BOSTON – Lendlease, a leading global real estate group, and Ivanhoé Cambridge, global real estate investor, are teaming up to develop a 1.15-acre project featuring a state-of-the-art life science building with world-class amenities, located at 60 Guest Street, a land parcel in the Boston Landing campus in Allston/Brighton, Mass.
“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 Ivanhoe Cambridge.”
“This life science development project is perfectly aligned with our investment strategy and vision, as we continue to invest in the life sciences sector which fosters long-term growth fundamentals,” said Nathalie Palladitcheff, President and Chief Executive Officer at Ivanhoé Cambridge. “Investing alongside Lendlease, who has a breadth of experience in constructing life science and research facilities, will allow both partners to grow their exposure in this sector.”
60 Guest Street will contribute to Boston Landing’s diverse mix of uses and will strengthen Allston/Brighton’s emerging life science cluster. As one of the last sites to be developed as part of the master plan, the project will help complete the vision for Boston Landing as a transformative urban mixed-use environment in the Allston/Brighton neighborhood. Lendlease has seen firsthand the benefits of creating lively, people-centric, public destinations in Boston with Clippership Wharf, its climate-resilient mixed-use residential project on the East Boston waterfront.
“The city of Boston has always been a notable life science hub, with COVID-19 only highlighting the importance of the sector as the region’s newest growth engine,” said General Manager of Development for Lendlease Boston Nick Iselin. “This project is an important milestone for elevating Lendlease’s life science development capabilities in Boston and expanding on our existing life science construction experience in major markets across the U.S. We look forward to contributing an iconic project to the Allston /Brighton neighborhood with the delivery of 60 Guest and to enhancing an already dynamic mixed-use site from NB Development Group.”
“60 Guest Street 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 epicentre of the life science market in Greater Boston and across North America,” said Jonathan Pearce, Executive Vice President, Leasing and Development at Ivanhoé Cambridge. “This new life science building will offer exceptional and ultramodern amenities to cater to robust demand for specialized life science and research facilities in the Greater Boston area.”
60 Guest Street: a world class life science building
The proposed nine-story structure will comprise 320,000-square-feet of state-of-the-art office/lab space and a robust amenity program featuring a multi-purpose ground-floor and outdoor spaces at key locations throughout the building. Boston Landing is home to New Balance’s global headquarters, the Boston Celtics’ Auerbach Center and Bruins’ Warrior Ice Arena, as well as an indoor track and entertainment venue, lab/office and residential uses, and a planned 175-room hotel. The site attracted Lendlease with its easy transit access, a focus on health and wellbeing, and its burgeoning retail environment.
Lendlease’s experience in the life science sector is not new. The company’s Construction Management business has been involved in more than 350 life science and research facilities in the northeastern U.S., amounting to approximately 17 million-square-feet. Lendlease will apply that experience to 60 Guest, alongside Ivanhoe Cambridge, and will grow their exposure to this sector through additional investments and developments in life science ecosystems located in its gateway U.S. markets.
The Lendlease and Ivanhoe Cambridge partnership acquired the site from NB Development Group and will utilize the site’s prominent location adjacent to the Massachusetts Turnpike to offer a unique design expression that complements the diverse architectural language that has already been established at Boston Landing. The partnership has retained SGA Architects, a leading Boston-based life science firm to design the project.
The project will have an estimated $0.5 billion end value upon completion and the construction of the project is targeted to commence in June 2022.