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BOSTON — Related Beal, the Boston office of Related Cos., is underway on construction of Phase III of Innovation Square, a 345,000-square-foot life sciences project in Boston. The 1.8-acre site is located within Raymond L. Flynn Marine Park in the Seaport District, and the seven-story building is fully preleased to Vertex Pharmaceuticals. A consortium of lenders consisting of Santander Bank, Ullico, LBBW and Washington Capital are providing construction financing for Phase III of Innovation Square, and Basis Investment Group is an equity investor in the project. Completion is slated for 2026. The project is expected to generate as many as 700 construction jobs and approximately 500 permanent jobs for the city.