BOSTON — New York City-based real estate giant Tishman Speyer has received $750 million in construction financing for Phase I of Harvard Enterprise Research Campus, a 900,000-square-foot mixed-use project that will be located in the Allston neighborhood of Boston.
Phase I of the development will consist of two life sciences buildings totaling 440,000 square feet, a 343-unit apartment complex and a hotel, all of which will be developed on a nine-acre parcel.
Tishman Speyer is developing the project in partnership with the Harvard Allston Land Co. The site is adjacent to the Harvard Business School and Harvard Science & Engineering Complex in Allston.
Breakthrough Properties, a joint venture of Tishman Speyer and Bellco Capital, will oversee the development, operations and leasing of the life sciences component. Tishman Speyer will also develop a conference facility on behalf of Harvard University.
Within the multifamily component, 25 percent of the units will be designated as affordable housing for households earning between 30 and 100 percent of the area median income. At full build-out, Enterprise Research Campus will also include retail and restaurant space, as well as two acres of open green space that will host farmers markets, live music and outdoor fitness classes.
New York City-based Otera Capital led the syndicate of lenders that provided the debt. With financing in place and permits secured, Tishman Speyer plans to begin construction before the end of the month and to deliver the buildings in phases between 2025 and 2026.
“This project will create new opportunities and places for students, faculty and our neighbors in Allston and will complement the cutting-edge institutional research taking place on Harvard’s campus and throughout the region,” says Carl Rodrigues, CEO of Harvard Allston Land Co.
— Taylor Williams