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Wednesday, December 20, 2017

MAYOR WALSH BREAKS GROUND ON INNOVATION SQUARE, WELCOMES MASS INNOVATION LABS TO BOSTON

MAYOR WALSH BREAKS GROUND ON INNOVATION SQUARE, WELCOMES MASS INNOVATION LABS TO BOSTON
 

BOSTON - Wednesday, December 20, 2017 - Mayor Martin J. Walsh and Boston Planning & Development Agency (BPDA) Director Brian Golden today joined Related Beal to break ground on Innovation Square (iSQ) in the Raymond L. Flynn Marine Park and announced that Mass Innovation Labs, a biotech research accelerator, will anchor the first two floors, approximately 54,000 square feet, of the new life sciences development.

"Innovation Square will further position Boston as a leader in the life sciences industry, attracting new companies and a range of job opportunities to benefit Boston residents and the region," said Mayor Walsh. "I am pleased to welcome Mass Innovation Labs to the Raymond L. Flynn Marine Park, building on our work to fuel this area of the South Boston Waterfront with economic activity."

iSQ, is a phased, 375,000 rentable square foot, research and development life science campus. It is the first new construction, multi-tenant lab building in the Raymond L. Flynn Marine Park on the South Boston Waterfront. Construction of Phase I, which consists of a four story, 125,000 rentable square foot R&D building, is expected to be completed in 2019. Related Beal, with its partner Kavanagh Advisory Group, signed a long term ground lease with the BPDA and closed construction loan financing for the development with East Boston Savings Bank. Once complete, Innovation Square will boost 900 jobs.

Founded in 2015, Mass Innovation Labs offers flexible lab space solutions to help life sciences companies at various stages reach their next milestones. The company's success in Cambridge's Kendall Square has continued to evolve and the progression of customers such as Editas Medicine and CRISPR Therapeutics has fueled the need to expand to Boston, including iSQ. This week, Mass Innovation Labs also announced plans to open a facility in Brighton.

"It's incredible to have witnessed the growth of Mass Innovation Labs over the past two years -- both from a brand perspective as well as seeing firsthand the progress our customers have made by utilizing our services to advance and streamline their workflows," said Amrit Chaudhuri, CEO and co-founder of Mass Innovation Labs. "With our recent expansion to Innovation Square, we're excited to be one of the first companies to participate in the long-term vision of the Eastern Seaport."

Located at 6 Tide Street, on the corner of Tide Street and Northern Avenue, iSQ is designed to meet  today's flexible research and development requirements, including robust infrastructure and business amenities. The development will include a collaboration center, fitness center, interior bike storage, ample parking with electric vehicle charging stations, and green space. Innovation Square features an on-site MBTA Silver Line stop.

"Mass Innovation Labs is the perfect tenant to kickoff iSQ," said Stephen Faber, Executive Vice President with Related Beal. "They nurture innovative, entrepreneurial, high growth organizations with the potential to create a substantial economic engine for Boston and the Commonwealth. We believe the Raymond L. Flynn Marine Park in the Eastern Seaport has all of the ingredients to be the next great life science cluster."

Boston has become a leader in the life sciences industries and will host the 2018 BIO International Convention in June.

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