The Deutsche Finance Group has started the implementation of a structured sales process for its lab office project development “101 South Street” in Somerville, Boston / USA and has currently received several attractive offers from institutional investors.
The aim is to sell the property, which was completed in October, within the next 60 to 90 days after reviewing the available offers, announced Deutsche Finance. “The currently available offers illustrate the current high demand for lab-office buildings and correspond to previous expectations,” says the press release.
The property “101 South Street” is part of the multi-phase development area and life science campus “Boynton Yards”. It is located approximately 0.8 miles from the Kendall Square and Harvard Square neighborhoods of Cambridge, considered the hub of biotech and pharmaceutical research in the region. The prestigious Harvard, MIT and Tufts Universities are less than three miles from the property.
Full occupancy reached in July 2021
The innovative lab-office project, a combination of laboratory and office space for users from the life science and biotechnology sectors, was only launched in July 2021 with the conclusion of a lease with one of the leading life science platforms in Boston Full rental achieved.
“The current purchase offers from renowned institutional investors confirm our investment strategy in this new asset class and are the ideal basis for the groundbreaking ceremony for our second lab-office project in Boston,” said Dr. Sven Neubauer, Executive Partner of the Deutsche Finance Group.