North River Leerink’s Successful 100 Chestnut Street Development Continues Somerville’s Growth as a Leading Life Science and Innovation Hub

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At the heart of this transformation stands 100 Chestnut, a purpose-built 200,000 sq.

Metadata
Provider: 
Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Thursday, February 29, 2024
Information
Tags: 
Commercial Building & Real Estate, Construction & Property, Science, Other Science, VHB, Restaurant, Doctor of Philosophy, Multimedia, Investment, City, Growth, Overalls, CBRE, Ultragenyx, Art, Kendall Square, NRL, Health, JLL, JC, Heart, Andrea Consigli, Form Energy, Life, Research, Environment, Interior design
Geotags: 
UNITED STATES, NORTH AMERICA, MASSACHUSETTS, FORSYTH, CUSHMAN, REDGATE
Organisation: 
NORTH RIVER LEERINK
Summary
Key Points: 
  • At the heart of this transformation stands 100 Chestnut, a purpose-built 200,000 sq.
  • ft. Life Science building that is 90% leased, reflecting NRL's passion and focus on developing world-class buildings that enable innovation and support the creation of sustainable and vibrant communities.
  • Our goal is to contribute towards the development of a rich, vibrant and diverse district focused on fostering Art and enabling innovation in the Life Science/Biotech industry,” said Jeff Leerink, Managing Partner at NRL.
  • And most recently, ADA Forsyth, a leading institute dedicated to improving oral and overall health through innovative research and community outreach, has leased 76,000 sq.


North River Leerink (NRL) proudly announces a milestone achievement in its recent real estate development venture, playing a pivotal role in reshaping the Brickbottom District in Somerville into a vibrant mixed-use transportation-oriented neighborhood focused on Science and Art. At the heart of this transformation stands 100 Chestnut, a purpose-built 200,000 sq. ft. Life Science building that is 90% leased, reflecting NRL's passion and focus on developing world-class buildings that enable innovation and support the creation of sustainable and vibrant communities.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240229202903/en/

(Photo: Business Wire)

(Photo: Business Wire)

“NRL is thrilled to be working with the City of Somerville and the community to capitalize on the recently opened East Somerville T Station and adjacent community path. Our goal is to contribute towards the development of a rich, vibrant and diverse district focused on fostering Art and enabling innovation in the Life Science/Biotech industry,” said Jeff Leerink, Managing Partner at NRL. “In addition to the development of 100 Chestnut, which is the first of 3 sites to be developed, NRL is making investments in cafes, restaurants, open spaces and new pedestrian and bike connections to the community path and T Station.”

This flagship property has become an epicenter of leasing activity, attracting premier tenants that underscore Somerville's potential as a destination for Life Science companies. Ultragenyx, relocating from Kendall Square, has leased 42,500 sq. ft. to consolidate their east coast R&D. Charles River Accelerator and Development Lab (CRADL) has leased 16,000 sq. ft. to open a contract vivarium and in vivo services facility. A unique incubator platform is expanding its offering out of Kendall Square, with 42,000 sq. ft. directly adjacent to CRADL, creating a highly flexible, pre-built ecosystem for early stage and fast-growing life science companies that need space quickly, with flexible terms and access to a host of available services. And most recently, ADA Forsyth, a leading institute dedicated to improving oral and overall health through innovative research and community outreach, has leased 76,000 sq. ft.

Wenyuan Shi, PhD, CEO of ADA Forsyth Institute stated, “ADA Forsyth selected 100 Chestnut as it offered an optimal environment to create a new state-of-the-art home for our research Institute.” Bob Coughlin, whose team at JLL represents ADA Forsyth added: “after an extensive, multi-market site selection process, it was evident that 100 Chestnut provides all of the necessary elements for this prestigious research institute to succeed for generations to come.”

Adjacent to 100 Chestnut, NRL and its partner Wheelock Street Capital, is having similar success, recently having leased 97,000 sq. ft. to Form Energy at 200 Inner Belt. The Inner Belt development is proving to be a unique location to support the emerging “green tech” economy by providing real estate that offers large floor plates, robust power, flexible space for office, research, and manufacturing, all with immediate access to the new Green Line/East Somerville T Station and the abundance of talent that resides in the immediate area. ”We are thrilled to have been able to collaborate with Form Energy and their team to find a real estate solution that supports the needs of their extraordinary company and the unique requirements to help enable their continued growth,” said Chris Pachios, Managing Partner NRL.

The collaborative efforts of NRL and its partners, including Newmark, JLL, Redgate, Consigli, JC&A, Gensler, Buro Happold, VHB, Colliers, Cushman, and CBRE, underscore the commitment to transforming the Brickbottom District into a vibrant neighborhood, fostering innovation, economic growth, and positive community impact.

About North River Leerink:

North River Leerink is a real estate investment and development company focused on acquiring, developing, and managing next generation real estate to support organizations that are shaping the future of life science and the innovation economy.

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