Newmark has arranged the recapitalization of 15 Necco Street, a 345,995-square-foot Class A life science asset currently being developed in the Seaport District of Boston.
Newmark represented the partial interest seller, an Alexandria Real Estate Equities, Inc. affiliate and National Development, and procured the partial interest buyer, Mori Trust Co., Ltd.’s U.S. subsidiary, MORI America LLC.
The recapitalization is the largest single-building life science transaction in the United States year-to-date and Mori Trust’s first life science transaction in the United States, according to data from Irving Levin Associates, LLC.
The laboratory/office component of 15 Necco Street will be fully occupied by Eli Lilly and Company, one of the largest pharmaceutical companies in the world, as the Lilly Institute for Genetic Medicine. The waterfront property, which overlooks Fort Point Channel and the Harborwalk, will also feature a tenant-exclusive rooftop terrace, a publicly accessible lobby and street-level retail space.
Mori Trust Co., Ltd. is a Japanese company that engages in real estate development, hotel management and investment business. Mori Trust operates 65 buildings, residences and commercial retails, and 30 hotels and resort facilities across Japan (as of March 2022).
According to data captured in the LevinPro HC database, this transaction marks the third life sciences building deal of 2023.
