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 is a former
health reporter for the Worcester Telegram & Gazette, where she also was a
business reporter and an editor. Earlier in her career, she edited medical
books and journals at Little, Brown, and worked for Boston magazine.Boston Globe Health and Science staff:
- Gideon Gil, Health and Science Editor
- Ishani Ganguli, Short White Coat blogger
