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Life Sciences

IllinoisLeasing ActivityLife SciencesMidwest

Two Tenants Expand Leases Within Fulton Labs in Chicago

by Kristin Harlow

CHICAGO — Two tenants have expanded their leases within Fulton Labs, a 725,000-square-foot, two-building life sciences development in Chicago. The Chan Zuckerberg Biohub Chicago, a biomedical research institute launched by Priscilla Chan and Mark Zuckerberg, signed a lease for 28,200 square feet at 400 N. Aberdeen St. The tenant initially signed a lease earlier this year at Fulton Labs’ other building, which is located at 1375 W. Fulton St. Since there is no further space at 1375 W. Fulton, the biohub will move into a new space at 400 N. Aberdeen in the first quarter of 2024, and temporarily occupy space in a science-ready lab suite at 1375 W. Fulton until then. Venture accelerator Portal Innovations is expanding its lease from 6,000 to 55,000 square feet at 400 N. Aberdeen. ESG Architects, CRB Group and Power Construction are completing the interior build-outs for both tenants. Dan Lyne of CBRE represented ownership, Trammell Crow Co.

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Leasing ActivityLife SciencesMassachusettsNortheast

Envision Energy Signs 35,276 SF Life Sciences Lease in Burlington, Massachusetts

by Taylor Williams

BURLINGTON, MASS. — Envision Energy, a Chinese provider of wind turbines and other renewable energy products, has signed a 35,276-square-foot life sciences lease in Burlington, a northwestern suburb of Boston. The tenant has committed to a full-building lease within Northwest Park, a facility that is owned by Nordblom Co. Jim Boudrot, Steve James and Patrick Grady of Hunneman represented the tenant in the lease negotiations.

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AcquisitionsColoradoLife SciencesLoansWestern

Essex Arranges $58.5M Financing for Acquisition of Seagate R&D Campus in Longmont, Colorado

by Jeff Shaw

LONGMONT, COLO. — Essex Financial Group has arranged a $58.5 million acquisition loan for the purchase of the Seagate campus in Longmont.  The state-of-the-art R&D facility, spanning more than 533,000 square feet, was acquired by Conscience Bay Co. and Battery Global Advisors.  The campus, which includes lab space, offices and amenities, is leased back to Seagate Technology Holdings. The financing arrangement aligns with CBC’s strategy of acquiring income-producing assets in Colorado.

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DevelopmentLife SciencesNew JerseyNortheast

Lincoln Equities, H.I.G. to Develop 380,000 SF Life Sciences Project in Hopewell, New Jersey

by Taylor Williams

HOPEWELL, N.J. — A partnership between Lincoln Equities Group and New York City-based H.I.G. Realty will develop a three-building, 380,000-square-foot life sciences project in Hopewell, located just outside of Trenton. The site is located within Princeton West Innovation Campus, which is a redevelopment of the former campus of pharmaceutical giant Bristol Myers Squibb. The campus also features 250,000 square feet of traditional office space, and 200 acres of the site have been preserved as farmland and open public space. JLL handles leasing of Princeton West Innovation Campus. Construction is expected to begin in January. The partnership acquired the property in summer 2020.

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DevelopmentLife SciencesNew JerseyNortheast

Hx2 Development Underway on 100,000 SF Life Sciences Project in Trenton

by Taylor Williams

TRENTON, N.J. — Locally based firm Hx2 Development is underway on construction of a 100,000-square-foot life sciences project in Trenton’s Chambersburg neighborhood. The transit-served facility, which is known as Building 114, will be located within Roebling Center, a five-building, 7.1-acre mixed-use redevelopment. Shell construction of the building is expected to be complete by the end of the year. JLL has been appointed as the leasing agent.

