A newly-formed joint venture between Canada Pension Plan Investment Board (CPP Investments) and Greystar Real Estate Partners LLC (Greystar) have announced the acquisition of 74M, an office and lab development project in Somerville, MASS.

The project is a 468,000 square-foot, 18-story office and lab development located in close proximity to East Cambridge, the world’s leading life science and technology cluster. The property is expected to achieve LEED Platinum and WiredScore Platinum certifications. Construction on the project is slated to begin this year and will be managed by Greystar. CPP Investments will own a 90% stake in the project and Greystar will own the remaining 10%.

“The investment management and development platform Greystar has built in the U.S. is unmatched, and the opportunities in life sciences offer another sector where we can build an in-house team of experts and help match the supply with the demand,” said Bob Faith, CEO at Greystar.  “We look forward to partnering with CPP Investments not just on our acquisition of 74M, but in other research clusters across the country where people want to live and work and where we can draw upon our local expertise.”