US$ 514M has been arranged for the construction of the first phase of the BioMed Assembly Innovation Park in Boston. The subsidy was arranged by Newmark Group Inc. The latter is a commercial real estate advisory and services firm headquartered in New York City.
The 12-storey life science skyscraper will sit on a total of 485,000 square feet site. In addition, the building will be connected to a parking garage and will feature sustainable technology. These technologies include a high-performance curtain wall, high-efficiency chilled water, and exhaust air systems. Furthermore, there will be a rooftop solar array all of which will enable the BioMed Assembly Innovation Park in Boston to earn LEED Gold and WELL certifications.
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With visibility along I-93, the tower will be located at the crossroads of Middlesex Avenue and Foley Street. Phase I of Assembly Innovation Park in Boston will have an equal split of office and laboratory space, according to the property website. A cafe, a conference centre, and a dining hall will be included in later phases of the campus’ three buildings.
Construction on the project began in January, and delivery is planned for the second quarter of 2024.
Remarks on the BioMed Assembly Innovation Park in Boston
“Our life science business includes building and remodeling initiatives in several Greater Boston submarkets. To provide our customers with a genuinely synergistic menu of services, we collaborate closely with Newmark’s Boston Capital Markets business. The company also oversaw the sale of sites including Assembly Innovation Park and 601 Congress,” commented Timothy O’Donnell. The latter is the executive director of Newmark.
The previous 18 months have seen a significant increase in funding activity in the greater Boston area due to the life sciences. According to David Douvadjian Sr., executive director of Newmark, “Projects like Phase I at Assembly Innovation Park will help the region to continue functioning as one of the world’s most desired places for cutting-edge laboratory, research, and biotechnology enterprises.”
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