BioMed Realty Buys Former 482,000 SF John Hancock HQ in Seaport District Via NewmarkJanuary 04, 2021
BOSTON—BioMed Realty recently completed the acquisition of 601 Congress Street in Boston, Massachusetts. The 482,000 SF LEED Platinum office building, which previously served as John Hancock’s corporate headquarters, provides a compelling life science conversion opportunity due to its robust mechanical and structural infrastructure, collaborative meeting areas, and strong visual identity in the Seaport submarket. According to a release, the converted building is scheduled to be delivered in the second half of 2022.
“We are very excited to expand BioMed Realty’s portfolio in Boston, further illustrating our conviction in the growth of the life science industry,” said Bill Kane, executive vice president of BioMed Realty. “We look forward to continuing to support the important, life-saving work being done in the sector.”
Comprising 482,000 square feet of Class A office and laboratory conversion-ready shell space across 14 stories, 601 Congress is a headquarters-quality asset designed by SOM (Skidmore, Owings & Merrill).
“601 Congress is well-positioned for life science conversion,” said Edward Maher Jr., Vice-Chair of Newmark. “The property offers flexible and efficient workspaces, LEED Platinum certification, rare on-site parking and the ability to accommodate an expansive roster of amenities in Boston’s most dynamic and energized neighborhood,” adds Maher.
“Greater Boston is rated among the top biotechnology clusters in the world driven by the extraordinary levels of talent, science and capital that are present within our regional life science ecosystem. We are seeing a heightened demand for more space among our existing tenants and new companies entering the market, and BioMed Realty’s current Boston portfolio is nearly 100% leased,” said Colleen O’Connor, vice president with BioMed Realty. “The acquisition of this large-scale, world-class building offers growth opportunities for our current tenant roster of over 230 life science companies and is ideally situated to welcome new tenant relationships into our BioMed portfolio.”
BioMed’s portfolio will include nearly 5.9 million square feet of high-quality assets strategically located throughout Cambridge and Boston following the closing of the previously announced acquisition of 2.3 million square feet of lab office space for $3.45 billion.
601 Congress will anchor BioMed Realty’s presence in Boston’s Seaport district, an established life science market with proximity to top-tier research and education institutions in Boston and Cambridge, including Harvard University, Massachusetts Institute of Technology and Boston Children’s Hospital.
The Seaport District has been transformed in recent years and is fast becoming one of the most desirable neighborhoods in Boston. There is a 24/7 live, work, play environment with waterfront dining, retail, hotels, top tech and life science companies and a great mix of residential options – all walkable to downtown Boston. There is also easy access to the highway and mass transit.