Global investment firm KKR has announced an investment in a joint venture with WS Development and the Public Sector Pension Investment Board (PSP Investments) for the currently under construction of life science tower, called 400 Summer Street, in Boston, Massachusetts, the US.
The company will partner with WS Development and PSP Investments in ownership of the new life science tower through its investment in the joint venture.
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WS Development will continue to lead development and management of the tower.
The new 16-storey, purpose-built life science tower is located in the centre of Boston’s Seaport District submarket. It will also include more than 30,000ft2 of neighbourhood retail space.
Work on the project involves construction of the Summer Steps, a public gathering place located between 350 and 400 Summer Street.
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Once completed, the new property will be home for the headquarters of Foundation Medicine, which will lease 580,000ft2 of laboratory and office space in the building.
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By GlobalDataThe 635,000ft2 property is part of the 33-acre Boston Seaport development project, which will feature interior and exterior public spaces that connect both Summer and Congress Streets.
It is being built by Suffolk Construction and is designed by Morris Adjmi Architects of New York City.
KKR managing director Daniel Rudin said: “WS Development’s master plan project is helping position the Seaport as a destination of choice for top talent and employers.
“We are excited to support this endeavor by investing alongside WS and PSP Investments in 400 Summer Street, a property of exceptional quality designed to meet the needs of an elite biotechnology company and developed with a strong focus on public space and sustainability.
“This is a great addition to our portfolio as we continue to grow our presence in the Boston market and the life sciences sector more generally. The ability to work with PSP Investments and WS, a best-in-class group we have followed for some time is a great outcome.”
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Render of 400 Summer Street in Boston’s Seaport neighbourhood. Credit: WS Development/ Business Wire.
