Ivanhoé Cambridge, Lendlease Launch $500M Life Sciences JV
Investment firm Ivanhoé Cambridge is joining forces with development firm Lendlease to launch a new joint venture that will develop state-of-the-art labs, offices and manufacturing space in major life sciences hubs across the country.
The JV announced this week it will invest an initial $500 million of equity in new life sciences developments in major life sciences hubs, and grow the portfolio with more investments over time. The targets include the Boston, San Francisco Bay Area and San Diego markets, as well as the New York-New Jersey metropolitan region, Philadelphia, Chicago, Los Angeles and Orange County.
Ivanhoé Cambridge will be the majority partner, while Lendlease will lead development and oversee construction on all projects.
The two firms have partnered together to develop a nine-story, 320,000-square-foot life sciences lab and office at 60 Guest Street in the Allston-Brighton neighborhood of Boston, which is scheduled to break ground this spring, and expected to be complete in 2024.
“This partnership will also allow Ivanhoé Cambridge to deepen its footprint in the life sciences sector, which has long-term growth fundamentals, while supporting our organization’s strategic portfolio diversification,” Ivanhoé Cambridge’s Jonathan Pearce said.
Lendlease said it has completed more than 500 life sciences facilities with approximately 18 million square feet in the U.S., ranging from individual labs to large-scale manufacturing plants.
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