Affiliate of Mori Trust Co has purchased a stake in a $700 million life sciences facility located at 15 Necco St. in Boston, MA. The property, spanning 346,000 square feet, is situated in the trendy Seaport District. The facility is being custom-built for Eli Lilly & Co. and will include retail and restaurant spaces on the ground floor, as well as a rooftop terrace with green spaces and flexible workstations. The project is expected to be completed by the end of 2023.

Summary of transaction details

• Property Type: Life Science
• Transaction Amount: $700,000,000
• Address: 15 Necco St., Boston, MA
• Market: Boston, MA

Alexandria Real Estate Equities, a California-based REIT, sold the stake in the life sciences facility to the U.S. affiliate of Japanese developer Mori Trust Co. Newmark represented both the buyer and the seller in the transaction, with Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell, Alex Foshay, and William Sleeper serving as brokers. The recapitalization of the project was also facilitated by Newmark.