Reporting Anthony Silva
BOSTON (CBS) – National Development in Newton, Alexandria Real Estate Equities, Charles River Investors and Clarion Partners are constructing the 11-story building, whose major tenant will be the Dana Farber Cancer Institute.
WBZ NewsRadio 1030′s Business Editor Anthony Silva reports
National Development President Tom Aleperin tells me the project was originally planned in the fall of 2008 but, but the Lehman Brothers crash made it impossible to find financing. Without a pre-leasing commitment, they couldn’t attract the debt and equity dollars needed to move forward.
Alperin says for projects like this, you really need to put together a consortium of investors.
The planned building will have more than 400-thousand feet of space. It’s scheduled to be completed by 2014.