The Davis Cos. and Boston Development Group secured two leases totaling roughly 120K SF for a new life sciences development in Watertown.
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Two companies co-founded by investor Greg Verdine will occupy roughly 120K SF at 66 Galen St., the developers announced Friday. LifeMine signed for 56K SF to fully occupy the fourth floor, and an unnamed biotech company signed a 61K SF lease to occupy part of the third floor.
Cushman & Wakefield’s Duncan Gratton, Connor Barnes and Joe Pearce represented Davis and BDG. Colliers’ Evan Gallagher and John Carroll represented the tenants.
“66 Galen provides state-of-the-art lab space, superior amenities, and proximity to other major life science clusters in the region, giving tenants an unmatched opportunity to scale their businesses,” Davis Senior Vice President Jon Needham said in a statement. “The decision to move the operations of two life sciences firms to the same building is a powerful affirmation of 66 Galen’s infrastructure and architectural excellence.”
Boston Development Group in 2019 acquired the property, which was home to a car dealership at the time, and The Davis Cos. entered in 2021 as the development partner. Citizens Bank provided nearly $175M in financing for the project, Banker & Tradesman reported.
The leases could be a positive sign for a market in which a wave of speculative life sciences projects has met slow demand, leading the region's vacancy rate to soar.
SALES
BioMed Realty acquired the two-building complex at 730-750 Main St. in Cambridge from MIT for $361.5M. The deal allows BioMed to control the complex under a master lease agreement that expires in 2099, while MIT will continue to own the land. The firm took out a $181M loan from an affiliate of American International Group and Fidelity & Guaranty Life Insurance Co. to fund the acquisition.
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Bell Partners acquired the 250-unit Quinn35 in Shrewsbury, which the company has managed since 2019. The community is situated in the Lakeway Commons Lifestyle Center, anchored by Whole Foods. The apartment complex is part of the 3,600 units the company manages or owns across nine apartment communities in Greater Boston. CBRE's Simon Butler led the team that brokered the transaction.
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Seyon acquired 40 Strafello Drive in Avon for $17.3M, according to property records. The investment is the latest in its South Route 128 portfolio, which consists of 17 buildings totaling 1.1M SF. The property sits on 6.3 acres in the Avon Industrial Park. The building is 94% leased to four tenants. CBRE represented the seller, an affiliate of VMD Cos.
LEASES
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Cambridge clean tech Lithios signed an 8K SF lease at Cummings Properties' Boston Avenue Innovation campus in Medford. The office will act as the company's new headquarters and will house its administrative and research and development functions.
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Boston Dynamics renewed its 23K SF lease at Hillside Associates' Waltham Research Park in Waltham. The office park is a 240K SF good manufacturing practice complex right off Route 128. R.W. Holmes' Arthur Amadei represented the landlord, and Colliers' Matt Siciliano and CBRE's Andrew Majewski represented the tenant.
FINANCING
Boston Residential Group secured $90M in financing for the development of 55 India St. in downtown Boston. The financing will go toward a 12-story, 76K SF residential building that sits on the last open development site on the Greenway. Financing was provided by Bank OZK and Hickory CRE.
CONSTRUCTION AND DEVELOPMENT
City Realty Group filed plans for a 1.2M SF mixed-use development on the site of an old office park in Brookline. The project would feature a 20-story condo tower and a 200-to-250-room hotel. It would also include a 13-story building consisting of medical offices and senior housing as well as a 12-story apartment building. The developer acquired the property in May for $41M. The 5.3-acre site includes four buildings totaling 120K SF at 1280-1330 Boylston St.
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Beacon Communities broke ground on its Leefort Terrace project on Oct. 2 in Salem. The 124-unit development is replacing a garden-style apartment for elderly and disabled residents. The project includes two buildings consisting of one-, two- and three-bedroom units. Both buildings will be all-electric, Passive House certified and built above the expected 2070 flood plain levels.
