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 package, led by Otera Capital, is said to be one of the largest reported financings this year in the United States. Construction on Phase 1 will begin next week and buildings are expected to open late 2025/early 2026.
The nine-acre phase includes two laboratory buildings, a rental apartment building, hotel and David Rubenstein Treehouse as well as street-level shops and restaurants plus open spaces for public events – 25% of new units will also be affordable housing. Breakthrough Properties – a joint venture between Tishman Speyer & Bellco Capital – is developing laboratory & office spaces at ERC aiming for LEED Gold certification while emphasizing diversity & inclusion throughout its development process.
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