This Week's Boston Deal Sheet
Boston Pinnacle Properties has proposed a new 10-story lab development in Somerville's Assembly Square district.
The developer filed plans calling for a 10-story, 51K SF life sciences development at 45 Mystic Ave. in Somerville. The development will also include 8K SF of amenities and conference spaces, and the ground floor will be dedicated to makerspace for local artists, Banker & Tradesman first reported.
The developer intends to attract startup biotech companies to the project's 23K SF of life sciences space.
The site is home to ABJ Auto Repair, an 8K SF shop that sits in the Assembly Point neighborhood, which is a part of the bigger Assembly Square Mixed-Use District, according to the filing.
"The Proponent intends to foster innovation and start-up growth, pursue the highest level of sustainability, and create welcoming community space much needed in the Assembly Point neighborhood," the filing says.
Just a month ago, Cabot, Cabot & Forbes acquired two parcels near Assembly Square for $142M with plans to bring over 1M SF of mixed-use development, including new life sciences and retail space.
SALES
Miami-based investment firm Azora Exan bought 70 Federal St. for $41M from an affiliate of Nuveen Real Estate. The 64K SF building is 91% leased by eight tenants, including anchor tenant Fidelity, InterContinental Insurance Brokers and Wilson Butler Architects. The deal marks the first Boston office building to be sold since early 2022, according to JLL. JLL's Chris Angelone, Coleman Benedict, Scott Carpenter, Scott Tully Jr., Brooke Howard and Rachel Bliss worked on the deal on behalf of Nuveen.
PERSONNEL
JLL hired life sciences industry veteran Robert Richards as senior managing director of its New England market. In his new role, Richards will continue to focus on life sciences, healthcare and portfolio advisory in New England. Richards' career spans more than three decades, with his most recent role as executive vice chairman for Cushman & Wakefield. Previously, he was president of Richards Barry Joyce & Partners, where he was a founding partner.
CONSTRUCTION & DEVELOPMENT
Developer Sing Ming Chan filed plans for a 75-unit multifamily development at 415-51 D St. in South Boston, the Boston Business Journal first reported. The 75K SF project will redevelop 14K SF along D Street near Dorchester Avenue, an area that has been historically industrial. The project will also include 20 garage parking spots and 75 bicycle parking spots.
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MIT Investment Management Co. unveiled the design for its Volpe Center redevelopment, which will include 408K SF and 16 stories at 25 Broadway St. in Kendall Square, Banker & Tradesman reported. MIT is working with architects NBBJ and Dream Collaborative on the project. The development will also include 12K SF of ground-floor retail space. MIT acquired the site for $750M in 2017 after winning the bidding war for the property, which was once home to a U.S. Department of Transportation office.
