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Seaport Plans to Develop More Bio-Tech Space as Major Companies Move in and Set Up Their Labs

Seaport’s Innovation District has been conceived as a gathering place for community leaders, creative thinkers, and influential start-ups, and has correspondingly become a highly desirable location for a variety of commercial enterprises, including tech, biotech, B2B software, robotics, venture capital, social networking, and e-commerce. Developers have taken note of this prosperous influx, and are working to develop even more properties in the district that specifically cater to the needs of each industry. Drydock Avenue, Channel Street, and Seaport Boulevard have all become highly sought out addresses for both new tenants and developers ready to take advantage of a burgeoning real estate climate.

With the recent announcement that Alexion Pharmaceuticals has leased 150,000 square feet of space on floors 3 through 8 of the new 17 story building at 121 Seaport, developers are now making plans to increase the number of new projects that feature specific lab and research and development spaces. The number of firms which are choosing Seaport to house not just branches but often the headquarters of their operations make this custom-tailored approach a winning one.

As an example of this type of development, plans are underway to build out the iSQ Seaport building, located on Northern Avenue. The project’s $50 million first phase will feature a total of 360,000 square feet, with 35,000 square feet of flexible floor plates that can be adjusted to a tenant’s specifications. The property use is classified for lab work, although the building includes several creature comfort amenities, including an on-site fitness center, an on-site restaurant, and even green space adjacent to Seaport’s famous waterfront. Developers have stated that a variety of life-sciences companies have already indicated their strong interest in leasing the space.

Another project that could take on a life-sciences/bio-tech focus is the recently approved 13 story, 298,700 square foot building known as 2 Drydock Avenue, or Parcel Q1. Located in the Boston Marine Industrial Park in Seaport, the $110 million dollar project will offer 211,700 square feet of office space on completion in 2019 with an 8,400 square foot ground floor space for retail. There are also plans for a 12,900 square foot public plaza along Drydock Avenue, as well as a luxurious rooftop terrace. The 2 Drydock Avenue project will be sited directly across from the Innovation and Design Building, a 1.4 million square foot project that currently spearheads the commercial leasing boom in the Innovation District. With tenants from a variety of creative industries such as architecture and technology start-ups, the Innovation and Design Building is still leasing office spaces, and offers relatively easy access to public transit, the Boston Logan International Airport, as well as major interstates.

While the development at 88 Seaport Boulevard, which is part of a massive 7.6 million square foot master plan, has not been officially designated as a life-science or bio-tech building, the increasing interest from tenants of this type may play some role in its design. The architects have specifically stated that they dividing the building into two distinct volumes in anticipation of industrial tenants that may desire either traditional or alternative floor plates. Currently, 88 Seaport Boulevard is envisioned as an 18 floor office tower with approximately 60,000 square feet of retail, 425,000 square feet of office space, and 5,000 square feet designated for cultural or civic use. A prestigious architecture firm known for iconic civic projects in major cities around the world has been chosen to create the design for the building, which is expected to be constructed by 2020.