Somerville, Mass. Colliers Capital Markets has arranged a $192.5 million construction financing for the development of 100 Chestnut St., a 200,000 square foot life sciences development in the city’s Brickbottom neighborhood.
Colliers secured the construction loan on behalf of the borrower, North River Leerink (NRL), from an affiliate of Square Mile Capital Management LLC. NRL is a leading joint venture focused on life sciences and healthcare real estate between North River Company and Leerink Development. The Colliers Capital Markets team representing the borrower was led by Jeff Black, executive vice president and head of debt and equity on the U.S. Capital Markets Advisory Board, co-chair Kevin Phelan and vice chairs Sean Burke and Bryan Koop.
100 Chestnut is the first life sciences building to innovate within NRL’s new mixed-use campus for discovery and innovation in the Brickbottom District, which will include creative labs and offices, as well as workspaces. retail, on 4.46 acres. The property parallels 150 and 200 Inner Belt Rd., a 7.92-acre assembly owned by a joint venture partnership between NRL and Wheelock Street Capital (Wheelock) that includes a 191,089 s/f 100% occupied lab office and a fine arts storage building located on the northern half of the property as well as a 3.4-acre development site to the south in the Inner Belt District. Proximity to these respective development sites provides NRL with the ability to scale a critical mass life sciences node.
Upon delivery in the summer of 2023, the four-story, 208,616 square foot, Gensler-designed life sciences facility at 100 Chestnut will include 200,164 square feet of Class A laboratory and office space. The certified development LEED Platinum will also include 8,452 square feet of retail and modern space on-site on the ground floor, as well as two levels of underground parking.
“This funding marks an important step in transforming the Brickbottom neighborhood of Somerville into a world-class hub of innovation and wellbeing,” said Black. “Metro Boston remains the busiest and most liquid life sciences market in the world and 100 Chestnut St. is well positioned to catalyze the region’s next great ecosystem. It will be exciting to watch this best-in-class development team execute their master plan and Colliers is grateful to have played our part.
“This transaction illustrates Square Mile Capital’s current real estate debt investment priorities,” said David Greenburg, Principal. “We are looking for more opportunities in the life sciences sector, and the Boston-area market has been one of the best locations for many years. We believe this will continue to be the case, as we expect demand for new, high-quality space to be strong for years to come. Additionally, our ability to provide the necessary financing for construction has led to the establishment of relationships with many of the top regional sponsors in the country, which certainly includes North River Leerink. We are delighted to participate alongside them in this project.
100 Chestnut will set the standard for the reinvented neighborhood of Brickbottom as a 24/7 destination where scientific innovation meets wellness. This purpose-built project is designed around green spaces for community gatherings and events, premium food and beverage vendors, and public art installations. Featuring 60,000 square feet of flexible floor plates and column-free areas, the building accommodates a variety of specialty uses and allows lab space to evolve over time. Future phases will add additional lab space to accommodate expansion needs.
The property is located next to the new East Somerville Green Line T Station and Community Path and less than half a mile from Kendall Square and Cambridge Crossing in Cambridge, which is the epicenter of Cambridge’s science industry. Greater Boston life. Nearby tenants include Finch Therapeutics, Flagship Pioneering, Bristol Myers Squibb, Sanofi and Thrive Bioscience. Additionally, the project’s strategic location puts tenants at the center of Somerville’s life sciences boom, while a new tree-lined community road, connecting to Mystic and Charles Rivers Roads, makes getting around easy.