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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. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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