Boston – Lincoln Property Company (LPC) and MetLife Investment Management (MIM) announced today the topping off of 300 Third Avenue, a 140,000-square-foot world-class lab and office development in Waltham, MA.
With the backdrop of the construction site overlooking Route 128, executives from LPC, MIM and Bank OZK along with representatives from DiMella Shaffer, AHA Consulting Engineers and Callahan Construction gathered with elected officials, city councilors and others as the ceremonial steel beam was set into place.
In additional to celebrating the construction milestone, LPC and MIM presented a $10,000 donation to the Waltham Boys & Girls Club as a gesture of gratitude to the people of the City of Waltham.
“We are thrilled to reach this pivotal accomplishment in our construction progress and thank all those involved on the development team, and at the City of Waltham, for their commitment to such a great project,” said Scott Faber, Senior Vice President of Lincoln Property Company. “As COVID-19 continues to create disruptions for many working families, we are proud to support the Waltham Boys & Girls Club, an organization that continues to help Waltham families in profound ways during these difficult times.”
“The fundamentals of the Waltham lab market are strong and we have been very encouraged by how well 300 Third has been received in the market,” said Trina Childs, Asset Manager with the Northeast Region of MIM. “Through both our investment and our support of the Boys & Girls Club, we’re pleased to make a positive contribution to the Waltham community.”
For 85 years, Waltham Boys & Girls Clubs has responded to the needs of the youth and families in the community. Today, the Club is committed more than ever to ensure young people have the resources and support they need to navigate these uncertain times. By providing meals, life-changing programming, caring mentors, and a safe place for kids and teens, the organization is a critical resource in the community.
“The Waltham Boys and Girls Club is very appreciative of the donation made by LPC and MetLife,” said Erica Young of the Waltham Boys and Girls Club. “This investment will help us continue our mission to serve the families of Waltham.”
After breaking ground in July 2020, the topping off signals the near-term delivery of high-demand lab space to a growing life science cluster in Waltham. The project will be a highly-visible addition to the Prospect Hill skyline and will house life-saving biotechnology companies once completed. As more breakthrough advances are made in the life science field, and subsequently more venture capital dollars pour into local companies, the demand for lab space will continue to increase exponentially in the Boston-area. Massachusetts biotech venture capital funding in 2021 is on pace to double last year’s record of nearly $4 billion.
When completed in early 2022, 300 Third Avenue will feature four stories of laboratory and office space with a highly efficient mechanical, chemical storage and utility areas to service the most rigorous laboratory occupants. Designed to high sustainability standards, the project is targeting LEED Gold certification and has received Wired Gold Certification to provide best-in-class connectivity, infrastructure, and technology readiness. Additional building features include on-site tenant amenities and over 400 parking spaces.
