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Charles River Plaza
165 Cambridge St, Boston, MA 02114

Thesis

  • In June 2000, the original developer of a 229,000-square-foot mixed-use complex, located in downtown Boston adjacent to Massachusetts General Hospital (“MGH”), Government Center and Beacon Hill, offered the property for sale in a widely marketed sale process.
  • Given MGH’s desire to grow, the constraints it faced due to the scarcity of available adjacent sites, and nearby public transit, we envisioned a redevelopment plan for the site that included adding more than 400,000 square feet of new medical office and lab facilities.

Execution

  • Simultaneous with closing, Davis negotiated a lease expansion/extension with MGH for 70,000 square feet of medical and office space, bringing the property to 100% occupancy.
  • We undertook a strategic and collaborative planning process, despite vigorous initial community opposition, and were able to win acceptance for the project with the medical community, the business community, and the local residents through various community and board meetings.
  • The project was successfully redeveloped into a 640,000-square-foot medical office, research, and retail facility with a 950-car parking garage.

Asset Class

Life Science & High Intellectual Capital Workplaces

Fund

Non-Fund/Legacy

Location

Boston, MA

Size

640,000 RSF