Debevoise & Plimpton LLP has advised Canada Pension Plan Investment Board (CPP Investments) in its joint venture (JV) with Greystar Real Estate Partners to pursue life science real estate development opportunities in the U.S. The two entities have allocated an initial $1.2 billion of equity to the JV to develop Class-A life science office and lab buildings in leading U.S. life science markets. For more information, see the companies’ joint press release.
As part of the program, the joint venture has acquired 74M, an office and lab development project located in Somerville, Massachusetts. CPP Investments will own a 90% stake in the project and Greystar will own the remaining 10%. The recently acquired 74M is a 468,000 square-foot, 18-story office and lab development located in a vibrant live-work community in close proximity to East Cambridge, the world's leading life science and technology cluster. Construction on the project began in 2021 and will be managed by Greystar.
The Debevoise team was led by real estate partner Peter Irwin and included counsel Daniel Farrell, and tax partner Michael Bolotin and associate Gregory Arutiunov.