WINDSOR, CONN. — Metro Boston-based developer Condyne Capital will build a 185,600-square-foot industrial facility in Windsor, a northern suburb of Hartford. The project, which will be situated on a 20.6-acre site, represents an expansion of Condyne’s Baker Hollow Logistics Center. Polar Design Build will handle construction of the building, which will feature a clear height of 32 feet, 36 dock doors, one drive-in door and 45 trailer parking spaces (expandable to 58). Construction is scheduled to begin late this year and be complete in the second quarter of 2024.
JENKINTOWN, PA. — Pennsylvania-based finance and advisory firm Prestige Group has arranged a $20 million loan for the refinancing of an 81,500-square-foot office and retail property in Jenkintown, a northern suburb of Philadelphia. The property comprises a 42,000-square-foot retail building occupied by LA Fitness, a 35,500-square-foot vacant office building and a 4,000-square-foot restaurant. Richard Natow of Prestige Group arranged the loan through an undisclosed regional bank. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.
UNION, N.J. — Easton Coach Co., a provider of ground transportation services, has signed a 160,000-square-foot industrial lease at in the Northern New Jersey community of Union. The property sits on 7.5 acres at 601 Lehigh Ave. and was constructed in 1966. Joseph Komitor and Scott Deutchman of Lee & Associates represented the tenant in the negotiations for the full-building lease. Jordan Metz and Eric Koons of Bussel Realty represented the landlord.
MARLBOROUGH, MASS. — Pharmaceutical giant Moderna Inc. has acquired a newly constructed biomanufacturing facility totaling 140,000 square feet in the Boston suburb of Marlborough for $91 million. Oxford Properties Group sold the speculative property, which is located at 149 Hayes Memorial Drive. Oxford originally acquired the vacant, 24-acre site in 2021 and developed it into a two-story, purpose-built biomanufacturing facility. The development features a clear height of 36 feet, four loading docks and multiple freight elevators. The facility is scheduled to open in late 2024 after undergoing substantial build-out for Moderna, which plans to generate more than 200 new jobs in Marlborough by 2026. “While initially developed with a plan to lease the asset and hold for the long term, Moderna’s unsolicited offer to acquire the property allowed us to expedite our business plan execution,” says Chad Remis, Oxford’s North America executive vice president. Oxford’s biomanufacturing portfolio in North America totals 1.4 million square feet with an additional development pipeline of roughly 600,000 square feet. Its largest concentration of facilities is in the Boston region. The Boston metro area ended 2022 with $6.7 billion in life sciences venture capital funding, according to Oxford. “Boston continues to be an unparalleled market …
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Part 2: How to Promote Collaboration, Efficiency in Life Sciences Innovation Districts Via Design
In the biotech and pharmaceutical sectors, life sciences innovation districts have become hubs not only for research and development but also for cooperation and inspiration between cohorts. These districts, often called innovation districts, collect together companies, research institutions, supporting entities, housing and more. Innovation districts necessitate meticulous planning and design strategies to promote scientific inquiry and efficiency. “Municipalities, schools, corporations and organizations that have close ties to their state are piloting life sciences innovation district development, allowing them to group otherwise separated uses — work, recreation, living areas and more — together. When you pair these institutions and include innovative site and building programming in a single location, you move beyond disconnected projects and amenities to a united innovation district that can magnify benefits across organizations,” explains Dan Danvers, a landscape architect project manager with Bohler, a land development consulting and site design company. This article is the design-focused component of our two-part series on life sciences innovation districts. If you would like to read about the planning component of these complex developments, please read our first article here. Moving Life Sciences Innovation Districts Forward Innovation districts must keep pace with evolving technologies and research. Life sciences industries are continually progressing, …
NEW YORK CITY — Locally based developer LCOR has topped out 1515 Surf Avenue, a 463-unit multifamily project in Brooklyn’s Coney Island area. Designed by STUDIO V Architecture, the building will offer one- and two-bedroom units and amenities such as an outdoor pool, landscaped courtyard, fitness center, an indoor basketball court, multiple tenant lounges and coworking spaces. Approximately 30 percent (139) of the residences will be reserved as affordable housing. The building will also house 11,000 square feet of retail space. LRC Construction is the general contractor for the project, completion of which is slated for early 2024.
MERRIMACK, N.H. — A partnership between Dallas-based Trammell Crow Co. and Diamond Realty Investments has broken ground on a 323,750-square-foot industrial project in Merrimack, located in southern New Hampshire. The site at 50 Robert Milligan Parkway spans 43 acres. Building features will include a clear height of 36 feet, 53 dock-high doors, an ESFR sprinkler system and 2,000 square feet of office space. Macgregor Associates designed the project, and RC Anderson and Bohler are serving as the general contractor and civil engineer, respectively. Santander Bank provided construction financing, and CBRE is the leasing agent. Completion is slated for the fourth quarter.
BOSTON — Simmons University has opened an 80,000-square-foot science center and renovated library as part of the second phase of the One Simmons project at its Boston campus. Designed by Elkus Manfredi Architects, the science center houses over 22,000 square feet of lab space, including a new 30-bed nursing and health science simulation center. The reimagined library features 14,000 square feet of new study and collaborative learning space. Developed in partnership with Skanska International, One Simmons is a three-phase project that includes a residential redevelopment component.
BURLINGTON, MASS. — Newmark has arranged a 47,578-square-foot office and life sciences lease in Burlington, a northwestern suburb of Boston. The tenant, metals processor Nth Cycle Inc., has committed to leasing space at Blue Sky Center, a 158-acre campus. Matt Malatesta, Tyler McGrail, Michael Frisoli and Margaret Fee of Newmark represented the owner, Nordblom Co., in the lease negotiations. Nick Amarante and Mekae Hyde of Hughes Marino represented the tenant. Amenities at Blue Sky Center include a fitness center, café, basketball court, gaming area and a golf simulator.
RAMSEY, N.J. — Fashion design firm Marcus Adler has signed a 24,550-square-foot industrial lease in the Northern New Jersey community of Ramsey. According to LoopNet Inc., the single-tenant property at 91 Grant St. was built in 1980. Andrew Somple and Jessica Curry of NAI James E. Hanson represented the tenant in the lease negotiations. An entity doing business as RW Ramsey Realty Corp. owns the building.