Boston life sciences growth driving demand for more space
JLL Capital Markets completed the $74.6M sale of a building in Boston’s Seaport for a life sciences conversion
BOSTON, Sept. 21, 2021 – JLL Capital Markets announced that it has closed the $74.6 million sale of a 102,727-square-foot office building to be converted into a life sciences property at 51 Melcher St. in Boston’s popular Seaport District.
JLL arranged the sale with the seller, Zurich Alternative Asset Management, and procured the buyer, a life sciences investor. Additionally, the buyer engaged JLL to source post acquisition financing and lease the property.
The nine-floor building was completed in 1916 as a steel encased in concrete masonry warehouse. Most recently renovated in 2013, the Energy Star-Certified office building has 13.5-foot slab-to-slab clear height.
51 Melcher St. is at the epicenter of the Seaport District, steps from the intersection of A and Summer streets. Multiple transit and commuter rail stations are within a short walk from the property, which is surrounded by restaurant and retail amenities.
According to JLL Research’s recent 2021 Life Sciences Lab Real Estate Outlook, the greater Boston area is the No. 1 life sciences cluster in the U.S. Boston is the indisputable center of life sciences due to its supply of lab real estate dynamics, deep and educated talent pool, innovation and industry depth. Demand for lab space is anticipated to grow, as funding flows, talent and lab space supply grows, and the Seaport has emerged as one of the top life science neighborhoods due to its connectivity to Kendall Square via the Red Line.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Coleman Benedict, Director Scott Carpenter and Associate Mike Shepard.
“Our team is grateful for the opportunity to assist our client in the successful transaction of 51 Melcher Street,” Carpenter said. “Situated in Boston’s most dynamic submarket, the property is an ideal candidate for office-to-life science conversion.”
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 and advisory, debt advisory t, equity advisory or a recapitalization. The firm has more than 3,000 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 in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.