Lincoln Property Co. & MetLife Investment Management Begin Construction on Life Science Development

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22 Jul 2020

Boston, MA (July 22, 2020) – Lincoln Property Company (“LPC”), in partnership with MetLife Investment Management is pleased to announce that construction has commenced on a 140,000 square foot state-of-the-art life science/office facility at 300 Third Avenue in Waltham, MA.

“The fundamentals of the life science sector remain strong with Massachusetts at the forefront of the global fight against coronavirus,” stated Scott Faber, Senior Vice President of Lincoln Property Company. “We believe the innovative, purpose-built design, top tier location and timing of 300 Third Avenue will be attractive to existing life science companies in the area as well as the broader life science industry.”

Construction financing was provided by Bank OZK, one of the most respected commercial construction lenders in the U.S. “Bank OZK is pleased to be the senior secured lender on this world-class life science facility,” said Chris Lawton, EVP of Originations at Bank OZK. “The strong financial capacity of Lincoln Property Co. and MetLIfe Investment Management, coupled with such a unique and timely real estate asset, makes this partnership ideal.”

With decades of expertise in life sciences DiMella Shaffer, a Boston-based architecture and design firm, and AHA Consulting Engineers, a Cambridge-based MEP/FP engineering practice, have designed a flexible space with a high level of efficiency of the mechanical, chemical storage and utility areas to service the most rigorous laboratory occupants.

Prominently set overlooking Route 128, the project will feature four stories of laboratory space and 441 on-site parking spaces. Designed to high sustainability standards, the project is targeting LEED Gold certification. 300 Third Avenue is undergoing Wired Certification in pursuit of best-in-class connectivity, infrastructure, and technology readiness.

Protocols and design strategies to address a post COVID-19 environment have been adjusted in real time to promote a frictionless workplace. Health, safety and wellness enhancements include 100% outside air available for laboratory spaces, HVAC system with increased fresh air for office spaces and MERV 13 filtration, touchless technologies including proximity key fob access tenant entry systems accessed via a tenant’s mobile phone.

300 Third Avenue is expected to be ready for tenant build-out by mid-2021.

Lincoln’s Jeffrey Moore, Tim Latham, Chris Devaux and Christopher Scott will serve as the exclusive leasing team for the Property. Situated in a thriving life science submarket with a critical mass of tenant and institutional owners, 300 Third Ave is ideal for biotechnology companies looking for a highly accessible location with high visibility signage opportunity.

“The list of Massachusetts based companies that have pivoted to focus on COVID-19 is long and filled with some of the area’s most prominent occupiers of lab and office space. The strong demand from life sciences tenants simply can’t be met with the existing inventory across Cambridge, Boston and inner suburbs,” said Jeff Moore. “There are several life sciences companies with large requirements in the market right now. These tenants are looking for the proximity to the best talent and collaborative environment that 300 Third Avenue will offer, as such we anticipate leasing at the project to be quite competitive.”

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Chris Devaux Christopher Scott Development Services Life Science Scott Faber Tim Latham