Research Hub Coming to Northeastern
$378 Million Tax-Exempt Bond from MassDevelopment Helps Northeastern University Build 340,000-Square-Foot Science & Engineering Building, Including New Laboratories, Makerspace, Robotics Facilities & Classrooms in Boston
November 30, 2022
Matthew Mogavero, 857-248-0868
|Rendering of EXP, courtesy of Northeastern University|
BOSTON – MassDevelopment has issued a $378,510,000 tax-exempt bond on behalf of Northeastern University, which is using a portion of proceeds to build and equip a new science and engineering complex at 815 Columbus Ave. in Boston’s Fenway neighborhood. The 340,000-square-foot science building, dubbed EXP, will include laboratories, shared core research, makerspace, robotics facilities, faculty and administrative offices, a faculty club dining facility, and classrooms. Construction began in July 2020 and is expected to be complete in fall 2023. The bonds, sold through a public offering underwritten by a syndicate of banks led by Morgan Stanley & Co., Inc. and Barclays Capital Inc., will also be used to refinance previously issued debt.
“The research taking place at Massachusetts’ leading colleges and universities like Northeastern is tackling society’s big challenges and driving our innovation economy,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s Board of Directors. “MassDevelopment empowers these institutions of higher education by offering cost-effective tax-exempt financing for major capital projects.”
“Northeastern University has a legacy of providing generations of engineers, scientists, and scholars with exceptional academic and research opportunities,” said MassDevelopment President and CEO Dan Rivera. “MassDevelopment is pleased to issue tax-exempt financing that will help the university advance the construction of its new eight-story science and engineering complex in Boston’s Fenway neighborhood.”
“Northeastern’s long-standing partnership with MassDevelopment provides access to financing for strategic projects that help our world-class faculty and students pursue exciting endeavors within our teaching and research enterprise,” said Senior Vice President for Finance and Treasurer at Northeastern University Thomas Nedell.
Founded in 1898, Northeastern is a global research university and the recognized leader in experiential lifelong learning. The university integrates real-world experience with education, research, and innovation. Northeastern’s research enterprise, with an R1 Carnegie classification, is solutions-oriented and spans the world. Northeastern’s global university system includes 13 campuses across the U.S., U.K., and Canada, 300,000-plus alumni, and 3,000 partners worldwide.
Northeastern’s personalized, experiential undergraduate and graduate programs lead to degrees through the doctorate in 10 colleges and schools across its campuses. Learning emphasizes the intersection of data, technology, and human literacies, uniquely preparing graduates for careers of the future and lives of fulfillment and accomplishment.
MassDevelopment, the state’s development finance agency and land bank, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2022, MassDevelopment financed or managed 356 projects generating investment of more than $1.69 billion in the Massachusetts economy. These projects are estimated to create or support 11,080 jobs and build or preserve 1,778 housing units.