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Saks Fifth Avenue Owner to Convert Boston Retail Properties to Life Science
HBC Properties and Investments and Streetworks Development are converting a three-property, 360,000-square-foot retail portfolio in the Boston area to life science research and development facilities. HBC owns Saks Fifth Avenue among other retail brands.
“Boston has long been one of the country’s most dynamic life science real estate markets, and demand for new product continues to outpace supply,” said Jerrold Bermingham, SVP at HBCPI. “This (retail property conversion) is the perfect opportunity to demonstrate a new approach to life science development that connects the traditionally isolated workforce within these buildings to the broader community — a model which we believe will ultimately reinforce Boston’s primacy in the life science market.”
Each of the locations (former Lord & Taylor sites at 1320 Burlington Mall Road in Burlington, 1245 Worcester Street in Natick and 250 Granite Street in Braintree) has 120,000 square feet of office and communal space. The buildings are adjacent to complexes with retail, dining and hospitality options and accessible to major transportation arteries.
- ◦Development
