Tishman Speyer has secured $750 million in financing for the first phase of the Harvard Enterprise Research Campus (ERC), a mixed-use development in collaboration with the Harvard Allston Land Company.
The financing package, led by Otera Capital, is said to be the largest reported in the United States this year. Construction on the first phase will begin next week, with buildings expected to open in late 2025 and early 2026. The nine-acre phase will include two laboratory buildings, a rental apartment building, a hotel, and the David Rubenstein Treehouse. The ERC will feature street-level shops, restaurants, open spaces for public events, and 25% of the new units will be affordable housing.
Breakthrough Properties, a joint venture of Tishman Speyer and Bellco Capital, will develop laboratory and office spaces in the ERC. The project aims for LEED Gold certification and emphasizes diversity and inclusion in its development process.
