A two-tower lab project overlooking the Massachusetts Turnpike near Fenway Park is on hold as demand for commercial lab space has waned, the Boston Globe reported. Developer IQHQ has nearly completed a deck spanning the Turnpike, the first phase of its $1-billion Fenway Center project, but has paused plans to build towers rising 12 stories and 22 stories, respectively.
“We have no plans to go vertical at this point,” Tracy Murphy, president of IQHQ, told the Globe. “Given lending market conditions, we’re going to sit and evaluate once the podium is done in the first quarter.”
The California-based life sciences developer wants to find a tenant willing to pre-lease at least 50% of the project’s 720,000 square feet, the Globe reported. Fenway Center is one of three IQHQ projects in the Fenway area, which also include 109 Brookline Ave. and 20 Overland St.
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