New Balance’s property development arm has paid $35 million for a three-acre site next to its Boston Landing property in Brighton, reported the Boston Business Journal. The property at 155 N. Beacon St. was formerly owned by life sciences developer IQHQ, which is also building the Alewife Park life sciences cluster in Cambridge and a lab building on Brookline Avenue near Fenway Park.
The vacant site is permitted for a 409,000-square-foot life sciences building, although it isn’t clear if plans are still in place for that use, the Business Journal reported. Demand for lab space in the Boston area hasn’t approached the amount of new square footage completed in the past few years.
The site at 155 N. Beacon most recently included a two-story office building and an auto body shop, both of which IQHQ demolished. IQHQ had planned the development, called 4 Life, to include ground-floor retail, dining and a courtyard, among other features.
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