Proposal submission to Beacon Capital Partners for extension of Southline development in Dorchester.
A Chicago-based life sciences venture capital firm is entering the Boston market, signing a lease to renovate the former headquarters of the Boston Globe.
Portal Innovations plans to occupy 58,000 square feet of lab and office space in Beacon Capital Partners' Southline development in Dorchester, it was announced Wednesday. The company plans to expand to 22,000 square feet as the remaining space is under development and will be fully occupied in the first half of 2024.
"We are excited to bring our unique business model to a new part of Boston's life sciences ecosystem," Portal Innovations CEO John Flavin said in a press release. “Gateway is committed to supporting entrepreneurs and founders by providing a capital model designed for seed capital investment, access to strategic lab space and management expertise to venture these ventures.
The portal will work with ZoE Life Sciences and Beacon Capital to expand the space and invest in more life sciences companies. This is Portal's first location in the Boston market, with two additional offices in Atlanta and Chicago.
The lease announcement comes after the Beacon revealed plans Friday to expand the planned redevelopment of the former Boston Globe headquarters on Morrissey Street. The developer has proposed a new six-story lab and office project at 305K SF near the South Line, with an elevated walkway connecting the two, The Boston Globe first reported.
Portal isn't Southline's only venture capital. Venture capital firm Flagship Pioneering was the building's first anchor tenant, acquiring more than 45,000 square feet with apparel brand Nobull, which signed a 96,000-square-foot lease through February 2022. According to Boston, the front door of the building is 20% leased. Business magazine magazine.
Beacon has also partnered with life sciences business organization MassBio to create a 4K SF training center set to open early next year. The center will fill skills gaps in the industry and help area residents obtain certifications to help them pursue careers in the life sciences.
The Morrissey Boulevard area is starting to form its own life sciences cluster. Accordia Partners has proposed 4 million square feet of lab and office space for its Dorchester Bay City development at Center Court Mass LLC, 35-75 Morrissey Blvd. The master plan calls for the construction of four biological science buildings.