334K-SF Lease Secured at New Life Science Institute in Boston
Eli Lilly and Co. has signed a long-term, full-building lease at Alexandria Real Estate Equities’ new Institute for Genetic Medicine, located in the city’s Seaport innovation district.
BOSTON, MA – Urban office REIT, Alexandria Real Estate Equities Inc. has secured a 334,000-square-foot, long-term full-building lease with global pharmaceutical company, Eli Lilly and Co. at the new, state-of-the-art Institute for Genetic Medicine in Boston’s Seaport life science submarket.
Located at 15 Necco St., the institute will feature sustainable, amenity-rich, office and laboratory space along the Fort Point Channel waterfront.
Designed to be highly energy efficient, the facility will rely on a high-performance building envelope, efficient mechanical systems, on-site renewable geothermal energy and a solar array installation.
Developed by Alexandria Real Estate Equities in partnership with National Development, 15 Necco has been designed to proactively address climate risk. The facility’s structure will be elevated and the site grades and landscape features will be raised above future flood levels in effort to reduce floodwater pathways and floor precipitation.
The facility is targeting LEED Gold Core and Shell certification, as well as Fitwel, WELL and WiredScore Platinum certifications.
Aiming to blend indoor and outdoor spaces, the facility will offer a rooftop deck and outdoor green terraces with flexible work areas. The building’s ground floor will feature a community touchdown space, retail destinations, healthy eateries and a public work lounge.
Construction on the development commenced in 2021 and the facility is expected to deliver in late 2023. Eli Lilly and Co. plans to take occupancy at the institute in 2024.
The facility is located adjacent to a planned waterfront park, Kendall Square in Cambridge and it is situated near major transportation hubs.
“We are immensely proud that our best-in-class development team continues to design and deliver high-quality purpose-built laboratory spaces that support our tenants’ relentless efforts to meet very large unmet medical needs and improve quality of life for patients around the world,” states Peter M. Moglia, co-CEO and co-chief investment officer of Alexandria Real Estate Equities Inc.
Moglia adds, “15 Necco, designed to be a unique and inspiring facility, represents a critical piece of our remarkable value-creation pipeline, and we are thrilled to bring an anchor tenant to this unparalleled location in the Seaport, where we are pioneering a new life science submarket.”
Eli Lilly and Co. has additionally signed a 36,000-square-foot lease at Alexandria Real Estate Equities’ 215 First St. in order to support the scale-up of its new Institute for Genetic Medicine. Alexandria Real Estate Equities has provided Eli Lilly and Co. with more than 600,000 square feet of real estate solutions throughout the past decade, spanning campuses in San Diego, San Francisco and New York City.
A Colliers team, comprising EVPs Curtis Cole, John Carroll III and Evan Gallagher, assistant VP Tim Allen and advisor Caitlin Mahoney, represented Eli Lilly and Co. in the transaction.