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.”
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