US real estate investment manager Related Fund Management has bought a 50% stake in the $710m (鈧�572.3m) Innovation and Design Building (The IDB) from Jamestown.
Announcing the deal, Jamestown said the new joint venture with Related Fund Management will help build on the continued success of The IDB and grow the building鈥檚 tenant base with new lab and office spaces.
The duo expect to begin construction on the new lab and office spaces in 2021.
Financial details were undisclosed, however, according to people familiar with the matter, Related Fund Management is investing around $355m for its 50% stake in the Boston property.
Jamestown purchased The IDB in 2013 and has since invested more than $200m in the revitalisation of the 1.4m sqft property.
The building serves as a business hub for a number of creative companies including Reebok, Autodesk, life science tenants Ginkgo Bioworks and Living Proof, and the Boston Design Center.
Michael Phillips, president of Jamestown, said: 鈥淲hen Jamestown first acquired the building, we saw the potential for a new creative hub in Boston鈥檚 Seaport District.
鈥淣ow, seven years later, The IDB is home to a long list of cutting-edge companies, makers, and thinkers. We look
forward to our new partnership with Related Beal and leveraging our shared experiences to embark on the third phase of the property鈥檚 transformation, further expanding the ecosystem of interconnected businesses within The IDB.鈥�
Patrick Sweeney, Managing director of Related Fund Management, said: 鈥淩elated Beal and Jamestown have a longstanding history in the Eastern Seaport neighbourhood鈥檚 life science sector and are committed to serving the strong demand we continue to see in this submarket.
鈥淲e look forward to collaborating on this next phase of the property, with an emphasis on enhancing and adapting the building to attract more lab tenants.鈥�
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