{"id":1004594863,"date":"2022-08-02T02:56:57","date_gmt":"2022-08-02T10:56:57","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004594863"},"modified":"2022-12-08T19:18:56","modified_gmt":"2022-12-09T03:18:56","slug":"biomed-realty-lands-514m-for-boston-area-life-science-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/biomed-realty-lands-514m-for-boston-area-life-science-project\/","title":{"rendered":"BioMed Realty Lands $514M for Boston-Area Life Science Project\u00a0"},"content":{"rendered":"
\"Assembly<\/a>

Assembly Innovation Park. Image courtesy of Perkins&Will<\/p><\/div>\n

BioMed Realty<\/strong> has received $514 million in construction financing for the first phase of the developer\u2019s Assembly Innovation Park, a 485,000-square-foot life science tower now underway in Somerville, Mass. Newmark<\/strong> arranged the funding.<\/p>\n

The financing was characterized by Newmark as one of metro Boston\u2019s first \u201cgreen loans,\u201d in that the 12-story tower is designed to achieve LEED Gold and WELL certifications. The tower and its parking garage reportedly will incorporate sustainable technologies including a high-performance curtain wall, high-efficiency chilled water and exhaust air systems, and a rooftop photovoltaic array.<\/p>\n

The project broke ground in January and is scheduled to deliver in the second quarter of 2024.<\/p>\n

BioMed currently plans a total of 970,000 square feet across three phases\/buildings at the development, with an amenity package featuring multiple cafes and conference centers as well as an indoor\/outdoor food hall.<\/p>\n

\n

READ ALSO<\/strong>: Why Every CRE Borrower Should Know a Debt Fund<\/a><\/p>\n

\n

Newmark Executive Managing Directors David Douvadjian Sr. and Timothy O\u2019Donnell, Senior Managing Director Brian Butler, Managing Director David Douvadjian Jr. and Associate Conor Reenstierna of the firm\u2019s Boston Debt & Structured Finance group represented the borrower.<\/p>\n

Overbuilding? Really?<\/h2>\n

In June, Barings<\/strong> purchased a 144,000-square-foot life science property<\/a> in Bedford, Mass., from Jumbo Capital<\/strong> for $132 million. One Patriots Park is on a 14.4-acre site and is fully leased to four tenants. Newmark represented the seller on that deal.<\/p>\n

With an overall vacancy below 1 percent, Greater Boston\u2019s lab market has reached a point where net absorption is being limited by a lack of available space, according to a second-quarter report from Lincoln Property Co. <\/strong><\/p>\n

And so much space (about 15 million square feet) is under construction\u2014with about a further 45 million-plus proposed or permitted\u2014that concerns about overbuilding have arisen, especially given recent drops in Wall Street\u2019s enthusiasm and venture capital\u2019s appetite for biotech.<\/p>\n

Despite that, the report suggests, \u201cThe real estate fundamentals for Boston life sciences still have arguably never been stronger.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Phase I of Assembly Innovation Park is on track for delivery in two years. <\/p>\n","protected":false},"author":882,"featured_media":1004594870,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21782,21808,21825,21754,21742,10,21747],"tags":[34275,32854,51530,32838,50999],"class_list":["post-1004594863","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-development","category-featured","category-finance","category-medical-office","category-latest","category-northeast","category-office","tag-barings","tag-biomed-realty","tag-jumbo-capital","tag-lincoln-property-company","tag-newmark"],"acf":[],"yoast_head":"\nBioMed Realty Lands $514M for Boston-Area Life Science Project\u00a0 - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"BioMed Realty has received $514 million in construction financing for the first phase of the Assembly Innovation Park in Somerville, Mass.\" \/>\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\/biomed-realty-lands-514m-for-boston-area-life-science-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BioMed Realty Lands $514M for Boston-Area Life Science Project\u00a0\" \/>\n<meta property=\"og:description\" content=\"BioMed Realty has received $514 million in construction financing for the first phase of the Assembly Innovation Park in Somerville, Mass.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/biomed-realty-lands-514m-for-boston-area-life-science-project\/\" \/>\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=\"2022-08-02T10:56:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T03:18:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Assembly-Innovation-Park.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"824\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\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\/biomed-realty-lands-514m-for-boston-area-life-science-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/biomed-realty-lands-514m-for-boston-area-life-science-project\/\",\"name\":\"BioMed Realty Lands $514M for Boston-Area Life Science Project\u00a0 - 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