Design Build Delivers 34,000 SF Truck Service Facility in Middleton, Massachusetts

by Taylor Williams March 22, 2024

MIDDLETON, MASS. — Locally based general contractor Polar Design Build has delivered a 34,000-square-foot truck service facility in Middleton, a northern suburb of Boston. The facility is a build-to-suit for dealer Kenworth Northeast and will house offices, service bays and showroom space. About 40 people will work at the facility at full operation. Other project partners included Maugel DeStefano Architects, Flood Consulting and CBC Engineers.

March 22, 2024

Leasing Activity Life Sciences Massachusetts Northeast

Type One Energy Group Signs 15,500 SF Life Sciences Lease in Woburn, Massachusetts

by Taylor Williams March 22, 2024

WOBURN, MASS. — Type One Energy Group has signed a 15,500-square-foot life sciences lease in the northern Boston suburb of Woburn. The Wisconsin-based provider of clean energy solutions is relocating from nearby Somerville to 299 Washington St., which is owned by Cummings Properties. The new space will house office, manufacturing and lab uses. Al Diamond internally negotiated the lease on behalf of Cummings Properties. No third-party brokers were involved in the deal.

March 22, 2024

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Brokers $3.1M Sale of Apartment Building in Lowell, Massachusetts

by Taylor Williams March 21, 2024

LOWELL, MASS. — Marcus & Millichap has brokered the $3.1 million sale of a 17-unit apartment building located at 887 Varnum Ave. in the northwestern Boston suburb of Lowell. The property consists of five studios and 12 two-bedroom units as well as onsite parking and laundry facilities. Tony Pepdjonovic, Evan Griffith and Will Sanborn of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

March 21, 2024

Development Massachusetts Multifamily Northeast

Procopio Cos. Nears Completion of 50-Unit Multifamily Project in Wilmington, Massachusetts

by Taylor Williams March 20, 2024

WILMINGTON, MASS. — Locally based developer The Procopio Cos. is nearing completion of The Alice, a 50-unit multifamily project located north of Boston in Wilmington. The Alice is one of three buildings within a larger mixed-use development, with the others being an 8,050-square-foot retail and office building and a 2,488-square-foot retail building that is now leased to Starbucks. Procopio Cos. expects to open The Alice this fall and to complete the office/retail building in early 2025. Vertical construction on the Starbucks building, which also features a drive-thru, will begin in April.

March 20, 2024

Acquisitions Massachusetts Northeast Office

NEPCG Negotiates $3.5M Sale of Metro Boston Office Building

by Taylor Williams March 20, 2024

WOBURN, MASS. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $3.5 million sale of a 26,960-square-foot office building in Woburn, a northern suburb of Boston. The building at 110 Winn St. was constructed in the 1990s in the downtown area and houses 17 suites. Francis Saenz, Drew Kirkland and Jim Casey of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

March 20, 2024

Development Life Sciences Massachusetts Northeast

J. Calnan & Associates Completes 52,000 SF Life Sciences Project in Waltham, Massachusetts

by Taylor Williams March 18, 2024

WALTHAM, MASS. — General contractor J. Calnan & Associates has completed a 52,000-square-foot life sciences project in the western Boston suburb of Waltham. The facility at 880 Winter St. is a build-to-suit for biotechnology user Lyra Therapeutics and features a 5,000-square-foot manufacturing space, quality control labs, support labs and office space. Perkins & Will served as the project architect, with BR&A Engineers handling that aspect of development. Boston Properties owns the building.

March 18, 2024

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