"We have already received a high level of interest in the building," reports Richards Barry Joyce & Partners President Robert Richards, who negotiated the recent sale of 121 Brookline Ave. for $8.7 million, a transaction previously reported by GlobeSt.com. The so-called Longwood Research Center is especially attractive given its close proximity to the Longwood Medical Area, Richards explains, noting that the LMA is a nationally known hub for life sciences research and medical care.
Boylston Properties President William McQuillan terms the venture "an excellent investment," particularly in being fully permitted for construction. "We look forward to the successful completion of this project," says McQuillan, whose firm has retained Richards and RBJ VP Chris McCauley as exclusive leasing agents for the LRC.
The seller of the property, Paul Mattes, concurs that the LMA helped boost interest among buyers. LMA denizens include the likes of Beth Israel Deaconess Medical Center, Children's Medical Center and Dana Farber Cancer Center. "The RBJ team did a fantastic job of identifying and then interfacing with potential purchasers," Mattes adds. "Their knowledge of the life sciences real estate market proved quite valuable."
Construction of the LRC could help alleviate a dearth of available lab space in Boston, with RBJ estimating the vacancy rate for 2.48 million sf of space, is just 1.7% at the end of the first quarter. The scant supply is cited in the latest issue of RBJ's bioSTATus for just 86,000 sf of positive net absorption in Boston during the past three years, and RBJ's semi-annual report of Greater Boston's laboratory market says the result in Boston was negative 15,000 sf during the fourth quarter of 2007 and first quarter of 2008. Comparatively, Cambridge has absorbed 1.3 million sf of lab space during the last three years.
Relief could soon be on the way, however, given 140,000 sf that will be available when the 700,000 Center for Life Sciences Boston opens in the third quarter in the heart of the LMA. The city also recently approved a 336,000-sf laboratory building next to the Joslin Diabetes Center, although it will not be delivered until 2011.
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