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Ullico Invests $70 Million to Fund Construction of R&D Facility in Boston

May 29, 2024

Ullico recently committed to provide up to $70 million in a $280 million loan for the construction of a seven-story, 358,324 square foot life science research and development facility in Boston’s Seaport District.

Provided by The Union Labor Life Insurance Company through its Separate Account J (known as ‘J for Jobs’), the loan was approved with the condition all construction will be built with union labor.

The Class-A, building which has been pre-leased to Vertex Pharmaceuticals Inc., will contain 345,266 square feet of office and lab space, 5,794 SF of retail space, 3,559 square feet of teaching lab space, and a 144-space underground parking garage. The building will also include a fitness center, roof deck, conference/event space and below-grade parking, as well as 35,000 square feet of landscaped outdoor space.

Additionally, the project is being designed to achieve the highest standards in sustainability and resiliency for a life science building, underscored by its LEED Platinum and LEED Zero Carbon certification targets.

On completion, the building will be known as the Jeffrey Leiden Center for Cell and Genetic Therapies II, or Leiden II. The facility will serve as an expansion of Leiden I, which opened across the street in 2021 and is also occupied by Vertex. Altogether, the complex will be known as Vertex’s Leiden Campus.

“We welcome the opportunity to invest in Boston’s Seaport District. It has transformed into a modern neighborhood with vibrant mixed-use buildings, anchored by a diverse employer base, ranging from start-ups to blue chip companies,” said Herbert A. Kolben, senior vice president of Union Labor Life’s Real Estate Debt Group, which provides lending and loan servicing for commercial real estate projects.

“Boston supports unions, and we finance investments that support the labor movement,” said Brian J. Hale, CEO and President of Ullico Inc. “This is another win-win deal that strengthens local communities by creating union jobs.”

J for Jobs has a goal of delivering competitive fixed-income performance to institutional investors over the long-term. Since its inception in 1977, J for Jobs has participated in the funding of more than 550 real estate projects nationwide, totaling in excess of $21 billion.

“Ullico is known for bringing together expert resources and partners to better meet the needs of institutional and tax-exempt investors. This investment is another example of how our clients and their advisers benefit from the support of a dedicated team of professionals,” says Joe Linehan, President of Ullico Investment Advisors.

Separate Account J (“the Fund”) is offered through a group annuity contract issued by The Union Labor Life Insurance Company (“Union Labor Life”) and is sold through Ullico Investment Company, LLC (Member FINRA/SIPC), both subsidiaries of Ullico Inc. The Fund will only be offered to qualified institutional and accredited investors. Investments in commercial mortgage loans secured by illiquid real estate are subject to additional risks including the potential inability of an investor to redeem units. The investment return and principal value of the Fund will fluctuate so that an investor’s units, when redeemed, may be worth more or less than original cost. In addition, fluctuations in interest rates and market volatility may limit available financing for real estate investments held by the Fund, thereby adversely affecting the value of the underlying investments, the investment return and the liquidity of the investments.

About Ullico

The Ullico Inc. family of companies provides insurance and investment solutions for labor organizations, union employers, institutional investors and union members. Founded over 95 years ago, the company takes a proactive approach to anticipating labor’s needs, developing innovative financial and risk solutions and delivering value to our clients. Our products are tailored to promote financial security and stability for American workers.

The Ullico Inc. family of companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, LLC.; Ullico Investment Company, LLC.; and Ullico Investment Advisors, Inc. For additional information, visit www.ullico.com.