Related Beal, a fully integrated real estate firm focused on development opportunities in Boston and its surrounding areas, has expanded its life science portfolio with 27 Drydock Avenue in Boston’s thriving Seaport District. Related Real Estate Fund II, a real estate investment fund sponsored by Related Fund Management, acquired the building through the assumption of an existing long-term ground lease with the Economic Development and Industrial Corporation.
“The Seaport’s flourishing innovation economy, amenity base, and accessibility makes it one of the top locations for research and development in the Boston area,” said Stephen Faber, an executive vice president at Related Beal. “The creative, industrial and R&D uses in the Raymond L. Flynn Marine Park are a natural location for growing companies to attract and retain talent. 27 Drydock has already proven its mettle as a great lab, innovation and technology facility. Our intent is for the building to become the premier, go-to facility for thriving R&D organizations through strategic capital investment.”
The 286,000 square foot R&D building is currently 84 percent occupied by leading healthcare, pharmaceutical, and technology companies, including anchor Dana Farber Cancer Institute, Ginkgo Bioworks, InviCRO, Emulate, Inc., and 908 Devices. 27 Drydock’s robust infrastructure offers floor loading up to 250 pounds per square foot, significant power, impressive ceiling heights from 13 – 16 feet, and oversized windows, providing spectacular Boston Harbor views on three sides of the building.
27 Drydock’s prime location offers an onsite MBTA Silver Line stop and ample parking with direct access to Route 93, the Massachusetts Turnpike, and Logan International Airport. A variety of attractions and eateries including Legal Harborside, Harpoon Brewery, and Del Frisco's, are walking distance from the property. Adjacent to The Innovation and Design Building, the area is home to Reebok’s future headquarters, which will bring a mile-long running track, an 8,000 square foot FitHub retail store and a farm-to-table café to the area.
Related Beal is a prominent developer of Greater Boston’s life science and biotech real estate business beginning in East Cambridge and Lexington, MA in the early 1980s. Related Beal repositioned an 184,000 square foot assemblage of buildings spanning 6.8 acres in East Cambridge into Life Science Square, incubating dozens of startup biotech firms. Related Beal was the first company to offer wet lab space for lease in the suburbs, when in 1981 it acquired Ledgemont Technology Center (LTC) in Lexington, MA. LTC consists of 185,000 square feet of newly renovated, first-class life science, office and technology space through interconnected buildings at 99 Hayden Avenue and 128 Spring Street. In 2000, Related Beal developed 300 Third Street in Kendall Square, a 128,000 square foot, Class-A lab property. Between 2006 and 2013, Related Beal owned and repositioned One Kendall Square, a 667,000 square foot, mixed-use campus with lab, office and retail space.
About Related Bealbr> Related Beal is a fully integrated real estate firm focused on development opportunities in Boston and the surrounding region. Related Beal leverages a national real estate platform with expertise across all asset classes and storied local experience in life sciences, commercial and residential development, property management and investment. Related Beal has developed, and is undertaking the development of, some of the most recognized buildings in the area including The Clarendon, One Back Bay, the Quinzani Bakery site, Converse’s new headquarters at Lovejoy Wharf, and Congress Square. In 2013, Related Fund Management purchased five buildings that previously served as Fidelity Investments’ headquarters. Related Beal led the redevelopment of the properties reimagining the key intersections of Congress, Water and Devonshire streets as a dynamic 24-hour mixed-use environment. The company is also developing Parcel 1B in the Bulfinch Triangle. Slated for completion in 2018, Parcel 1B will be home to a mixed-use development that includes a 239-unit, 100 percent affordable and workforce residential building in downtown Boston. For more information on Related Beal, please visit www.relatedbeal.com
About Related Companies
Related Companies is the most prominent privately owned real estate firm in the United States. Formed more than 40 years ago, Related is a fully integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Washington, D.C., Abu Dhabi, London and Shanghai and boasts a team of approximately 3,000 professionals. The company’s existing portfolio of real estate assets, valued at over $30 billion, is made up of best-in-class mixed-use, residential, retail, office and affordable properties in premier high-barrier-to-entry markets. Related Fund Management, a subsidiary of Related, also manages approximately $3.4 billion of equity capital on behalf of sovereign wealth funds, public pension plans, multi-managers, endowments, and family offices. For more information on Related Companies please visit www.related.com.