Dana-Farber Cancer Institute Finances Longwood Center Expansion with MassDevelopment Bond
September 13, 2016
FOR IMMEDIATE RELEASE
Meggie Quackenbush, MassDevelopment, 617-330-2011 & 857-208-2777 (cell)
Ellen Berlin, Dana Farber Cancer Institute, 617-632-4090
MassDevelopment has issued a $233,195,000 bond on behalf of Dana-Farber Cancer Institute, Inc., a Boston-based world leader in cancer treatment and research. Dana-Farber is using bond proceeds to partially fund the purchase of approximately 203,000 rentable square feet and to fit out a condominium and 50,983 rentable square feet of leased space at 360 Longwood Avenue for research. The Institute will also use proceeds to partially fund the relocation of its Cell Manipulation Core Facility to its Smith Building at One Jimmy Fund Way, and to replace the building’s HVAC system.
“Dana-Farber Cancer Institute is a dynamic leader in advancing the understanding of cancer and related diseases, and we are proud to support its expansion with this bond,” said MassDevelopment President and CEO Marty Jones. “This project will add more than 700 jobs to the Commonwealth’s world-class healthcare industry, strengthening a sector that is essential to our state economy.”
Dana-Farber Cancer Institute, Inc. was founded in 1947 to provide expert, compassionate care to individuals with cancer while advancing the understanding, treatment and prevention of the disease and related diseases. In conjunction with Harvard Medical School, the Institute also provides training for new generations of physicians and scientists, designs programs that promote public health, particularly among high-risk and underserved populations, and disseminates innovative patient therapies and scientific discoveries.
“The Longwood Center is the model environment for Dana-Farber's mission to perform basic discovery research in cancer and related diseases in a safe, creative and productive research facility,” said Dana-Farber Senior Vice President and CFO Michael Reney. “This bond issuance will provide long-term economic benefit through ownership of space which was previously leased.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2016, MassDevelopment financed or managed 352 projects generating investment of more than $4 billion in the Massachusetts economy. These projects are projected to create about 8,200 jobs and build or rehabilitate about 4,200 residential units.