The Broad Institute To Build Lab With Help From $343 Million MassDevelopment Bond

May 17, 2011

Contacts:
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077
Nicole Davis, Broad Institute, 617-714-7152

MassDevelopment has issued $343,485,000 million in tax-exempt and taxable bonds on behalf of the Broad Institute, which will use bond proceeds to build, furnish, and equip a laboratory in Cambridge. The 250,000-square-foot, 12-story facility will house research and administrative uses. The new building will be adjacent to the Institute’s current facility, and construction will include parking and a multi-level connecting walkway to the existing building.

“The Broad Institute’s groundbreaking work in biomedical research showcases some of the best that the Massachusetts innovation economy has to offer,” said MassDevelopment Executive Vice President of Finance Programs Laura Canter. “We’re pleased to support the Institute's life-saving work as it expands in this new facility.”

Launched in 2004, the Broad Institute is founded on the belief that this generation has a historic opportunity and responsibility to transform medicine with systematic approaches that can accelerate the understanding and treatment of disease. The Institute brings together researchers from various scientific disciplines and institiutions, including MIT, Harvard and the Harvard-affiliated teaching hospitals, to take on these critical challenges.

“We are thrilled to be working with MassDevelopment on this project, which is critical to support our science,” said Patricia Filippone, Chief Financial Officer at the Broad Institute.

MassDevelopment, the state’s finance and development agency works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2010, MassDevelopment financed or managed 238 projects in 104 communities across the state generating investment of nearly $1.4 billion in the Massachusetts economy.