Boston’s Seaport District: Preservation Through Conversion To Life Sciences
Massachusetts has been a central hub for life sciences and tech companies for decades, with neighborhoods like Cambridge’s Kendall Square acting as the epicenter for innovation. Historically a biotech hub, this market is quickly expanding into other parts of the industry and state. In 2021, the number of people employed in the biopharma industry in Massachusetts grew by 13.2%.
As the industry grows, more real estate is needed to match the pace of this growth. The Massachusetts Biotechnology Council estimates that between 26M and 59M SF of additional life sciences real estate is required by 2026 to keep up with industry demand.
Now, Boston’s once underdeveloped Seaport District is increasingly catching the attention of real estate investors and life sciences companies looking to establish a presence in the city. The Seaport's unique combination of historic buildings, new high-rise developments with ground-floor retail and abundant transportation options offers a rich environment that is hard to replicate.
As it stands, more than 40 life sciences companies have set up shop in this neighborhood. Accessibility combined with high-end amenities like coffee shops, retail stores, restaurants and bars makes the Seaport one of the hottest markets in the city. The influx of life sciences companies moving into the Seaport District provides brick-and-beam historic buildings with the opportunity to be preserved through converting the spaces into life sciences laboratory properties.
“Over the past several years, the Seaport District has become a location where many life sciences companies are choosing to locate,” said Kyle O’Connor, president of MLL Capital. “What was once an old industrial part of town is now a bustling center to live, work, discover and play.”
MLL Capital is a commercial real estate investment company focused on medical and life sciences properties. Founded in 2016, the firm’s portfolio stretches across the country, including 15 buildings that total more than 1M SF.
One of the firm’s most recent additions to its portfolio, 33-41 Farnsworth, is a 100K SF former brick-and-beam warehouse. Located in the heart of the Seaport District, 33-41 Farnsworth is being repurposed into lab space for companies involved in the Boston life sciences market.
“Instead of building a new structure with manufactured glass or steel, for this project we are preserving a historic structure, which has a ton of character, yet modernizing it to produce top-of-class lab space, ” O’Connor said.
Built more than 100 years ago, 33-41 Farnsworth is easily recognizable by its historic red brick exterior, classic architecture and central location, said Wyndsor DePetro, principal at MLL Capital.
With a large timber frame as its original structural system, MLL is making significant structural improvements to the building, including structural load support, seismic upgrades, and concrete slab stiffening and leveling.
Additionally, MLL is augmenting the structural upgrades by installing new ultra-low harmonic energy-efficient heating and cooling systems, robust ventilation systems and electrical systems, sea level rise protected backup power systems, chemical storage facilities and more.
DePetro said this $157M adaptive reuse project has been designed to exceed the standards life sciences tenants have for today’s market while still maintaining the building’s original feel and patina, because “not every tenant is interested in a new, modern, glass-clad tower.” Many tenants appreciate the environmental benefits associated with repurposed properties like 33-41 Farnsworth, he said.
“Tenants choose to work and live in the Seaport because of its accessible transportation infrastructure and abundant amenity base,” DePetro said. “33-41 Farnsworth is situated close to the Silver subway line, the Massachusetts Turnpike and the commuter ferry boat terminal, making it very easy to commute back and forth from any direction.”
He said the location’s proximity to Boston Harbor, the number of restaurants, bars, retail and exercise facilities in the area all add to the environment that the Seaport can offer tenants. Within minutes of Kendall Square via the Red line, life sciences companies are finding this to be a perfect spot to call home.
The Seaport District already boasts more than 2.8M SF of office and research space, 4,500 residential units and more than 1M SF of retail. 33-41 Farnsworth will add a unique take on modern lab space while meeting the needs of the life sciences market at-large, DePetro said.
“The market is calling on developers to not only meet the needs of tenants, but ESG goals as well,” O’Connor said.
One of the guiding principles of adaptive redevelopment is to reduce the carbon footprint associated with producing the materials required for new construction projects, all while reducing the amount of carbon-storing materials being sent to landfills. Reusing and repurposing a historic structure extends its useful life, ensuring that historic properties like 33-41 Farnsworth will be used for generations to come, O’Connor said.
“We have to be realistic about the changing environment that we are living in,” DePetro said. “33-41 Farnsworth demonstrates that it is possible to preserve a historic property and equip it to deal with the realities of an evolving environment, like sea level rise.”
MLL addressed concerns about the building's channel-side location by installing mechanical and electrical equipment on raised slabs and on the roof to keep them safe from rising sea levels.
“33-41 Farnsworth is a great example of a project that can adhere to the principles of ESG investing while still delivering first-class, highly functional lab space,” DePetro said.
This article was produced in collaboration between MLL Capital and Studio B. Bisnow news staff was not involved in the production of this content.
Studio B is Bisnow’s in-house content and design studio. To learn more about how Studio B can help your team, reach out to studio@bisnow.com.
