X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

The Canada Pension Plan Investment Board (CPP Investments) and Greystar Real Estate Partners have formed a new joint venture to pursue life science real estate development opportunities. Initially, the companies have allocated $1.2 billion in equity to the joint venture to develop Class-A life science office and lab buildings in top US life science markets. Greystar will develop and manage the JV portfolio.

The joint venture has acquired 74M, a 468,000 square-foot, 18-story office and lab development located in Somerville, Mass. The building is close to East Cambridge, one of the world’s leading life science and technology clusters. CPP Investments will have a 90% stake in the project and Greystar will own 10%. Construction on the project, which is expected to achieve LEED Platinum and WiredScore Platinum certifications, should begin in calendar year 2021 and will be managed by Greystar.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Healthcare Real Estate 2021Event

Join the industry's top owners, investors, developers, brokers and financiers for the real estate healthcare event of the year!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.