This Week's Boston Deal Sheet: GSK Expands By 155K SF In Cambridge
Biopharma giant GSK plans to significantly expand its footprint in Cambridge to take over more than 150K SF that was previously occupied by Bristol Myers Squibb.
GSK has agreed occupy 200K SF at 200 Cambridge Park Drive starting in 2024. GSK currently occupies a full floor at the property, according to King Street Properties, which announced the deal.
“We have enjoyed a long-standing relationship with GSK and are excited to support their increasing footprint in the Cambridge area with this lease,” said Chris Rouches, managing director at King Street Properties, in a press release.
Prior to the lease expansion, Bristol Myers Squibb occupied the space, according to a spokesperson. In 2021, the company announced plans to consolidate its offices in Alewife and Kendall Square into a 360K SF space at 250 Water St. in Cambridge Crossing.
In 2014, King Street acquired the 221K SF property as part of a $54.5M, two-building deal. The company made plans to redevelop the properties in a $112M project. A year later, King Street sold 200 Cambridge Park Drive to a Morgan Stanley fund for $165.5M, the Boston Business Journal reported in 2017.
LEASES
RMF Engineering plans to relocate its office at 31 Milk St. in the Financial District to 211 Congress St. The company will take over half of the building's sixth floor. The office building is owned by an affiliate of New York-based Drucker Associates and is managed by Lincoln Property Co., the Boston Real Estate Times reported as part of another lease Drucker secured in 2022. Cushman & Wakefield's Mary Patalita represented RMF in the deal. A spokesperson declined to say how many square feet RMF will occupy.
FINANCING
The Community Economic Development Assistance Corp. partnered with the Department of Housing and Community Development to finance 235 housing units in the state. The partnership has committed to financing 14 projects, Boston Real Estate Times reported. The CEDAC will work with companies in towns including Acton, Hudson, Pelham and Salem to deliver the units.
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The state plans to give the city of Boston $25M toward a new North End community center. Of the total, $5M will go toward repurposing the existing community center. The Boston Centers for Youth and Families North End Community Center will be located next to the BCYF Mirabella Pool.
From 2017 to 2019, the city engaged in a community process to plan the future of the center. The full cost of the project is estimated to be between $50M and $60M. The city will begin designing the new center in early 2023.
PERSONNEL
MassBio's Board of Directors has named Kendalle Burlin O'Connell as the organization's CEO and president. Burlin O'Connell has worked for MassBio for the last 14 years, most recently as the president and chief operating officer.
Outside of her work with MassBio, Burlin O'Connell serves on multiple boards, including the Eastern New England Board of Directors for the American Cancer Society, the 2022 New England ResearcHERS program and the Massachusetts Biotechnology Education Foundation.
CONSTRUCTION & DEVELOPMENT
Orlando-based ZOM Living proposed a two-building, 495-unit apartment complex on a parking lot adjacent to the South Shore Plaza in Braintree. The proposal, branded as Residences on Granite, will have one 315-unit apartment building and a 180-unit "active adult" residential building.
Jim Dunlop, the managing director at ZOM, said that the firm has been planning its expansion into the Boston market since before the pandemic. If approved, the project will be the company's first in Massachusetts.
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The Procopio Cos. celebrated the grand opening of its $20M multifamily development in Wilmington. The project includes a three-story, 39-unit apartment building and 10 townhomes. The properties total 74K SF and are positioned off major highways and the Wilmington MBTA stop.
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WinnDevelopment won approval from the Salem planning board for its 120-unit apartment development. The majority of the units proposed on the site located at 252 Bridge St. would be studios and one-bedrooms.
The project is part of bigger development the company is undertaking, including the adaptive reuse of the historic Salem Superior Courthouse and County Commissioner buildings on Federal Street.
