Cambridge, MA, (December 29, 2020) – DivcoWest, joined by construction partners John Moriarty and Associates and Consigli Construction, recently celebrated the topping off of two major parcels, 350 Water Street and 450 Water Street, in Cambridge Crossing (CX), the new 45-acre neighborhood under construction at the intersection of Cambridge, Somerville, and Boston. The brand-new state-of-the-art buildings will be home to global biopharmaceutical leader Sanofi and will be the company’s U.S. research headquarters with a consolidated workforce of nearly 3,000 employees.

“The topping off milestones of these two buildings are a huge achievement at Cambridge Crossing and are a testament to the hard work and dedication of the entire team. These milestones signify tremendous progress at the site during what has been an unprecedented year,” said Mark Roopenian, Managing Director at DivcoWest. “Now more than ever, we are committed to our goal of creating an interconnected ecosystem at CX in which innovative leaders in science and technology, like Sanofi, can create cutting-edge solutions to major healthcare issues impacting the world. This is a tremendous way to cap off 2020 and we are grateful to all the men and women on the site who’ve helped get us here.”

Designed by Perkins & Will, 350 Water Street will be a 501,000 SF state-of-the-art lab building  and 450 Water Street will be a 405,000 SF contemporary office building, designed by NBBJ. The buildings are designed with a focus on sustainability and will incorporate architectural elements and infrastructure that minimizes their impact on the environment such as solar shading fins to reduce heat gain and energy usage and a highly efficient chilled beam system. LEED Gold certifications are being sought at both buildings as well as Wired Score and WELL certifications.

Currently, there are as many as 350 workers every day across Sanofi’s two sites, using over 13,000 tons of structural steel combined. In September 2019, CX made history with its concrete pour at 350 Water Street – it was the largest continuous pour ever completed in the greater Boston region and included more than 800 truck loads of concrete.

Approximately 1.7 million square-feet of commercial space is leased and preleased at CX. In addition to Sanofi, Bristol Myers Squibb has signed a lease for 360,000 SF at 250 Water Street joining Philips North America and Cerevel Therapeutics, which currently occupy 435,000 SF at 222 Jacobs Street.  Remaining science and technology space at CX includes 110,000 SF at 250 Water Street and 600,000 SF in two future buildings. CX’s first residential building broke ground in early 2020 and its first retail building, The Shed, recently opened with Chef Will Gilson’s restaurants The Lexington and Café Beatrice.

With close proximity to Kendall Square, MIT and Harvard, the life science community at CX is a thoughtfully designed, vibrant neighborhood that inspires collaboration, innovation and connection. Once complete, the community will provide a one-of-a-kind place for employees, residents and neighbors connected to two MBTA stations and surrounded by 11 acres of open space, an eclectic food scene, neighborhood retail, and more than 2,400 residences in addition to the already 2500 residences in close proximity.

For more information and updates on CX, visit www.cambridgecrossing.com, or follow along on Instagram, Facebook, LinkedIn, and Twitter.

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About Cambridge Crossing
Cambridge Crossing (CX) is a 43-acre, 4.5 million-square-foot transit-oriented neighborhood located at the intersection of Cambridge, Somerville, and Boston. Once complete, CX will offer 2.1 million-square-feet of state-of-the-art science and technology space, 2.4 million-square-feet of residential space that includes approximately 2,400 new units, and 100,000 square-feet of local and authentic retail for the community to enjoy. Eleven acres of activated open public and green space, including a central common, will benefit the thousands of incoming employees, residents, and neighbors adding to the vibrant and innovative East Cambridge and Kendall Square communities. The multiple modes of transportation including two MBTA lines will provide ease of access. Developed by DivcoWest and designed by a renowned team of local architects, CX buildings and the neighborhood as a whole will be LEED and WELL certified.  CX will be the second Wired Score Certified Neighborhood development in the country, providing seamless connectivity. For more information and updates, please visit www.cambridgecrossing.com, and follow along on Instagram, Facebook, LinkedIn and Twitter.

Publication: Bisnow
By: Andrew Martinez

For owners of Boston commercial space, 2020 was a year of bifurcation.

The coronavirus pandemic affirmed life sciences’ place as the dominant force driving major leasing activity in Boston and nearby suburbs, with anchor tenants securing significant footprints at incoming projects.

But only four office deals topped … read more

Publication: Commercial Property Executive
By: Razvan Cimpean

These metros account for more than 40 percent of the nation’s 2020 sales volume through October.

Investment transactions in the office market lost steam throughout the country year-to-date through October. Investors closed deals totaling … read more

 

Publication: The Boston Globe
By: Tim Logan

Labs, manufacturing plants, and offices remain in high demand, and not just in Boston and Cambridge.

The years-long building boom that has reshaped much of Greater Boston has taken a bit of a pause during the pandemic, except for one sector: life sciences.

The business of financing, building, and filling lab space, drug manufacturing facilities ― and even apartment buildings to house people who work in the industry ― has barely skipped a beat in recent months. Unlike office projects … read more

Publication: Investment Real Estate, Inc.
BY Kali Persall

The $28.6 billion Employees Retirement System (ERS) of Texas contributed $75 million to DivcoWest Fund VI during the month of September, according to a recent investment report.

DivcoWest Fund VI held its final close in October with $2.25 billion in capital commitments, going down in the record books as DivcoWest’s largest fund raised to date. The fund had a fund raising target of $1.5 billion.

