{"id":1004650745,"date":"2023-03-22T05:20:39","date_gmt":"2023-03-22T13:20:39","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004650745"},"modified":"2023-03-23T05:33:32","modified_gmt":"2023-03-23T13:33:32","slug":"how-greystar-breathes-new-life-sciences-into-its-operations","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/how-greystar-breathes-new-life-sciences-into-its-operations\/","title":{"rendered":"How Greystar Is Breathing New Life (Science) Into Its Strategy"},"content":{"rendered":"
\"Greystar<\/a>

Gary Kerr, Managing Director of Development, Greystar. Image courtesy of Greystar<\/em><\/p><\/div>\n

On the lookout for new development and growth opportunities, Greystar<\/strong> formalized its entry into the life sciences sector<\/a> last year by breaking ground on 74M in Somerville, Mass., a northern suburb of Boston. The 15-story development designed by Elkus Manfredi Architects<\/strong> will add to the life sciences cluster forming in the bustling Assembly Square area, which already includes more than 1 million square feet of permitted projects. <\/p>\n

“If the conditions are right, we are in a position to pounce on a project, but we also have the benefit of being patient,” Managing Director for Greystar Development Services in the Northeast region, Gary Kerr, told Commercial Property Executive<\/em>.<\/p>\n

Completion of 74M is slated for early next year, and Greystar is looking to grow its life science presence nationally. Here’s what else Kerr shared about the company\u2019s foray into the life sciences industry, as well as the sector’s outlook in Massachusetts.<\/p>\n

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READ ALSO<\/strong>: Exploring Redevelopment Opportunities Within Life Sciences<\/a><\/p>\n

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What prompted Greystar\u2019s debut on the life sciences stage? <\/strong><\/p>\n

Kerr<\/strong>: Broadening the company\u2019s focuses will allow Greystar to continue to grow for years to come. Entering the life sciences vertical was a long-term goal for Greystar and we are incredibly proud to be an active player in this space.<\/p>\n

While we may be newcomers as an organization, we have significant experience within our ranks to leverage, and a keen understanding of how to build spaces people want to be in. We believe that deep connection with tenants and the tremendous backing of our strategic direction will facilitate strong success within this asset class.<\/p>\n

Tell us more about 74M, your first life sciences lab office development. <\/strong><\/p>\n

Kerr<\/strong>: 74M is a 465,000-square-foot, purpose-built life sciences development designed for the next generation of the industry. Tenants of 74M will also enjoy an array of best-in-class amenities and unobstructed views of the Boston\/Cambridge skyline and Mystic River.<\/p>\n

Location is a big part of 74M\u2019s value proposition, with immediate access to the housing, restaurants, shopping, and other destinations of the Assembly Square neighborhood. There is also direct access to the Assembly MBTA Orange Line, proximity to Kendall Square, and unparalleled visibility adjacent to Interstate 93.<\/p>\n

What has been most challenging about this project so far? <\/strong><\/p>\n

Kerr<\/strong>: When you build in a municipality with an active, engaged constituency, it can be challenging. There are a lot of community meetings and a lot of opinions on proposed projects. That was certainly the case with 74M, though I will also note that it was a positive, rewarding experience. We benefitted tremendously from meeting with neighborhood groups and figuring out how we could use this development to make broader improvements to Assembly Square with the creation of additional green spaces and improved connectivity with the surrounding area.<\/p>\n

On another note, the City of Somerville did a very good job laying the process out, which provided us with greater predictability and understanding of the timeline needed. Having a high degree of confidence in how long it will take to get shovels in the ground is very important, and we appreciate the municipal partnership throughout the process.<\/p>\n\n\n