Lendlease and Ivanhoé Cambridge have partnered to buy a 1.15-acre site in the US to build a $500m (€418.7m) life science building.
The two companies have teamed up to buy the 60 Guest Street site in the Boston Landing campus in Allston/Brighton, Massachusetts from NB Development for $67m. JLL represented the seller.
The partnership intends to develop a nine-story structure, comprising 320,000sqft of office/lab space.
Denis Hickey, Lendlease Americas CEO, said the 60 Guest Street project demonstrates the firm’s global strategic focus on delivering a diverse and robust pipeline of development projects alongside capital partners like Ivanhoe Cambridge.
Nathalie Palladitcheff, president and CEO at Ivanhoé Cambridge, said: “This life science development project is perfectly aligned with our investment strategy and vision, as we continue to invest in the life sciences sector which fosters long-term growth fundamentals.
“Investing alongside Lendlease, who has a breadth of experience in constructing life science and research facilities, will allow both partners to grow their exposure in this sector.”
To read the digital edition of the latest IPE Real Assets magazine click here.