Boston Landing life science development site trades for $67M
JLL Capital Markets led sales efforts for the land site at 60 Guest Street in the nation’s top life science market
BOSTON – Mar. 17, 2021 – JLL Capital Markets announced today that it has closed the $67 million sale of 60 Guest Street, a land parcel fully approved for a state-of-the-art life science development in the Boston Landing campus in Allston/Brighton, Massachusetts.
JLL represented the seller, NB Development Group, LLC, and procured the buyer, a partnership of Lendlease and Ivanhoé Cambridge.
“This project is further evidence of the strength of our integrated platform and end-to-end capabilities,” said Lendlease Americas CEO Denis Hickey. “60 Guest Street demonstrates our global strategic focus on delivering a diverse and robust pipeline of development projects alongside best-in-class capital partners like Ivanhoé Cambridge.”
“On behalf of the sponsor and seller of Boston Landing, we are excited to welcome the Lendlease and Ivanhoé Cambridge venture,” said Jim Halliday, President of NB Development Group. “We look forward to their 60 Guest Street project bringing Boston Landing nearer to full completion and their added presence and activation to the unique health and wellness attributes within this district.”
"60 Guest will be a spectacular mixed-use, transit-oriented development strategically located within the Allston/Brighton neighborhood, with close proximity to Cambridge’s Kendall Square, the epicenter of the life science market in Greater Boston and across North America," said Jonathan Pearce, Executive Vice President, Leasing and Development for Ivanhoé Cambridge. "This new life science building will offer exceptional and ultramodern amenities to cater to the robust demand for specialized life science and research facilities in the Boston area."
The 50,036-square-foot site is approved for up to 320,000 gross-square-feet of office and lab uses, reaching 165 feet in height and featuring average floorplates of 40,000 square feet. The proposed nine-story structure on the site will incorporate state-of-the-art office/lab space with a robust amenity program featuring a multi-purpose ground-floor and outdoor spaces at key locations throughout the building.
Boston Landing is one of the city’s newest and most dynamic neighborhoods that is considered by many to also be Boston’s premier wellness hub. Anchored by New Balance, highlights of the neighborhood include the Boston Bruins practice facility at Warrior Ice Arena, The Auerbach Center, the Boston Celtics practice facility and the soon-to-be home of The Track at New Balance, a world-class indoor hydraulic track, field and entertainment venue. Boston Landing boasts a transit-oriented location adjacent to the Massachusetts Turnpike as well as the MBTA Boston Landing station providing convenient access as the gateway to Boston from the western suburbs as well as Fenway, Back Bay and South Station downtown.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Coleman Benedict and Senior Director Kerry Hawkins.
According to JLL’s Q4 2020 Greater Boston Lab Outlook, tenant demand surged past 4.5 million to end the year, a record for the Boston market. The majority of the 2020 life science deliveries were 94% leased and 81% of space anticipated to deliver in 2021 is spoken for, limiting tenant optionality in the near term.
“60 Guest Street will satiate a portion of the pent-up demand when it delivers in 2024,” Hawkins stated. “Boston continuously ranks as the top life science market in the nation being home to 19 of the 20 largest biotech and pharmaceutical companies by market cap as well as boasting more than 50 local universities and multiple world class research hospitals that support the thriving industry.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About NB Development Group
NB Development Group brings community consciousness to urban development. As a team, the company is experienced in the traditions of Boston’s commercial real estate industry, working in partnership with local communities to help develop sites and manage properties to their fullest potential. To learn more, visit nbdevelopment.com.
Lendlease is a global real estate group with operations in Australia, Asia, Europe and the Americas. Its purpose is to create value through places where communities thrive.
Headquartered in Sydney, Australia, and listed on the Australian Securities Exchange, Lendlease has approximately 9,500 employees internationally.
Its core capabilities are reflected in its operating segments of Development, Construction and Investments. The combination of these three segments provides the company with a sustainable competitive advantage and allows Lendlease to provide innovative integrated solutions for its customers. The integrated approach means the company harnesses the expertise in infrastructure, design, development, investments and management to deliver a project from conception to completion.
In the U.S., Lendlease brings over 60 years of global experience to bear in urbanization, communities and infrastructure development. Leveraging placemaking expertise and an integrated business model, Lendlease is committed to delivering transformational urbanization projects and investments in gateway cities that generate social, environmental and economic value. lendlease.com