Boston Life Science Project Comes Online

This post was written by Radu Corfus and published on Jan 3, 2024 on CommercialSearch.com

The building is part of a $2 billion master-planned development.

US2, a partnership between Magellan Development Group, RAS Development, Cypress Equity Investments and Affinius Capital, has completed 10 Prospect St., a 205,000-square-foot life science building in Somerville, Mass. Gilbane Building Co. served as general contractor.

US2 broke ground on the project in 2021 and topped out the development in 2022. Construction financing included a $119.2 million loan from Bank OZK, according to CommercialEdge information.

Designed by SGA Architects, the LEED Gold-certified building rises seven stories and comprises 60 percent lab space and 40 percent office space, with a two-story mechanical penthouse supporting the life sciences equipment. The property also includes some 12,000 square feet of retail space along with an amenity space featuring a lounge, outdoor deck and kitchen for events. JLL is leading the leasing efforts.

The building is part of the first phase of USQ, the $2 billion master-planned development spanning 17 acres. At full build-out, the redevelopment of Union Square will comprise some 1.5 million square feet of lab and office space, 1,000 residential units, a 175-key hotel, more than 140,000 square feet of retail and 4 acres of parks and open spaces.

Located less than 5 miles from downtown Boston, 10 Prospect St. is within walking distance of the Union Square light rail station, providing public transportation across the metro. The property is also roughly 1 mile from Kendall Square.

Life sciences bolster Boston’s office pipeline

Throughout the first 10 months of 2023, 15 office properties came online in Boston, totaling more than 5 million square feet and accounting for 1.8 percent of existing stock, according to recent CommercialEdge research. As of October, the metro had more than 13.7 million square feet of office space under construction across 49 projects, 36 of which being life science developments.

One of the recently completed projects is 250 Arsenal Place, a 255,000-square-foot life science building in Watertown, Mass., that was also designed by SGA and constructed by Gilbane. The LEED Silver-certified property includes research facilities with reverse osmosis skid, central PH neutralization, cold room and 16,000-AMP raceways. Amenities feature a coffee bar, fitness center, golf simulator and shared lobby spaces.