Harvard Science Campus, Arts Will Be Big Draws for Tenants
Boston is well-established as a global center for innovation, and the team at King Street Properties, which has specialized in life science development for over 20 years, believes the life sciences will continue to thrive here creating the need for growth beyond our region’s well-established hubs throughout Greater Boston.
Over the past four years, the life sciences sector has rapidly expanded across Boston and Massachusetts, leading to the approval of numerous new projects. We believe the projects most likely to succeed are those situated in dynamic ecosystems that already exist and can help foster innovation and collaboration, such as the Western Avenue corridor in Allston. Life science tenants today are looking for more than just functional spaces; they’re drawn to vibrant neighborhoods with rich amenities and culture.
The Western Avenue corridor provides companies with the opportunity to be part of a diverse business ecosystem, not limited to life sciences.
Just as Kendall Square in Cambridge benefits from its proximity to MIT, the Western Avenue area is anchored by Harvard University’s science campus and thrives within a broader environment that includes retail, hotels, transit options, parks and housing. Allston also has a unique, authentic character that is highly complementary to the creative energy of science workers who are drawn to its local hotspots and its artist community-vibe.
New projects can enhance this already vibrant neighborhood, benefiting both life sciences and the broader community. Our new life science development, Allston Labworks, is situated along the Western Avenue corridor and is designed with this kind of neighborhood-enhancing effect in mind.
Labworks is a multi-building campus anchored by robust life science research and development space that can accommodate a wide range of uses. It also offers locally owned retail, artist studios and outdoor spaces that complement the other uses in the area.
In addition to the state-of-the-art research and development space available at Allston Labworks, it will feature a “learning lab” in partnership with BioBuilder, creating a science laboratory and classroom space designed to teach and inspire the next generation of life sciences professionals. We’re particularly excited by the project’s proximity to Harvard and the Harvard Business School, tapping into the innovation and entrepreneurial spirit that both institutions bring to the area.
The Western Avenue corridor has all the characteristics of an enduring hub for life sciences, and we’re confident in it as a prime destination. Not only does it have all the elements that brought success to other well-established hubs in Greater Boston, but it also has future plans that will help ensure a healthy ecosystem.
A recently awarded federal grant will enable transportation improvements to local roads and the construction of the new West Station on the MBTA commuter rail located in the former Beacon Park in Allston. This future station located close to the Charles River will create new transportation options and improved access to the area.
King Street has been providing space solutions for innovative companies for more than two decades. Regardless of occasional marketplace dips and pauses, we have always thrived by committing to the long view. Life sciences are here to stay in Massachusetts.
From Mike Diminico, Special to Banker & Tradesman