Greatland Realty Companions and Rockwood Capital are shifting ahead with their Riverside Labs mission in Weston, Mass., after securing financing. Engaged on behalf of the three way partnership, Newmark procured the lender, The Royal Financial institution of Canada, which can present as much as $150 million for the mission.
Greatland acquired the previous Liberty Mutual campus, a two-building workplace property with 245,000 sq. toes on 16 acres, in December 2020. The next spring, the agency was capable of rezone the location to permit for all times science makes use of and extra density. In consequence, the brand new possession started a phased renovation on the prevailing development together with the event of a brand new facility.
Weston’s upcoming campus
Renamed as Riverside Labs, the longer term life science campus will whole 340,000 sq. toes throughout three buildings. Greatland and Rockwood are conducting a full renovation of the 120,000-square-foot 9 Riverside whereas doing a lab conversion of the 90,000-square-foot 20 Riverside. The three way partnership’s addition to the campus will probably be a 130,000-square-foot facility dubbed 15 Riverside.
The mission may even embody a brand new parking storage and a ten,000-square-foot enlargement to 9 Riverside that can function gathering area and meals corridor. Riverside Labs’ first constructing is predicted to be prepared for tenant occupancy by subsequent summer season.
The property is 15 miles away from Boston and Cambridge. The placement offers easy accessibility to the close by interstates 90 and 95, the MBTA Inexperienced Line’s Riverside station and the MBTA commuter rail’s Auburndale station.
Feeding the life science growth in Boston
For Greatland, Riverside Labs is just one of a number of Boston-area life science initiatives. The developer additionally has three lab/workplace initiatives totaling roughly 640,000 sq. toes in Lexington, Mass., one in every of which being nonetheless underneath development.
It’s not solely Greatland making the most of the continuing life science growth within the Boston space. Earlier this month, Breakthrough Properties accomplished a 263,000-square-foot analysis and growth facility in Boston that already has its first tenant. The metro’s pipeline additionally features a 334,000-square-foot life science growth in Somerville, Mass., that lately was the recipient of a $278 million development mortgage.
