The Public Sector Pension Investment Board is accepting a new partner into a joint venture that is building a new scientific research centre in Boston’s Seaport District.
New York-based investment management company KKR and Co. Inc. reached a deal with PSP Investments and WS Asset Management Inc. to become an investor in a joint venture to develop a new office tower at 400 Summer Street. The project has been underway since August 2019.
Read: PSP buys out majority co-investor in U.K. rail company, BCI sells share in property portfolio
The building is part of a broader Boston Seaport development project led by WS Development. When completed, the 16-storey, 60,000 square-metre property will serve as the headquarters of Foundation Medicine Inc.
According to Carole Guerin, managing director and head of real estate development for the Americas at PSP Investments, the new project will help further the neighbourhood’s reputation as a leading hub of science and innovation. “The Seaport District has become a tremendous ecosystem for innovation and growth. 400 Summer Street, once completed, will further underpin the area’s commitment to the life science cluster.”
Read: Ontario Teachers’ investing in Finland utility, Caisse in Brazil telecommunications