Somerville, MA– Greystar Real Estate Partnersglobal investment, development and management company of commercial properties and rental housing, worldwide and locally in Greater Boston, formalized its entry into the life sciences sector with the beginning of the vertical construction of 74 Middlesex Avenue (“74M”) in Somerville, MA.
74M and future projects being planned will strengthen the emerging life sciences cluster forming in bustling Assembly Square, which already includes more than one million square feet of licensed projects, and is part of the strategy Greystar’s long-term growth.
Greystar executives, including Chief Development Officer Gary Kerr, ceremonially gathered alongside officials from the town of Somerville and the Mystic View Task Force to celebrate the launch yesterday afternoon where they released renders of 74M , which can be viewed here.
Photo credit: Melissa Ostrow Photography
Identification (from left to right): Ryan Souls, director of development at Greystar; Emil Hoogendoorn, Senior Director, Construction at Greystar; Gary Kerr, Managing Director, Development at Greystar; Tom Galligani, director of economic development for the town of Somerville; Courtney Kirk, Senior Planner, Public Space and Urban Forestry for the Town of Somerville; Mikyoung Kim, founding director of Mikyoung Kim Design; Wig Zamore, Mystic View Working Group; Christina Audet, Partner, Development at Greystar; Brittney Madej, Director, Construction at Greystar.
Scheduled for delivery in the spring of 2024 and located at 74 Middlesex Avenue, 74M is a 465,000 square foot, 15-story life sciences building intelligently designed by Elkus Manfredi Architects. The purpose-built lab development incorporates elements for the next generation of tenants, targeting LEED Platinum, WELL Platinum, WiredScore Platinum and SmartScore certifications. Tenants of 74M will benefit from a vibrant, transit-oriented location and top-notch amenities, including an expansive 2,000 square foot rooftop terrace, conference/banquet facilities, health center and wellness, downstairs retail, dedicated bike storage/entrance, and stunning views of the Boston/Cambridge and Mystic River skyline.
The building occupies a prime position as a new link between Assembly Square and the East Somerville neighborhood, providing tenants with immediate access to more than 1,500 residential units, an award-winning hotel and a series of restaurants, bars and retail destinations at detail. It also offers close proximity to the Assembly MBTA Orange Line station and unparalleled visibility adjacent to I-93.
“74M is an important step in Greystar’s long-term growth strategy as a premier life sciences company. We look forward to delivering a high-quality development that will meet the needs of next-generation tenants,” said Gary Kerr, Managing Director of Development at Greystar. “Greystar’s global growth and success is a product of our focus on top talent and our commitment to quality and the communities in which we operate. We apply this same approach to our life sciences vertical and are excited to put our strategic vision for this sector into action. There is strong demand for the life sciences space, and we are working to ensure that Assembly is a sought-after location for companies looking to innovate in a group of like-minded peers.
By choosing Assembly Square as the location for the first development of their new life sciences vertical, Greystar has committed to the neighborhood with a significant financial and strategic investment. This includes the concurrent construction of a new neighborhood park located directly south of the building at 0 Kensington Avenue. The Neighborhood Park will provide an accessible, sustainable and multi-generational public space that will serve as a gateway into the Assembly Square neighborhood and provide generous pedestrian and cycling infrastructure that connects Foley Street to the Kensington Underpass, and the Stop and Shop and Quartier. Garfield Avenue looking west.
“It’s been so exciting over the past few years to welcome new development partners like Greystar who are excited about Somerville and ready to uphold the high standards we’ve set as a community,” said Tom Galligani, Director of the economic development of the town of Somerville. “What they do over the next 24 months will be spectacular. They will be building an all-new iconic park that will be a vital part of our connection between the existing neighborhoods of East Somerville and the vibrancy and life here at Assembly Square.
Greystar is a leading fully integrated real estate company offering expertise in the investment management, development and management of rental housing properties globally.
Based in Charleston, South Carolina, with a local office of nearly 30 employees at 1 Federal St. Boston led by Chief Development Officer Gary Kerr, Greystar is an established leader in local development that has built a pipeline $3 billion in development in just 3.5 years.
Throughout Greater Boston, the company owns/manages 64 residential properties in addition to building over 2,000 units and embarking on major life science developments in Somerville including: 74 M, a 465 000 square feet and a planned future project that supports the emergence of an innovation hub at Assembly Square.
Most recently, Greystar invested $730 million in the Everett business triangle through a trio of residential developments that support the city’s redevelopment plans. Greystar is also active in one of Boston’s most revered neighborhoods, Back Bay’s Back Village, where it is nearing completion of 212 Stuart. The company is active in several sectors, including life sciences and college, multi-family, corporate and senior housing. It is the largest apartment operator in the United States.
Greystar is a leading fully integrated real estate company offering expertise in the investment management, development and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates approximately $230 billion in real estate in 215 markets worldwide, including offices in North America, Europe, South America and the Asia-Pacific region. Peaceful. Greystar is the largest apartment operator in the United States, manages over 754,000 units/beds and has a strong institutional investment management platform with approximately $49.9 billion in assets under management, including $22.6 billion in development assets. Greystar was founded by Bob Faith in 1993 with the intention of becoming a world-class service provider in the residential rental real estate industry.
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