Greystar expands to life sciences in $1.2bn first
Multifamily giant Greystar has agreed its first commercial development as part of a $1.2bn (£870m) life sciences joint venture with Canada Pension Plan Investment Board.
After 30 years in residential, the landlord has diversified with a new partnership funding life science office space and lab buildings in leading US markets.
The jv has agreed its first acquisition at 74M, a 468,000 sq ft, 18-storey office and lab development project in Somerville, Massachusetts, which is located close to the life science and tech cluster at East Cambridge.
Multifamily giant Greystar has agreed its first commercial development as part of a $1.2bn (£870m) life sciences joint venture with Canada Pension Plan Investment Board.
After 30 years in residential, the landlord has diversified with a new partnership funding life science office space and lab buildings in leading US markets.
The jv has agreed its first acquisition at 74M, a 468,000 sq ft, 18-storey office and lab development project in Somerville, Massachusetts, which is located close to the life science and tech cluster at East Cambridge.
CPPIB will own a 90% stake in the project and Greystar will own the remaining 10%. Construction is due to begin this year.
Greystar will develop and manage the portfolio on behalf of the joint venture.
Bob Faith, founder, chairman and chief executive of Greystar, said: “The investment management and development platform Greystar has built in the US is unmatched, and the opportunities in life sciences offer another sector where we can build an in-house team of experts and help match the supply with the demand.”
Peter Ballon, managing director and global head of real estate at CCP Investments, added: “The US life sciences sector continues to grow and evolve, with increasing demand for purpose-built lab and office space that is designed to market-leading technical specifications.
“The acquisition of 74M expands our global life sciences strategy into the US market and provides a solid foundation to this new programme with Greystar, a top-tier partner with a proven development track record.”
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