Lendlease, Ivanhoé Top Off $545M Boston Life Science Project – What is a Ground Lease?

 Boston, Development, Featured, News, Northeast, Office, Bank of China, Consigli Construction, Ivanhoe Cambridge, JLL, Lendlease, SGA 

FORUM will come online in 2024. Image courtesy of Lendlease

A joint venture between Lendlease and Ivanhoé Cambridge has topped off FORUM, a 350,000-square-foot life science development in Boston. The $545 million project is scheduled for completion in 2024.

The development is subject to a $315 million construction loan from Bank of China, according to CommercialEdge data. The developers acquired the 1.2-acre site for $67 million in 2021. Consigli Construction Co. is serving as general contractor, while SGA is the architecture firm behind the design. JLL serves as the property’s leasing broker.

The project broke ground in 2022 and is slated to achieve LEED Platinum certification. It will rise nine stories and feature 50,000-square-foot flexible floorplates, to accommodate either multiple- or single-floor tenants. It will comprise shared amenities on the third floor, along with a 7,000-square-foot terrace with cabanas and grilling stations, as well as an art gallery on the first floor. FORUM will also include a 284-stall parking garage with EV charging stations and storage space for 146 bicycles.

Boston’s robust life science supply pipeline

Located at 60 Guest St., the site is part of Boston Landing, a 15-acre mixed-use development. The project is between Interstate 90 and North Beacon Street, roughly 6 miles west of downtown Boston and within walking distance of the Boston Landing train station. The building’s surrounding area includes the New Balance corporate headquarters, a fitness center and the Roadrunner music venue.

As of July, 108 million square feet of office space was underway nationwide, a recent CommercialEdge report shows. Life science properties accounted for 31 percent of the office development pipeline. Boston was the nation’s leader for under-construction office space, featuring a pipeline of 13.9 million square feet, most of which was lab space.

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 The development is subject to a $315 million construction loan from Bank of China.
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In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.

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