Joslin completes sale of Longwood parcel
Joslin Diabetes Center has completed the sale of land in the Longwood Medical Area to developers who will build a research building in which Joslin and others will lease space, Joslin said today.
The parcel at the corner of Longwood and Brookline avenues was sold to a joint venture of Alexandria Real Estate Equities Inc., National Development and Charles River Realty Investors. They will build a 350,000-square-foot building on the 1.1-acre site. Joslin will expand its research program into part of the new building, the diabetes center said.
The developers were expected to pay more than $100 million for the site, two existing buildings and development rights, according to sources quoted in a Globe story in July. The project is a departure from an earlier plan proposed in 2001 that would have combined housing and other uses for the project.
Construction on the new building, with an estimated cost of $300 million, will begin in 2008.
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Elizabeth Cooney covers health for the Worcester Telegram & Gazette. She
previously reported on business and was an editor at the paper. Earlier in
her career, she edited medical books and journals at Little, Brown, and
worked for Boston magazine.Boston Globe Health and Science staff:
- Karen Weintraub, Deputy Health and Science Editor
- Gideon Gil, Health and Science Editor
- Ishani Ganguli, Short White Coat blogger
- Joshua U. Klein, M.D., Short White Coat blogger
