The constructing at 10 Prospect St. contains 60 % lab area and 40 % workplace area. Picture courtesy of Gilbane Constructing Co.
US2, a partnership between Magellan Growth Group, RAS Growth, Cypress Fairness Investments and Affinius Capital, has accomplished 10 Prospect St., a 205,000-square-foot life science constructing in Somerville, Mass. Gilbane Constructing Co. served as basic contractor.
US2 broke floor on the venture in 2021 and topped out the event in 2022. Development financing included a $119.2 million mortgage from Financial institution OZK, in accordance with CommercialEdge info.
Designed by SGA Architects, the LEED Gold-certified constructing rises seven tales and contains 60 % lab area and 40 % workplace area, with a two-story mechanical penthouse supporting the life sciences tools. The property additionally consists of some 12,000 sq. ft of retail area together with an amenity area that includes a lounge, out of doors deck and kitchen for occasions. JLL is main the leasing efforts.
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The constructing is a part of the primary section of USQ, the $2 billion master-planned improvement spanning 17 acres. At full build-out, the redevelopment of Union Sq. will comprise some 1.5 million sq. ft of lab and workplace area, 1,000 residential models, a 175-key lodge, greater than 140,000 sq. ft of retail and 4 acres of parks and open areas.
Positioned lower than 5 miles from downtown Boston, 10 Prospect St. is inside strolling distance of the Union Sq. gentle rail station, offering public transportation throughout the metro. The property can be roughly 1 mile from Kendall Sq..
Life sciences bolster Boston’s workplace pipeline
All through the primary 10 months of 2023, 15 workplace properties got here on-line in Boston, totaling greater than 5 million sq. ft and accounting for 1.8 % of present inventory, in accordance with latest CommercialEdge analysis. As of October, the metro had greater than 13.7 million sq. ft of workplace area beneath development throughout 49 initiatives, 36 of which being life science developments.
One of many just lately accomplished initiatives is 250 Arsenal Place, a 255,000-square-foot life science constructing in Watertown, Mass., that was additionally designed by SGA and constructed by Gilbane. The LEED Silver-certified property consists of analysis services with reverse osmosis skid, central PH neutralization, chilly room and 16,000-AMP raceways. Facilities function a espresso bar, health heart, golf simulator and shared foyer areas.
