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.

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