News
Lots of Life in Life Science
October 11, 2011
| Spec development is almost a lost art (like whittling or using a fax machine), but Skanska USA Commercial Development says it's a sure shot when you're building a life science lab in Kendall Square, which is also the first CRE investment in metro Boston. |
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| Last week, the NYC-based unit of the global construction and development firm HQ'd in Stockholm broke ground on a 120k SF lab at 150 Second St that will be completed late ?12 and cost $70Mfor the core and shell, says project manager and EVP Shawn Hurley (standing). Here he's meeting with part of his team: reconstruction director Scott Bamford, SVP Joe Breen, Liz Antonizick, Shawn, VDC director Mike Choquett, and VP Laura Onessimo. The pre-certified LEED Gold, three-story building at the corner of Bent and Charles streets (designed by Elkus Manfredi) will have ample natural light, parking for 100 vehicles, bike racks, and native plantings that don't require irrigation. |
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| Shawn says Skanska USA is excited to have found a buildable site in East Cambridge—an ?epicenter? for the rapidly growing biotech industry. Shawn tells us that the East Cambridge vacancy rate for new Class-A lab space is less than 5%, rents are in the $60s/SF NNN and positioned for moderate growth going forward. Skanska is self-financing the project with no outside debt or equity on a 60k SF site it acquired last November from a Spaulding & Slye investment entity (now part of JLL). |
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| At the groundbreaking: JLL SVP John Osten, property owner Doug Cohen, Shawn, Elkus Manfrerdi?s David Manfredi, Mayor of Cambridge David Maher, EVP and area general manager of Skanska USA Paul Hewins, Cambridge City Councilor Tim Toomey, and School Committee senior member Fred Fantini. Skanska USA also has two spec office projects in DC, the first, at 733 10th St, is 90% leased. Shawn tells us Skanska is seeking more development sites in Greater Boston: primarily lab, office, and multifamily in urban locations. |
