{"id":1004696152,"date":"2024-01-03T04:40:12","date_gmt":"2024-01-03T12:40:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004696152"},"modified":"2024-01-09T08:48:23","modified_gmt":"2024-01-09T16:48:23","slug":"boston-life-science-project-comes-online","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/boston-life-science-project-comes-online\/","title":{"rendered":"Boston Life Science Project Comes Online"},"content":{"rendered":"<div id=\"attachment_1004696166\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/10-Prospect-St-e1704278096562.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004696166\" data-attachment-id=\"1004696166\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/boston-life-science-project-comes-online\/gilbane-building-company-usq\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/10-Prospect-St-e1704278096562.jpg\" data-orig-size=\"2398,1800\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Gilbane Building Company&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;USQ&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;Gilbane Building Company-USQ&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"10 Prospect St.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;10 Prospect St. comprises 60 percent lab space and 40 percent office space. Image courtesy of Gilbane Building Co.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/10-Prospect-St-e1704278096562.jpg?w=1024\" class=\"wp-image-1004696166 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/10-Prospect-St-e1704278096562.jpg?w=300\" alt=\"10 Prospect St.\" width=\"300\" height=\"225\" \/><\/a><p id=\"caption-attachment-1004696166\" class=\"wp-caption-text\">The building at 10 Prospect St. comprises 60 percent lab space and 40 percent office space. <em>Image courtesy of Gilbane Building Co.<\/em><\/p><\/div>\n<p><strong>US2<\/strong>, a partnership between <strong>Magellan Development Group<\/strong>, <strong>RAS Development<\/strong>, <strong>Cypress Equity Investments <\/strong>and <strong>Affinius Capital<\/strong>, has completed 10 Prospect St., a 205,000-square-foot life science building in Somerville, Mass. <strong>Gilbane Building Co. <\/strong>served as general contractor.<\/p>\n<p>US2 broke ground on the project in 2021 and <a href=\"https:\/\/www.commercialsearch.com\/news\/usaa-real-estate-jv-tops-out-boston-area-life-science-building\/\">topped out the development in 2022.<\/a> Construction financing included a $119.2 million loan from Bank OZK, according to CommercialEdge information.<\/p>\n<p>Designed by <strong>SGA Architects<\/strong>, the LEED Gold-certified building rises seven stories and comprises 60 percent lab space and 40 percent office space, with a two-story mechanical penthouse supporting the life sciences equipment. The property also includes some 12,000 square feet of retail space along with an amenity space featuring a lounge, outdoor deck and kitchen for events. <strong>JLL <\/strong>is leading the leasing efforts.<\/p>\n<hr \/>\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/emerging-life-science-markets-stake-a-claim\/\">Emerging Life Science Hubs Stake a Claim<\/a><\/p>\n<hr \/>\n<p>The building is part of the first phase of USQ, the $2 billion master-planned development spanning 17 acres. At full build-out, the redevelopment of Union Square will comprise some 1.5 million square feet of lab and office space, 1,000 residential units, a 175-key hotel, more than 140,000 square feet of retail and 4 acres of parks and open spaces.<\/p>\n<p>Located less than 5 miles from downtown Boston, 10 Prospect St. is within walking distance of the Union Square light rail station, providing public transportation across the metro. The property is also roughly 1 mile from Kendall Square.<\/p>\n<h2>Life sciences bolster Boston&#8217;s office pipeline<\/h2>\n<p>Throughout the first 10 months of 2023, 15 office properties came online in Boston, totaling more than 5 million square feet and accounting for 1.8 percent of existing stock, according to <a href=\"https:\/\/www.commercialsearch.com\/news\/life-sciences-bolster-bostons-office-market\/\">recent CommercialEdge research<\/a>. As of October, the metro had more than 13.7 million square feet of office space under construction across 49 projects, 36 of which being life science developments.<\/p>\n<p>One of the recently completed projects is 250 Arsenal Place, a 255,000-square-foot life science building in Watertown, Mass., that was also designed by SGA and constructed by Gilbane. The LEED Silver-certified property includes research facilities with reverse osmosis skid, central PH neutralization, cold room and 16,000-AMP raceways. Amenities feature a coffee bar, fitness center, golf simulator and shared lobby spaces.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The building is part of a $2 billion master-planned development. <\/p>\n","protected":false},"author":3120,"featured_media":1004696166,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21782,21742,10,21747],"tags":[52016,38465,32862,35237,51240,51572],"class_list":["post-1004696152","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-development","category-latest","category-northeast","category-office","tag-affinius-capital","tag-cypress-equity-investments","tag-gilbane-building-company","tag-magellan-development-group","tag-ras-development","tag-sga"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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