In partnership with University Associates (Boston University/Boston Medical Center), Jones Lang LaSalle developed a 175,000 square-foot, 8-story state-of-the-art laboratory and research facility at 670 Albany Street on the 4-acre, 1.3 million square-foot BioSquare complex. The building was designed to blend in with the historic, urban context of the South End Medical Area. Ground broke in April of 2004, and the building was completed in the Fall of 2005.
Jones Lang LaSalle provided a wide variety of services at BioSquare, including investment (equity and debt placement), development, and construction. As the "at risk" developer of this building, Jones Lang LaSalle invested in the facility for its own account and raised additional debt and equity financing from third parties. Acting as development manager, our scope of work included:
Negotiating the ground and building leases.
Handling the regulatory and permitting processes with the Boston Redevelopment Authority (BRA) and the South End Landmark District Commission.
Overseeing PDA plan conformance.
Providing master plan coordination.
Hiring and managing all project team members.
Creating the master budget and schedule.
Serving as the "at-risk" construction manager, we provided pre-construction services, cost estimating, and overall construction management.
Jones Lang LaSalle is the property manager of the newly completed building. In addition, we were selected to serve as the exclusive leasing agent for all of BioSquare and, as such, have developed a marketing program for the entire complex.
The site is ground-leased by University Associates, and an affiliate of Jones Lang LaSalle owns the building. Boston University/Boston Medical Center (BU/BMC) will occupy half of the building, while the balance of the space will be leased to third-party tenants doing life science research that is synergistic with research being conducted at BU/BMC.