A new mixed-use life science campus that includes housing and retail will be a welcome addition to Boston’s expanding lab market.
JLL has secured $585 million in financing for the construction of a 580,905-sq.-ft. development in Boston's Allston neighborhood.
Allston LabWorks, located on 4.27 acres at 250, 280 and 305 Western Ave., will be comprised of a life sciences, retail and multi-housing space. Once the project is complete, it will feature 534,000 sq. ft. of lab space; 20,000 sq. ft. of retail space; 35 multi-housing units, 26% of which will be affordable. It will also include a 12,000-sq.-ft. public plaza with an additional 5,000-sq.-ft. landscaped open space and 668 garage parking spaces.
JLL worked on behalf of the borrower, a joint venture between King Street Properties, Brookfield and Mugar Enterprises, to secure the four-year, floating-rate loan through an institutional debt fund. The JLL Capital Markets team representing the borrower was led by managing director Greg LaBine and director Amy Lousararian.
"This is just the first of many deals that will combine the institutional capital base of Brookfield with the exceptional development capabilities and successful track record of the King Street team," said LaBine. "This project will be good for the neighborhood, the tenants and the capital markets participants and the JLL team was excited to play a role."
The project is adjacent to Harvard University's Allston campus, which is home to the newly opened John A. Paulson School of Engineering and Applied Sciences. Given its proximity to Harvard's investment in the neighborhood, the property is well-positioned to capture the neighborhood's growing life science demand.
Allston LabWorks will benefit from its location in the Greater Boston Lab market, which is home to 19 of the 20 largest biotech and pharmaceutical companies. In addition, the market receives 30% of the total U.S. life sciences funding and life sciences job growth is outpacing overall job growth four to one.