In the largest single-building life science transaction in the U.S. year-to-date 2023*, an Alexandria Real Estate Equities, Inc. affiliate and National Development transferred a partial interest in a Class A life science development to Mori Trust

BOSTON, April 12, 2023 /PRNewswire/ — Newmark has arranged the recapitalization of 15 Necco Street, a 345,995-square-foot Class A life science asset currently being developed in the Seaport District of Boston, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin, Executive Vice Chairman Edward Maher, Vice Chairman Matthew Pullen and Managing Director Samantha Hallowell of the firm’s Boston Capital Markets Group and Newmark Vice Chairman Alex Foshay, Divisional Head of the firm’s International Capital Markets Group, represented the partial interest seller, an Alexandria Real Estate Equities, Inc. affiliate and National Development, and procured the partial interest buyer, Mori Trust Co., Ltd.’s U.S. subsidiary, MORI America LLC. The recapitalization is the largest single-building life science transaction in the U.S. year-to-date 2023* and Mori Trust’s first life science transaction in the country.

Image courtesy of Alexandria Real Estate Equities, Inc.
Image courtesy of Alexandria Real Estate Equities, Inc.

The laboratory/office component of 15 Necco Street will be fully occupied by Eli Lilly and Company, one of the largest pharmaceutical companies in the world, as the Lilly Institute for Genetic Medicine. The waterfront property, which overlooks Fort Point Channel and the Harborwalk, will also feature a tenant-exclusive rooftop terrace, a publicly accessible lobby and street-level retail space.

“15 Necco Street’s long-term, credit-rated anchor tenancy is a testament to its quality of construction and prime urban location,” said Maher. “The state-of-the-art asset will serve as a model for sustainability, efficiency and employee health and wellness while benefiting from unmatched positioning in the country’s top life science market.”

The life science asset is targeting LEED Gold Core & Shell, Fitwel Life Science and WiredScore Platinum certifications. 15 Necco Street will also offer convenient walkability to public transportation, situated just across the Summer Street Bridge from South Station, one of Boston’s primary multi-modal transit hubs.

Newmark Senior Financial Analyst William Sleeper provided financial analysis support for the transaction.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $2.7 billion for the year ending December 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit or follow @newmark.

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About Alexandria Real Estate Equities, Inc. 
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. As the pioneer of the life science real estate niche since its founding in 1994, Alexandria is the preeminent and longest-tenured owner, operator and developer of collaborative life science, agtech and advanced technology campuses in AAA innovation cluster locations, including Greater Boston, the San Francisco Bay Area, New York City, San Diego, Seattle, Maryland and Research Triangle. Alexandria has a total market capitalization of $35.0 billion and an asset base in North America of 74.6 million SF as of December 31, 2022, which includes 41.8 million RSF of operating properties and 5.6 million RSF of Class A properties undergoing construction, 9.9 million RSF of near-term and intermediate-term development and redevelopment projects and 17.3 million SF of future development projects. Alexandria has a longstanding and proven track record of developing Class A properties clustered in life science, agtech and advanced technology campuses that provide its innovative tenants with highly dynamic and collaborative environments that enhance their ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity and success. Alexandria also provides strategic capital to transformative life science, agrifoodtech, climate innovation and technology companies through its venture capital platform. Alexandria believes its unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns and greater long-term asset value. For additional information on Alexandria, please visit

About National Development
For over 30 years, National Development has been one of the most active real estate investment and development firms in New England. The firm has developed and/or acquired over 30 million SF across a broad range of product types, creating great places and attractive investments. For more information, visit or follow @nationaldevelop on Twitter and Instagram. 

About Mori Trust Co., Ltd.
Mori Trust operates 65 buildings, residences, and commercial retails, and 30 hotels and resort facilities across Japan (as of March 2022), centering on three businesses: real estate business, hotel & resort business, and investment business), as well as a wide range of businesses that enhance the value of cities. On the real estate developments side, aiming to contribute to improving the quality of engagement and communication, last year Mori formulated its new office vision, DESTINATION OFFICE, in order to support the creation of offices that attract workers. On the hotels and resorts side, Mori is building a luxury destination network in Japan of premium hotels located in prime urban and resort locations throughout the country, as part of its vision to promote Japan as a high-end tourism destination. On the investments side, in order to respond quickly to changes in the business environment which may occur in the future, Mori is actively promoting investment in a broad sense, including capital participation in various companies, business alliances, and other venture investments to ensure the growth of the Group. Aiming to create new value by thinking outside the framework of existing businesses, Mori is working on businesses in new areas. In particular, the Group is promoting the workcation business by combining know-how in the real estate business and hotels & resorts business to propose a variety of work styles and to stimulate tourism demand. In addition, Mori is focused on the importance of wellness and launched a full-fledged wellness business in 2020. For additional information, please visit

*According to a review of data reported by MSCI Real Capital Analytics.

Source: Newmark Group, Inc.