Cypress Equity Investments

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USAA Real Estate JV Tops Out Boston-Area Life Science Building

This post was written by Jackson Chen and originally published on 6/6/2022 on CommercialSearch.com

Scheduled for completion in 2023, 10 Prospect is part of a planned 2.4 million-square-foot development.

The first building of Union Square’s master-planned redevelopment in Somerville, Mass., is nearing completion. US2, a joint venture between RAS Development, Magellan Development Group, Cypress Equity Investments and USAA Real Estate, has topped out 10 Prospect, the mixed-use, life science building that’s part of the 2.4 million-square-foot Union Square Revitalization project also known as USQ.

The joint venture tapped Gilbane Building Co. to build 10 Prospect, which is slated for a May 2023 delivery, Mike O’Brien, senior vice president & business unit leader for Gilbane, said in prepared remarks. The project took several years to get off the ground, but the developer was able to start vertical construction on the mixed-use component in July 2021. The project team also includes Redgate Real Estate Advisors and Spagnolo Gisness & Associates.

When completed, 10 Prospect will be a 194,000-square-foot mixed-use life science building with seven stories of lab and office space. Designed to achieve LEED Gold certification, the Class A property will feature lab-ready infrastructure and 30,000-square-foot floorplates, as well as a two-story mechanical penthouse that will meet the needs of any life science tenants. Amenities are set to include an outdoor terrace, bike storage, showers, parking and 29,000 square feet of ground-floor retail.

Carrying the address 10 Prospect St., the development site is located a few blocks away from MBTA’s new Green Line station.

First phase of USQ

US2’s 10 Prospect development is part of the first phase of the master plan to redevelop a 15-acre site in Somerville. Phase I also calls for the construction of a 450-unit residential building dubbed 30-50 Prospect, together with a 16,000-square-foot arts and creative economy spaces and 270 parking spaces.

USQ will eventually include 1.2 million square feet of lab space, a 175-key hotel, 74,000 square feet of arts and creative space, 140,000 square feet of ground-floor retail, 1,000 residential units, 3.6 acres of open space and more.