Eli Lilly Fills All Of Seaport Building With New Lease: The Boston Deal Sheet
Big Pharma company Eli Lilly and Co. has doubled its footprint at a Seaport building.
The company signed an additional 75K SF lease at 645 Summer St., fully occupying the building, the Boston Business Journal reported.
Eli Lilly began occupying the space after acquiring gene-editing startup Akouos in 2022. It subsequently named the space Lilly Harborside Research & Development Labs.
Oxford Properties owns the 150K SF property, which was built in 1966 and renovated in 2019.
The lease represents the latest in the company's growth across the city. Eli Lilly opened its $700M, 346K SF Lilly Seaport Innovation Center at 15 Necco St. in 2024.
SALES
Eaton Vance bought the 370-unit Alta on the Row for $157M, according to public deed records. The deal closed on Oct. 14. Atlanta-based Wood Partners was the seller.
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San Diego-based IQHQ sold an approved development site in Brighton for $35M, according to public records. The company sold the former Sound Museum property at 155 N. Beacon St. to New Balance's real estate arm, Banker & Tradesman first reported. The sale price marks a 30% discount from the $50M IQHQ bought it for in 2021.
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Alexandria Real Estate Equities sold the Watertown Mall to National Development for $100M, according to public records. National plans to continue operating the property as a retail asset, The Boston Globe first reported. The sale comes after Alexandria filed plans to redevelop the property into a multibuilding, mixed-use project that would have spanned nearly 1M SF and included four lab and office buildings.
The mall is 96% leased to tenants including Target, Best Buy and the Registry of Motor Vehicles. National plans to upgrade signage and storefronts. Alexandria acquired the property in 2021 for $130M.
LEASES
Marcus Partners secured roughly 236K SF of leases across its Greater Boston logistics portfolio. The firm completed a full building, 124K SF lease with New England Appliance Group for 206 Mechanic St. in Bellingham. It also completed 112K SF in leases at 4 Executive Place in Andover.
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Architecture and engineering firm HGA relocated its Boston office to 311 Summer St. in Fort Point. The firm is taking 12K SF in the new space, relocating from 374 Congress St. The space spans the top two floors in the building.
FINANCING
B&D Holdings secured $10M in financing for the acquisition of two industrial facilities in Greater Boston totaling 64K SF. The properties are a 34K SF site at 1668 Shawsheen St. in Tewksbury and a 30K SF building at 45 Research Drive in Haverhill. JLL's Max Custer, Amy Lousararian, Thomas E. Didio Jr., Chris Barry and Christian Badalamenti represented B&D in the deal.
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MassHousing provided $8.7M in financing for a 50-unit Independence Manor II apartment complex in Braintree. The financing will extend the affordability of the units until 2046. The financing was through MassHousing's Multifamily Accelerated Processing/Ginnie Mae Joint Venture program with lender Rockport Mortgage Corp. The financing will also include $335K in property improvements and repairs.
PERSONNEL
Cabot Properties named Bradford Otis chief operating officer and Michael Gebo head of asset management. Otis will oversee the internal functions across the company's global operations, and Gebo will oversee leasing, tenant relations and property management across the U.S.
Otis previously served as Cabot's managing director and head of asset management. Prior to this new role, Gebo oversaw operations in Cabot's Southern California, Dallas and Chicago markets. Otis and Gebo are based out of the company's Boston office.
CONSTRUCTION AND DEVELOPMENT
DivcoWest unveiled new amenities upgrades at its 1.1M SF One Lincoln office building on Wednesday. The amenities were part of a $100M investment in the property. The renovations include a seventh-floor amenities center, a tenants-only whiskey bar, a private lounge and outdoor space. Anchor tenant HarbourVest also formally opened its 250K SF office at the property.
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The first phase of Leggat McCall Properties and Joseph J. Corcoran Co.'s $1.4B, multiphase Bunker Hill redevelopment is complete, the BBJ reported. The 102-unit residential building called Stellata is at 40 Corey St. The project plans total 6K SF of amenities, 50K SF of retail and commercial space, and a 14K SF community center.
