Tishman Speyer-Backed Spec Life Sciences Development Lands Full-Building Lease

Courtesy of Breakthrough Properties
A Rendering Of 105 West First St. In Boston's Seaport

A 264K SF spec Boston life sciences development from Breakthrough Properties is fully leased 18 months ahead of its scheduled delivery.

CRISPR Therapeutics, a gene-editing company with its U.S. headquarters in Cambridge, has agreed to lease the full 263,500 SF at Breakthrough's The 105 in Boston. The development, which sits between Interstate 93 and the Seaport District in South Boston, is set to be delivered in 2022.

Breakthrough, a joint venture between Tishman Speyer and biotech investment firm Bellco Capital, launched last year and focuses on life sciences acquisition and development, a sector that remains in high demand in Boston and beyond. It acquired the site — then an office building — at 105 West First St. in July 2019 for $80M and began construction on the lab complex in March.

The Payette-designed building is slated to include a fitness facility and terraces that can be accessed from two floors.

“We are thrilled to partner with CRISPR, one of the world’s emerging leaders in the biotech industry, as it continues to develop therapies that change the way we fight disease,” Breakthrough CEO Dan Belldegrun said in a release. “There has never been a more important time to focus on the scientific innovation and we’re honored to play a small but supportive role in CRISPR’s exciting future.”

The 105 is Breakthrough Properties’ first project. It comes as Tishman Speyer is focusing on asset classes that it perceives to be resistant to the coronavirus pandemic-induced recession, including the launch of its first affordable housing program. Belldegrun was a Tishman Speyer senior director before being installed as founder and CEO at Breakthrough.

Contact Tim Carroll at tim.carroll@bisnow.com.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Boston Newsletters
Related Stories

Why DivcoWest Is Advancing A New 19-Story Lab Development In Somerville

HUD Wants To Make It Easier To Bring Private Capital Into Public Housing

EXCLUSIVE: Georgia-Pacific Scraps Conversion Plans For Its Atlanta HQ

Massachusetts Housing Projects Receive $278M In New Public Funding

Crow Holdings Raising Nearly $3.3B Fund, Its Largest Ever

LaSalle Wins Extra £300M For £1B AUM Local Authority Pension Mandate

CRE's Clearance Rack Is Empty, Leaving Landlords To Create Their Own Value

Downtown Office Building Approved For Conversion Trades For $8.5M: The Boston Deal Sheet

Tishman Misses Payment Deadline On $450M International Square Loan

Deutsche Finance Alleges BVK Is Responsible For CRE Portfolio Losing $1B In New Lawsuit

Second Top Real Estate Exec Departs GIC

Related Cos. Sells Alpharetta Apartments For More Than $100M