Lendlease and Ivanhoé Cambridge have acquired a 1.15-acre land site at 60 Guest Street to develop a life science project in the Boston Landing campus in Allston/Brighton, Massachusetts, from NB Development Group, LLC for $67 million.
“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.”
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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.
JLL represented the seller, NB Development Group, LLC, and procured the buyer, a partnership of Lendlease and Ivanhoé Cambridge.