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Sign in Sign up for a FREE subscriptionLife sciences development moves forward in Massachusetts
A speculative life sciences development totaling 262,000 square feet in Somerville, Mass., is moving forward.
JLL Capital Markets worked on behalf of DLJ Real Estate Capital Partners, Leggat McCall Properties and Deutsche Finance America to secure the $230 million non-recourse construction loan with Oxford Properties Group.
The property, known as 15 McGrath Highway, will be a nine-story, state-of-the-art life sciences facility positioned adjacent to East Cambridge. The project will incorporate lab, retail and office/arts space with typical floor plates of 34,000 square feet.
JLL said the project is at the crossroads of Kendall Square, one of the nation’s tightest life sciences markets, and Cambridge Crossing, a multi-building life sciences campus. This location provides the property with access to a highly educated workforce and proximity to world-class institutions, including MIT and Harvard University.
The project is expected to reach completion in la