DivcoWest Fund VI will primarily pursue the acquisition of existing value­ add life science, R&D and office properties in U.S. innovation markets, according to the firm. The fund will seek to invest additional capital to create workplace environments that appeal to future tenant demand.

DivcoWest’s previous fundraisings also raked in notable capital – in 2017, DivcoWest Fund V held a final close at $1.583 billion, exceeding its target of $1.5 billion.

Texas ERS joins a number of U.S. pension funds as investors in DivcoWest Fund VI, including the District of Columbia Retirement Board, the New Jersey Division of Investment, the Oregon State Treasury, Massachusetts Pension Reserves Investment Management Board, and the Teacher Retirement System of Texas, according to IREl’s FundTracker database. DivcoWest’s investor base also included insurance companies, sovereign wealth funds and high-net-worth individuals.

Texas ERS made the investment on behalf of its private real estate portfolio. As of September, Texas ERS had an 11.04 percent target to real estate against an 11 percent target.

 

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Publication: Commercial Property Executive
By: Lucia Morosanu

DivcoWest has sold Tasman at North First, a three-building property in San Jose, Calif., for $160 million. A South Korean investment group acquired the 317,612-square-foot office and R&D campus. A JLL team brokered the transaction.

According to public records,… read more

PUBLICATION: IPE Real Estate

 

DivcoWest has raised $2.25bn (€1.9bn) for its latest US real estate fund to invest mostly in value-add office and life science-related properties.

DivcoWest said the DivcoWest Fund VI, which was launched in October last year to raise $1.5bn with a $2.25bn hardcap target, achieved a final close at the end of September.

The predecessor DivcoWest Fund V fund…READ MORE

Publication: Nevada Business
BY: Abbi Whitaker

INOVA luxury apartments at the Summit, the new apartment homes in South Reno geared toward creativity and a spirit of collaboration, launches a community campaign to celebrate local artists called The Art of Innovation.

Presented by Bob Klein of Klein Financial Corporation, Chip Bowlby of Reno Land, and DivcoWest, the Joint Venture developers of INOVA, The Art of Innovation community campaign is an expression of their commitment to build upon Reno’s identity as a leader in art and innovation.

“Inova, named for its commitment to innovation defines the next generation of Reno living, integrating innovation and art, with luxury and convenience to elevate residents to live life inspired,” Bowlby said. “This philosophy is woven in the property’s fabric, and we are bringing light to it in the form of a competition. The Art of Innovation competition gives artists a chance to connect and create work during a time when our community is looking to be inspired.”

The art competition will include a purse total of $10,000, with first, second and third place winners across three different categories chosen, as well as a Best in Show. Categories include photography, painting and sculpture. The top 50 entries will be included in a book, “The Art of Innovation” with the artists’ information and the cost of each piece shown.

Artists are invited to present existing work as well as original works of art yet to be produced. The deadline for the last submission will be August 30, 2020 and a $10 entry fee will be collected per entry. In addition, The Sierra Arts Foundation, a nonprofit art organization working with integrating art in schools, will work with local schools as they try to spark creativity with their students from home. INOVA will be awarding $3,500 for this unique student contest.

“Northern Nevada is a community fueled by arts and culture,” said Reno Mayor Hillary Schieve. “During this time, when many of our residents are staying at home to prevent the spread of COVID-19, I see this competition as an opportunity for creatives to share their work and inspire others.”

This campaign invites local Reno artists, as well as others from across the nation, to create a visual expression that demonstrates what innovation means to them. Contest judges include Burning Man artist Andrew Johnstone; Executive Director of Artech and Project Manager for Playa Art at Burning Man, Maria Partridge; and retired Manager of Arts and Culture for the City of Reno, Christine Fey.

Johnstone, a British artist now living in the Bay Area, has been working on the design of “The Man,” the centerpiece of the Burning Man festival, each year since 2005. He is a muralist specializing in photo real trompe l’oeil (deceive the eye), and his clients recently have included The Smithsonian, Chabot Space and Science Center, Stanford Medical Center, Venice Biennale Arte, European Cultural Academy  and NASA. Johnstone also became one of the Newzonia 500 ambassadors, a group of artists, scientists, Nobel laureates working on global and sustainable solutions for a world in crisis.

Both Partridge and Fey have strong roots in the local arts community, Partridge spearheading efforts to place temporary installations of Burning Man art in downtown Reno, and Fey who worked for two decades as the Arts and Culture Manager, and is the City Liaison to Artown and Sierra Arts Boards.

“Celebrating arts and culture within our community is essential,” Partridge said. “During this time of uncertainty, art can lift our spirits and provide a sense of community. Through The Art of Innovation competition, we seek to embrace the artists in our community and showcase their incredible work.”

Publication: Connect California

Dewey Land Company and DivcoWest received $33.8 million in construction financing for the speculative development of 250 California, a 44,605-square-foot office property in Burlingame, CA. JLL Capital Markets’ Jordan Angel and Chris Gandy arranged the financing, as well as a joint venture equity partnership between the developers.

Due for completion in 2022, 250 California will feature four stories of best-in-class office space, ground-floor retail and a three-level subterranean parking facility. The transit-oriented building has a premier location in downtown Burlingame, immediately adjacent to the Burlingame Caltrain station.

DivcoWest’s Chris Eldemir says, “250 California is an excellent, transit and amenity-friendly location which has already drawn a major VC tenant. We’re excited to have the opportunity to partner with our friends at Dewey Land Company, and look forward to delivering a high quality, boutique office building to the downtown Burlingame market.”