Groundbreaking Of $300 Million Building For Dana Farber Institute
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
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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.
