investment firm Ivanhoe Cambridge partners with a development company Lend-Lease to launch a new joint venture that will develop state-of-the-art labs, offices and manufacturing spaces in major life science centers across the country.
The joint venture announced this week that it will invest an initial capital of $500 million in new life science developments in key life science hubs and grow the portfolio with more investments over time. Targets include the Boston, San Francisco Bay Area and San Diego markets, as well as the New York and New Jersey metropolitan area, Philadelphia, Chicago, Los Angeles and Orange County.
Ivanhoé Cambridge will be the majority partner, while Lendlease will lead the development and supervise the construction of all projects.
The two companies have partnered to develop a nine-story, 320,000 square foot life sciences laboratory and office in 60 Guest Street in the Allston-Brighton neighborhood of Boston, which is expected to start this spring and be completed in 2024.
“This partnership will also allow Ivanhoé Cambridge to deepen its presence in the life sciences sector, which has long-term growth fundamentals, while supporting the strategic diversification of our organization’s portfolio,” said Ivanhoé Cambridge. Jonathan Pearce noted.
Lendlease said it has completed more than 500 life science facilities on approximately 18 million square feet in the United States, ranging from individual labs to large-scale manufacturing plants.
Gregory Cornfield can be reached at [email protected].