74 Middlesex Avenue (74M)
Somerville, MA- Greystar Real Estate Partnersa global investment, development and management of commercial real estate and rental housing around the world and locally in the greater Boston area, formalized its entry into the life sciences sector with the commencement of vertical construction of 74 Middlesex Ave (“74M“) in Somerville, MA.
74 million and future projects in the pipeline will bolster the burgeoning life sciences cluster forming in the bustling Assembly Square district, which already has more than one million square feet of approved projects, and is part of Greystar’s long-term growth strategy.
Greystar executives, including Managing Director, Development Gary Kerr, ceremonially gathered alongside officials from the City of Somerville and the Mystic View Task Force to celebrate the launch yesterday afternoon, where they released renderings of 74M, which can be viewed here.
 100vw, 696px” data-recalc-dims=”1 “/>Photo Credit: Melissa Ostrow Photography</p>
<p>Photo credit: Melissa Ostrow Photography</p>
<p>Identification (left to right): Ryan Souls, Director, Development at Greystar; Emil Hoogendoorn, Executive Director, Engineering at Greystar; Gary Kerr, General Manager, Development at Greystar; Tom Galligani, Somerville City Director of Economic Development; Courtney Kirk, Senior Planner, Public Spaces and Urban Forestry for the City of Somerville; Mikyoung Kim, Founding Director at Mikyoung Kim Design; Wig Zamore, Mystic View Task Force; Christina Audet, Associate, Development at Greystar; Brittney Madej, Site Manager at Greystar.</p>
<p>Scheduled for delivery in Spring 2024 and located at 74 Middlesex Avenue, the 74M is a 465,000-square-foot, 15-story life science building intelligently designed by <strong>Elkus Manfredi Architects</strong>. The purpose-built laboratory development includes elements for the next generation of tenants and is targeting LEED Platinum, WELL Platinum, WiredScore Platinum and SmartScore certification. Renters of 74 million will benefit from a vibrant, transit-focused location and world-class amenities, including a sprawling 2,000 square foot rooftop deck, meeting/event space, a health and wellness center, ground floor retail, dedicated bike storage/entry and unobstructed views of the Boston/Cambridge skyline and the Mystic River.</p>
<p>The building is prominently positioned as a new link between Assembly Square and the East Somerville neighborhood, providing tenants with direct access to over 1,500 residential units, an award-winning hotel and a range of restaurant, bar and retail destinations. It also offers close proximity to the Assembly MBTA Orange Line station and unparalleled visibility off I-93.</p>
<p>“74M is an important milestone in Greystar’s long-term growth strategy as our first life sciences company. We look forward to delivering a quality development that meets the needs of next-generation tenants,” said Gary Kerr, Managing Director, Development at Greystar. “Greystar’s global growth and success is a product of our focus on world-class talent and our commitment to quality and the communities in which we operate. We are applying the same approach to our vertical life sciences industry and are excited to implement our strategic vision for this sector in action. There is strong demand for life science space and we are focused on ensuring Assembly is a desirable location for companies looking to innovate within a cluster of like-minded colleagues.”</p>
<p>In choosing Assembly Square as the site for the first development in its new life sciences industry, Greystar has made a significant financial and strategic investment in the neighborhood. This includes the concurrent construction of a new neighborhood park just 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 to the Assembly Square neighborhood and provide lavish pedestrian and bicycle infrastructure, which connects Foley Street to the Kensington Underpass and the Stop and Shop Garfield Avenue neighborhood to the west.</p>
<p>“It has been so exciting over the past few years to welcome new development partners like Greystar who are excited about Somerville and willing to live up to the high standards we have set ourselves as a community,” said Tom Galligani, Director of Economic Development from the town of Somerville. “What they’re going to do over the next 24 months is going to be spectacular. They will be building a brand new signature park that will be a critical part of our connection of existing neighborhoods in East Somerville with the vibrancy and life here at Assembly Square.”</p>
<p>Greystar is a leading, fully integrated real estate company providing investment management, development and management of rental properties worldwide.</p>
<p>Headquartered in Charleston, South Carolina with a local office of nearly 30 people at 1 Federal St. Boston led by Gary Kerr, Managing Director, Development, Greystar is an established leader in the local development space and has a development pipeline of 3 Dollars built billions in just 3.5 years.</p>
<p>Throughout the greater Boston area, the Company owns/manages 64 residential properties, in addition to building more than 2,000 units, and is embarking on significant life science developments in Somerville, including: 74M, a 465,000 square foot laboratory building, and proposed future projects leading to the creation supporting an innovation cluster at Assembly Square.</p>
<p>Most recently, Greystar invested $730 million in Everett’s Commercial Triangle through a trio of housing developments that support the city’s redevelopment plans. Greystar is also active in one of Boston’s most prestigious neighborhoods, the Back Village in Back Bay, where it is nearing completion of 212 Stuart. The Company operates across multiple sectors including life science and college, multi-family, corporate and senior housing. It is the largest operator of housing in the United States.</p>
<p>Greystar is a leading, fully integrated real estate company providing investment management, development and management of rental properties worldwide. 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 Asia Pacific. Greystar is the largest condominium operator in the United States, managing more than 754,000 units/beds and has a robust institutional investment management platform with approximately $49.9 billion in assets under management, including $22.6 billion of development ability. Greystar was founded in 1993 by Bob Faith with the intention of becoming a provider of premier rental property services.</p>
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