BOSTON– DLJ Real Estate Capital Partners, in joint venture with Leggat McCall Properties, recently started construction on a new project in the Boynton Yards neighborhood of Somerville, MA.
The project will be a nine-story, 289,000 square foot Class-A lab building located at 101 South Street and will represent the largest state-of-the-art lab development in Somerville’s growing life science market.
Boynton Yards is located adjacent to cultural amenities at Somerville’s Union Square and Cambridge’s Inman Square. The project site is less than one mile from Kendall Square, the epicenter of the biotech/life science industry, and will be a 5-minute walk from the MBTA’s new Green Line Extension (GLX) Union Square subway station when completed in late 2021.
The mixed-use building will match the quality and specifications of other Class-A lab buildings and will provide advanced lab space geared toward emerging life sciences companies. In addition, it will offer abundant open space, engaging dedicated first floor retail, space for community arts uses, and four levels of underground parking. 101 South Street is the first phase of what is envisioned to be an 18-hour, work-live-play neighborhood offering over one million square feet of commercial, residential, and retail uses, arts and performance spaces, and public green spaces. DLJ RECP and LMP are currently developing an overall master plan for the site with the City of Somerville and its planning staff and engineering teams.
“More than four years ago we were drawn to the City of Somerville due to the Mayor’s vision to overhaul the zoning with a transformative city-wide masterplan based on community values including diversity, economy and innovation. We are excited to lead the new future of Somerville with a modern multiphase commercial development,” said John Fenton, Principal of DLJ Real Estate Capital Partners. “101 South Street will reflect the culture of the area’s professional and artistic community while delivering on the City’s plans to redevelop Boynton Yards into a vibrant, mixed-use district of lab, research, office, multifamily, neighborhood retail and community arts space.”
Construction on 101 South Street will progress over two years. The building’s core & shell is expected to be completed by late spring 2021 with initial tenant occupancy in the summer of 2021, aligning the opening with the completion of the planned MBTA Green Line station in Union Square. The project team includes architects Spagnolo Gisness & Associates and Hashim Sarkis Studios; general contractor Shawmut Design; and leasing agent Cushman & Wakefield.
The redevelopment of Boynton Yards into a modern, commercial hub has long been envisioned by the City of Somerville. “This is a great example of how strong civic leadership, community support and private investment can result in strong economic development,” said Rob Dickey, Executive Vice President of Leggat McCall Properties. “Everyone involved looks forward to witnessing the transition of Boynton Yards from its industrial roots of the last 100 years to a reimagined vital tech and life sciences hub with housing, new infrastructure, streetscape, and open space.”
A ceremonial community event to officially launch the project will be held this fall.
DLJ RECP is an independent, vertically-integrated real estate investment management firm targeting investment and development opportunities in the dynamic neighborhoods of major US cities. DLJ RECP was founded in 1995 and has offices in New York, Boston, Los Angeles, and Hong Kong. To date, the company has executed over 200 real estate investments with a total transaction value of over $16 billion, representing over $4.5 billion in invested capital. Across DLJ RECP’s 20+ year history, the firm has built a strong track record of success through ground-up development and intensive redevelopment real estate projects. DLJ RECP’s projects include large scale residential, office, and retail developments, as well as historic redevelopment and preservation projects all built to an institutional standard.
Founded in 1965, Leggat McCall Properties is a leading real estate owner, developer and service provider to corporate, educational, healthcare and other clients in the Greater Boston Area. Over the past 10 years, LMP has had a leadership role in over 42 million square feet of project development, representing more than $10 billion of investment. The company has executed on 15 projects over $200 million, 50 over $50 million, and has also developed or acquired approximately $3 billion in assets as principals, including research and life science, mixed-use, office, and residential properties. The firm has a dominant presence in the rapidly growing life sciences, higher education and healthcare industries and serves many of the area’s top universities, healthcare systems and biotech companies, including Novartis Institutes for BioMedical Research, Draper Laboratory, Harvard University, Massachusetts Institute of Technology, and Brigham & Women’s Hospital.