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CPP, Greystar Launch JV to Develop Life Science Real Estate
Canada Pension Plan Investment Board and Greystar Real Estate Partners have formed a new joint venture to pursue life science real estate development opportunities in target markets in the U.S.
The two organizations have allocated an initial US$1.2 billion in equity to the JV to develop Class-A life science office and lab buildings in leading U.S. life science markets. Greystar will develop and manage the portfolio on behalf of the joint venture.
As part of the program, the joint venture has acquired 74M, an office and lab development project located in Somerville, MA. CPP Investments will own a 90% stake in the project and Greystar will own the remaining 10%.
“The acquisition of 74M expands our global life sciences strategy into the U.S. market and provides a solid foundation to this new program with Greystar,” said Peter Ballon, managing director, global head of real estate, CPP Investments.
- ◦Sale/Acquisition
- ◦Development
