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The 74M topping out ceremony. Image by Daniel Phillips, courtesy of Greystar
Greystar has topped out 74M, a 465,000-square-foot life science building in Somerville, Mass. The purpose-built development marks the company’s first ever project in the life sciences industry.
74M is coming to fruition in the context of the $1.2 billion joint venture created by Greystar and the Canada Pension Plan Investment Board with the intention of developing life science projects. Under the terms of the agreement, Greystar acts as developer and property manager of the portfolio.
Designed by Elkus Manfredi Architects and built by Consigli, the project is targeting LEED Platinum, WELL Platinum, SmartScore and WiredScore certifications. Completion is expected next spring.
READ ALSO: How to Build Flexibility Into Life Science Projects
The development rises at 74 Middlesex Ave., at the edge of the Assembly Square master-planned project that features more than 800,000 square feet of office space, 1,000 residential units, a hotel and a mix of restaurants, bars and shops.
“Somerville’s Assembly Square district is undergoing reimagination as a pillar of research and development and we’re thrilled for 74M to be part of that evolution,” Gary Kerr, managing director at Greystar, told Commercial Property Executive.
Greystar’s first life science project
Greystar began construction on 74M in June of last year, on a 0.9-acre parcel acquired for $35.7 million. In a recent interview with CPE, Kerr stated that the most challenging aspect of the project had been building in a municipality with an active, engaged constituency. However, the process was also very rewarding, he noted.
Upon completion, the building will include 27,000 square feet of retail space, according to CommercialEdge data. Amenities are set to include a 2,000-square-foot rooftop deck, wellness center and conference rooms, as well as bike storage. Along with the life science development, Greystar is also committed to the construction of a neighborhood park located at 0 Kensington Ave.
The development is just east of Interstate 93, accessible via the Assembly MBTA Orange Line station. More than 1,500 residential units, as well as dining, retail and entertainment options, are nearby. Downtown Boston is less than 4 miles southeast.
“With more than 1 million square feet of research space planned and in progress, Assembly Square is poised to be the next great innovation hub for the region,” Kerr said.
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