LONGWOOD CENTER
TOWERING ACHIEVEMENTS IN BOSTON'S MEDICAL AREA

How is National Development at the forefront of growth in the Longwood Medical Area?

Through a creative initiative with several partners, National Development acquired underutilized real estate from Joslin Diabetes Center. The one-acre site is located adjacent to Joslin's campus at the intersection of Longwood and Brookline avenues in the heart of the Longwood Medical Area. By selling the property to National Development, Joslin generated funds for its research mission, while satisfying the requirement that Joslin have new space as a partial user of the new building.

The property was permitted in 2003 for a 600,000-square-foot, mixed-use project that included a 30-story residential tower, but the project did not proceed. National Development assessed the economic feasibility of the project and determined that the best use for the site would be an approximately nine story, 425,000-square-foot life science research building with no housing component. The new building, Longwood Center, is designed to accommodate a mix of lab, clinical, and office uses for institutional and corporate tenants seeking much-needed space in the Longwood area.

What did the National Development team need to accomplish in order to make the Longwood Center project a success? First, we needed to act quickly. The deal was signed with Joslin and the acquisition completed in a lightning-fast, ninety-day period. Second, it needed community involvement. The project team began to work with the construction manager, city officials, area constituents, and designers to ensure that the project met the needs of the life sciences market and the rigorous demands of the community.

A critical component in National Development's ability to develop the Joslin site is its relationship with Charles River Realty Investors, LLC. Charles River is providing capital to the project as a joint venture partner with National Development and Alexandria Real Estate Equities. On many projects, National Development's access to real estate venture capital through Charles River has proven to be an asset in a real estate market where quick decision-making is required to control assets.

Construction completion for this project is scheduled for 2011.