Life Science Lab Expands to MA Mall
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As Boston’s life sciences market continues to boom, property developers are getting creative to capitalize on conversion trends.
And by replacing major department stores with breweries, grocery stores, and now labs, malls hope to reinvent themselves to survive in the age of online shopping.
Hudson’s Bay Company (HBC) announced in July that the currently closed Lord & Taylor stores in Burlington, Natick and Braintree Malls will be transformed into state-of-the-art life science facilities.
The space will be repurposed to serve as a state-of-the-art research and development facility suitable for various life sciences and office applications. Each site will include 120,000 square feet of office and communal space.
HBC said it is a desirable location for tenants as it is within walking distance of shops, restaurants and public transportation.
HBCPI senior vice president Jerrold Bermingham said in a press release: Likewise, this is a great opportunity to demonstrate new approaches to life sciences development that connect the traditionally isolated workforce within these buildings to the wider community. We believe this model will ultimately strengthen Boston’s dominance in the life sciences market. “
more:Natick holds biolabs accountable and keeps the most risky out of town
more:Massachusetts property developer cuts offices, adds labs
If it feels like a new lab is popping up in Greater Boston every other day, you’re not expecting it. Massachusetts is investing heavily in life sciences development that has only grown from the development of a COVID vaccine. According to Cushman & Wakefield, Boston’s life sciences asset delivery pipeline will exceed 3.9 million square feet by 2023.
With remote and hybrid work taking hold, many real estate developers are looking for ways to make their offices more attractive by placing well-equipped buildings in walkable locations.
more:Lord & Taylor, one of America’s oldest department stores, files for bankruptcy
more:Burlington Mall adapts, replacing retail stores with dining destinations
Malls in Massachusetts are also undergoing some kind of revitalization, with brick-and-mortar department stores closing to provide extra space for new construction.
At Natick Mall, Boston real estate firm Bulfinch Companies Inc. plans to redevelop a former Neiman Marcus store into a research and development facility.
In Burlington, the former Sears has been transformed into an all-new wing of the mall, home to unique restaurants like Fogo de Chao, Palm Famous Italian and Common Craft.
Lord & Taylor was one of America’s oldest department stores, founded in 1826 as a clothing store. In 2020, the company filed for bankruptcy and closed all stores. shopping.
HBC said it is working with the local government on rezoning to bring the lab to market as soon as possible. Renovation work is scheduled for this year.
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