In the largest life sciences lease in the City of Boston since 2011, WS Development today announced that Foundation Medicine has leased 580,000 square feet of laboratory and office space at 400 Summer Street, part of the company’s 23-acre Boston Seaport development, a joint venture with PSP Investments.
“We are honored that Foundation Medicine has chosen 400 Summer Street for their headquarters. Boston’s Seaport has come to serve as the city’s hub for forward-thinking employers, residents, and retailers, and now as a global hub of the life sciences sector. No company better represents the power of innovation than Foundation Medicine and we are proud to welcome them to our neighborhood,” said Jeremy Sclar, President of WS Development.
400 Summer Street is a 16-story laboratory building designed by Morris Adjmi Architects of New York City in collaboration with the Boston office of Stantec (rendering attached). The 625,000- square foot building once completed will also host 30,000 square feet of neighborhood retail uses. Foundation Medicine will occupy all of the laboratory and office space in the building to be constructed at 400 Summer Street in Boston’s Seaport District, a major hub for technology and life sciences talent.
The project will also involve the construction of a grand public stair connecting Summer and Congress Streets designed by James Corner Field Operations, the landscape architect behind New York’s High Line. This major public space will provide direct pedestrian and bicycle connectivity from the Summer Street bridge directly to Boston Harbor as the southern gateway to Harbor Way, the 1/3 mile linear park being constructed by WS Development as part of the Boston Seaport project.
WS Development expects the project to start construction later this year and be occupied by 2023.
The development of 400 Summer Street will also result in funding approximately $5.0 million dedicated to the creation of affordable housing in Boston, as well as $1.0 million in funding for job training in the City of Boston.
About Boston Seaport
Culture, industry and community converge making Boston’s Seaport district a dynamic and vibrant area that is quickly emerging as one of the most exciting neighborhoods and destinations in the country. Seaport is currently Boston’s single largest development project. WS Development is transforming 23 acres of waterfront land with a carefully selected mix of residential, hotel, office, retail, entertainment, civic and cultural uses, and public open space across the district. Combining the best of historic and modern-day Boston, Seaport is rapidly becoming a national destination for fashion, culture, arts, dining and entertainment, and technology and life sciences, expanding Boston’s position as one of the top cities in the world. For more information visit www.bostonseaport.xyz, follow Boston Seaport on Facebook, and @SeaportBos on Instagram and Twitter.
About WS Development
WS Development is a Massachusetts-based property developer and owner dedicated to the creation of places where people want to be. With more than 20 million square feet of existing space and an additional five million square feet under development, it is one of the largest privately-owned development firms in the country. In business since 1990, WS is a vertically-integrated company that develops, owns, operates, and leases over 90 properties, including urban buildings, lifestyle centers, community centers, and mixed-use developments. Its goal is to be a contributing member of each community it serves. For more information, visit www.wsdevelopment.com, call 617.232.8900, or follow WS Development on LinkedIn.
About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investment managers. It manages a diversified global portfolio composed of investments in public financial markets, private equity, real estate, infrastructure, natural resources and private debt. Established in 1999, PSP Investments manages net contributions to the pension funds of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York and London. For more information, visit www.investpsp.com or follow us on Twitter @InvestPSP .