Developer Greystar Real Estate Enters Boston Life Sciences Market, Breaks Ground on 465,000-SF Vertical Construction in Somerville
Somerville, MA– Greystar Real Estate Partners, a global investment, development, and manager of commercial properties and rental housing, throughout the world and locally in Greater Boston, formalized its entry into the life sciences sector with the start of vertical construction of 74 Middlesex Avenue (“74M”) in Somerville, MA.
74M and future projects in planning will strengthen the emerging life sciences cluster forming in the bustling Assembly Square district, which already includes more than a million square feet of permitted projects, and are part of Greystar’s long-term growth strategy.
Greystar executives, including Managing Director, Development Gary Kerr, ceremoniously gathered alongside City of Somerville officials and the Mystic View Task Force to celebrate the launch yesterday afternoon where they released renderings of 74M, which can be viewed here.
Photo Credit: Melissa Ostrow Photography
Identification (L to R): Ryan Souls, Director, Development at Greystar; Emil Hoogendoorn, Senior Director, Construction at Greystar; Gary Kerr, Managing Director, Development at Greystar; Tom Galligani, Director of Economic Development of the City of Somerville; Courtney Kirk, Senior Planner, City of Somerville Public Space & Urban Forestry; Mikyoung Kim, Founding Principal at Mikyoung Kim Design; Wig Zamore, Mystic View Task Force; Christina Audet, Associate, Development at Greystar; Brittney Madej, Director, Construction at Greystar.
Set to deliver in Spring 2024 and located at 74 Middlesex Avenue, 74M is a 465,000 square-foot, 15-story life science building intelligently designed by Elkus Manfredi Architects. The purpose-built lab development incorporates elements for the next generation of tenants, targeting LEED Platinum, WELL Platinum, WiredScore Platinum, and SmartScore certification. Tenants of 74M will benefit from a vibrant, transit-oriented location and best-in-class amenities including an expansive 2,000 square-foot rooftop terrace, conference/function rooms, a health and wellness center, ground floor retail, dedicated bicycle storage/entrance, and unobstructed views of the Boston/Cambridge skyline and Mystic River.
The building is prominently positioned as a new link between the Assembly Square and East Somerville neighborhood, offering tenants immediate access to 1,500+ residential units, an award-winning hotel, and a series of restaurants, bars, and retail destinations. It also offers immediate proximity to the Assembly MBTA Orange Line station and unparalleled visibility adjacent to I-93.
“74M is an important milestone for Greystar’s long-term growth strategy as our first life science venture. We look forward to delivering a high-quality development that will serve next generation tenant needs,” said Gary Kerr, Managing Director, Development at Greystar. “Greystar’s global growth and success is a product of our focus on top-notch talent and a commitment to quality and the communities we operate in. We are applying this same approach to our life science vertical and are excited to put our strategic vision for this sector into action. There is strong demand for life science space, and we are focused on ensuring Assembly is a sought-after location for companies seeking to innovate in a cluster of like-minded peers.”
In choosing Assembly Square as home to the first development in their new life science vertical, Greystar has committed to the neighborhood with a sizeable financial and strategic investment. This includes the concurrent construction of a new neighborhood park located directly south of the building at 0 Kensington Avenue. The neighborhood park will deliver an accessible, sustainable, and multi-generational public space that will serve as a gateway into the Assembly Square neighborhood and will provide generous pedestrian and bicycle infrastructure that connects Foley Street to the Kensington Underpass, and the Stop and Shop and Garfield Avenue neighborhood to the west.
“It’s been so exciting over the last few years to welcome new development partners like Greystar who are excited about Somerville and are ready to live up to the high standards we’ve set as a community,” said Tom Galligani, Director of Economic Development of the City of Somerville. “What they will do over the next 24 months will be spectacular. They’re going to build a brand new signature park that will be a critical component of our connection of existing neighborhoods in East Somerville to the vibrancy and life that’s here in Assembly Square.”
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally.
Headquartered in Charleston, South Carolina, with a local office of almost 30 employees at 1 Federal St. Boston that is led by Managing Director, Development, Gary Kerr, Greystar is an established leader in the local development space having built a development pipeline of $3 billion in just 3.5 years.
Throughout Greater Boston, the company owns/manages 64 residential properties in addition to building more than 2,000 units and is embarking on significant life science developments in Somerville including: 74M, a 465,000 square-foot lab building, and future planned project which support the emergence of an innovation cluster in Assembly Square.
Most recently, Greystar is investing $730 million in Everett’s Commercial Triangle through a trio of residential developments that support the city’s redevelopment plans. Greystar is also active in one of Boston’s most revered neighborhoods, the Back Bay’s Back Village, where it is approaching the completion of 212 Stuart. The company is active in multiple sectors, including life science and collegiate, multifamily, corporate, and senior housing. It is the largest operator of apartments in the United States.
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates approximately $230 billion of real estate in 215 markets globally including offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages more than 754,000 units/beds, and has a robust institutional investment management platform with approximately $49.9 billion of assets under management, including $22.6 billion of development assets. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business.
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