US EAST LIFE SCIENCE DEVELOPMENT
Greystar and CPP Investments have allocated an initial US$1.2 billion in equity to a joint venture to develop Class-A life science office and lab buildings in leading U.S. life science markets. As part of this venture, Greystar is developing 74M, a purpose-built lab office development in the emerging submarket of Somerville, Massachusetts.
Taking advantage of Boston's reputation as a national life sciences 'supercluster,' 74M represents Greystar's first life science development and will feature 465,000 square feet of Class-A lab, office, and R&D space.
This project will be well-placed, as the life sciences sector is thriving in the area due to its interdependent relationship with world-class universities, teaching hospitals, and pool of highly educated talent.
Tenants will benefit from best-in-class amenities, including a rooftop amenity lounge with an expansive outdoor terrace, conference and function rooms, a health and wellness center, ground floor retail, dedicated bike storage, and unobstructed views of the Boston and Cambridge skyline and the Mystic River. The building is on track to be LEED Platinum and WELL certified with additional WiredScore and SmartScore certifications.
74M is positioned at the edge of the Assembly Square master development, which currently features over 800,000 square feet of office space, 1,000 residential units, an award-winning Marriott Autograph Collection hotel, and a mix of renowned restaurants, bars, and shops.
The project is a 6-minute walk to Assembly Station on the MBTA Orange Line T. It is directly adjacent to Interstate 93, providing convenient vehicle access and a pedestrian path to East Somerville residential neighborhoods via the I-93 underpass.
74M is set to deliver in Q1 2024.