Bond Issued for University’s Science & Engineering Building

EXP / Rendering 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 340,000sf 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.

“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 8-story science and engineering complex in Boston’s Fenway neighborhood.”

Founded in 1898, Northeastern is a global research university that 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.