Tishman Speyer JV Opens Boston Life Science Facility

105 by Breakthrough. Image courtesy of Breakthrough Properties

Breakthrough Properties, a joint venture between Tishman Speyer and Bellco Capital, has completed and delivered The 105 by Breakthrough, a 263,000-square-foot research and development facility located at 105 W. First St. in Boston.

Biotechnology company CRISPR Therapeutics will occupy the entire space under a prelease agreement dating back to the development’s ground breaking in 2020, using it as its new U.S. Research & Development headquarters.

The announcement follows the joint venture’s recent securing of $3 billion in funds for the financing, construction and development of a global life science portfolio. The 105 was the first project to be completed after this announcement, with others under development in Philadelphia, Boulder, San Diego and Oxford.

Construction on The 105 began in 2020 and is subject to a $209 million loan provided by Goldman Sachs, according to CommercialEdge data. The facility consists of Class A LEED- and Fitwell-certified lab and office space, with amenities including floor-to-ceiling glass windows, outdoor terraces, a fitness center, a bicycle room and a ground-floor café. Located between Boston’s Fort Point and South Boston neighborhoods, the property will be within arm’s length of many of the life science giant’s elite research universities and numerous similar facilities.

Boston life science leaps ahead

The Boston metro remains a leading market for life science development, containing over one-third of the nation’s total pipeline of 21.6 million square feet, CommercialEdge data shows. Such a figure is mainly due to the city’s large, condensed number of research universities, biotechnology companies and access to credentialed talent in the industry. Additionally, the city’s office sector has posted the highest overall growth rate in the U.S., seeing more than $3 billion in transaction volume as of August 2022, according to the same data.

Tishman Speyer Managing Director acknowledged the strength of the new facility’s location, saying in a prepared statement that The 105 responds to the intense demand for life science space in dynamic, amenity-rich neighborhoods that attract today’s top talent.