{"id":1004568546,"date":"2022-02-23T03:35:01","date_gmt":"2022-02-23T11:35:01","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004568546"},"modified":"2022-12-08T14:23:43","modified_gmt":"2022-12-08T22:23:43","slug":"lendlease-ivanhoe-cambridge-launch-life-science-joint-venture","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lendlease-ivanhoe-cambridge-launch-life-science-joint-venture\/","title":{"rendered":"Lendlease, Ivanho\u00e9 Cambridge Launch Life Science Joint Venture"},"content":{"rendered":"
\"60<\/a>

60 Guest St. Image courtesy of Ivanho\u00e9 Cambridge and Lendlease<\/p><\/div>\n

Nearly one year after acquiring a Boston site to build a nine-story, 320,000-square-foot life science facility together, Lendlease<\/strong> and Ivanho\u00e9 Cambridge<\/strong> have teamed up again to launch a joint venture with at least $500 million in equity to source new development and redevelopment projects across the country.<\/p>\n

The partners expect to grow the portfolio through additional investments over time. The joint venture will focus on select life science clusters in Boston, the San Francisco Bay area and San Diego but will eventually target additional areas including the New York\/New Jersey metropolitan region, Philadelphia, Chicago, Los Angeles and Orange County, Calif.<\/p>\n

\n

READ ALSO<\/strong>: JLL Launches Life Science Property Management Division<\/a><\/p>\n

\n

Ivanho\u00e9 Cambridge will be the majority partner in the venture that will deliver state-of-the-art labs, offices and manufacturing spaces in high-growth life science clusters. Lendlease will lead development and oversee construction on all projects and incorporate both firms\u2019 aggressive sustainability goals into the developments.<\/p>\n

Jonathan Pearce<\/strong>, executive vice president, leasing and development, North America, at Ivanho\u00e9 Cambridge, said in a prepared statement the partnership will enable the global real estate investor to deepen its footprint in the life science sector. He noted the sector has long-term growth fundamentals and will support the organization\u2019s strategic portfolio diversification<\/a>.<\/p>\n

Through subsidiaries and partnerships, the company holds interests in more than 1,100 buildings primarily in the industrial and logistics, office, residential and retail sectors. The real estate subsidiary of Caisse de d\u00e9p\u00f4t et placement du Qu\u00e9bec, Ivanho\u00e9 Cambridge holds approximately C$60.4 billion, or $47.4 billion, in real estate assets.<\/p>\n

Denis Hickey<\/strong>, global chief operating officer & CEO-Americas at Lendlease, said the partnership brings together Ivanho\u00e9 Cambridge\u2019s world-class investment expertise with Lendlease\u2019s experience in the life science sector.<\/p>\n

Through its construction business, Lendlease, a global real estate group with operations in Australia, Asia, Europe and the Americas, has completed more than 500 life science facilities in the U.S., totaling about 18 million square feet.<\/p>\n

The projects include ground-up developments, renovations and conversions and range in size from individual labs to large-scale manufacturing plants. The Australian company\u2019s U.S. commitments also include overseeing the development management at Google\u2019s 7.3 million-square-foot mixed-use Downtown West project<\/a> in San Jose, Calif.<\/p>\n

\u00a0First project outlined<\/strong><\/h2>\n

The first joint life science development<\/a> from the partners is 60 Guest St. located in Boston\u2019s Allston\/Brighton neighborhood at New Balance Development Group\u2019s Boston Landing campus.<\/p>\n

The partnership acquired one of the last vacant parcels at the campus in March 2021 for $67 million. The 1.2-acre site was fully approved to accommodate a 320,000-square-foot life science facility and the partners are planning state-of-the-art lab and office space with a robust amenity program for the development.<\/p>\n

Lendlease and Ivanho\u00e9 Cambridge are scheduled to break ground on 60 Guest St. this spring, with completion expected in 2024. The property near Harvard Business School in the Brighton neighborhood is located less than 5 miles west of Kendall Square in Cambridge, Mass., home to one of the most important life science clusters in the U.S. and the Massachusetts Institute of Technology.<\/p>\n","protected":false},"excerpt":{"rendered":"

The partners plan to invest an initial $500 million of equity in lab, office and manufacturing projects.<\/p>\n","protected":false},"author":1068,"featured_media":1004568551,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,23891,21742,21747],"tags":[33565,33849],"class_list":["post-1004568546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-national","category-latest","category-office","tag-ivanhoe-cambridge","tag-lendlease"],"acf":[],"yoast_head":"\nLendlease, Ivanho\u00e9 Cambridge Launch Life Science Joint Venture - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Lendlease and Ivanho\u00e9 Cambridge have launched a life science joint venture with an initial $500 million in equity to source new developments.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/lendlease-ivanhoe-cambridge-launch-life-science-joint-venture\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lendlease, Ivanho\u00e9 Cambridge Launch Life Science Joint Venture\" \/>\n<meta property=\"og:description\" content=\"Lendlease and Ivanho\u00e9 Cambridge have launched a life science joint venture with an initial $500 million in equity to source new developments.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/lendlease-ivanhoe-cambridge-launch-life-science-joint-venture\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-23T11:35:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T22:23:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/02\/60-Guest-Street.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"804\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lendlease-ivanhoe-cambridge-launch-life-science-joint-venture\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/lendlease-ivanhoe-cambridge-launch-life-science-joint-venture\/\",\"name\":\"Lendlease, Ivanho\u00e9 Cambridge Launch Life Science Joint Venture - 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