Boston Landing Development Site Sells for $67M
Lendlease and Ivanhoé Cambridge have purchased the 50,036-SF land parcel, which is fully-approved for a life science development of up to 320,000-GSF.
NB Development Group LLC has sold a 50,036-square-foot development site located in the Boston Landing campus for $67 million.
The partnership of Lendlease and Ivanhoé Cambridge purchased the land parcel, which is fully approved for a life science development.
The JLL capital markets team, led by senior managing director, Coleman Benedict and senior director, Kerry Hawkins, represented the seller in the transaction. JLL additionally procured the buyer for the development site.
The site, located at 60 Guest Street, is approved for up to 320,000 gross-square-feet of office and lab uses. The proposed nine-story structure will reach 165 feet in height and will feature floorplates averaging 40,000 square feet. The development will incorporate office and lab space, a multi-purpose ground floor and outdoor spaces throughout the building.
“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,” says Jonathan Pearce, EVP of leasing and development at Ivanhoé Cambridge.
Located in Allston/Brighton, MA, Boston Landing currently serves as a wellness hub, with occupants spanning New Balance, the Boston Bruins practice facility at Warrior Ice Arena, the Auerbach Center, the Boston Celtics practice facility and soon, New Balance’s new indoor hydraulic track, field and entertainment venue.
According to JLL’s Q4 2020 Greater Boston Lab Outlook, tenant demand in the Boston market set a new record in 2020, surpassing 4.5 million to end the year.
“60 Guest Street will satiate a portion of the pent-up demand when it delivers in 2024,” says JLL’s Hawkins. “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.”