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100-Hood-Park-Drive-Charlestown-Massachusetts
DevelopmentLife SciencesMassachusettsNortheast

Developer Tops Out 186,000 SF Life Sciences Redevelopment in Charlestown, Massachusetts

by Taylor Williams

CHARLESTOWN, MASS. — Developer Hood Park LLC has topped out a 186,000-square-foot life sciences facility in the northern Boston suburb of Charlestown. The five-story building at 100 Hood Park Drive will complement an existing structure that features 61,139 square feet of lab space, 40,000 square feet of retail space and a 900-space parking garage. Both buildings will serve as anchors for Hood Park, a 20-acre project that is a redevelopment of the former facility of dairy producer H.P. Hood & Sons. At full build-out, Hood Park will comprise 1.8 million square feet of office and life sciences space, 100,000 square feet of retail and restaurant space and 335 residential units.

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DevelopmentLife SciencesNortheastPennsylvania

TN Ward Completes Renovation of 180,000 SF Life Sciences Facility in Philadelphia

by Taylor Williams

PHILADELPHIA — General contractor TN Ward has completed the renovation of Race Street Labs, a 180,000-square-foot life sciences facility in Philadelphia. In addition to base building renovations, two floors of lab facilities were constructed on a speculative basis. The facility now features lab-ready building infrastructure, customizable lab and office spaces and onsite lab management support services. Iron Stone Real Estate Partners owns the property. Cushman & Wakefield is marketing the renovated space for lease.

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AcquisitionsDevelopmentLife SciencesMassachusettsNortheastTop Stories

Alexandria Sells 268,000 SF Portion of Life Sciences Development to Boston Children’s Hospital

by Kristin Harlow

BOSTON — Alexandria Real Estate Equities Inc. (NYSE: ARE) has sold 268,000 rentable square feet within 421 Park Drive, a 660,034-square-foot life sciences development to be built in Boston. An affiliate of Boston Children’s Hospital was the buyer. Upon completion, 421 Park Drive will be part of the larger Alexandria Center for Life Science-Fenway mega campus, which will total more than 2 million square feet at full build-out. The campus, developed in partnership with Samuels & Associates, boasts numerous amenities, proximity to both Cambridge and the Longwood Medical Area, and convenient transportation access. Alexandria will develop and operate 421 Park Drive, which will feature open space, direct connections to the Massachusetts Bay Transportation Authority (MBTA) Fenway station, bicycle and pedestrian paths, and retail space on the ground floor. The price of the portion sold to Boston Children’s Hospital is approximately $155 million, along with development fees to be earned by Alexandria over the next three years. Boston Children’s Hospital will continue to fund its pro rata share of the costs to develop 421 Park Drive. Vertical construction is scheduled to begin later this year and to be substantially completed in 2026. The transaction with Boston Children’s Hospital results in 48.5 …

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CaliforniaLeasing ActivityLife SciencesWestern

Novoron Bioscience Leases 7,432 SF Space at GENESIS-San Diego

by Jeff Shaw

SAN DIEGO — Phase 3 Real Estate Partners has signed a lease agreement with life sciences company Novoron Bioscience at GENESIS-San Diego.  Located in downtown San Diego, GENESIS-San Diego is an eight-story, 200,000-square-foot, Class A life sciences building. Novoron Bioscience’s lease for a 7,432-square-foot space marks GENESIS-San Diego’s third lease agreement signed in the past year within the building’s wet lab facility.  Novoron Bioscience will utilize the space to further its research on lipoprotein-receptor drug development, aiming to address challenging neurological conditions such as multiple sclerosis, spinal cord injuries and Alzheimer’s disease.

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Life SciencesLoansMassachusettsNortheastTop Stories

Boylston Properties, J.P. Morgan Receive $150M Refinancing for 100 Forge Life Sciences Building Near Boston

by Kristin Harlow

WATERTOWN, MASS. — Boylston Properties and J.P. Morgan Global Alternatives have received a $150 million loan from Northwestern Mutual for the refinancing of 100 Forge, a life sciences building located in Arsenal Yards in Watertown, approximately nine miles west of Boston. The nine-story, 165,600-square-foot building opened in January and is now fully occupied by five life sciences companies: Abata Therapeutics, Remix Therapeutics, Mariana Oncology, Vigil Neuroscience and Affini-T Therapeutics. Ayers Saint Gross designed the building. The owners will use the funds to pay off a construction loan sourced from Bank OZK in 2021. JLL Capital Markets arranged the refinancing, with Northwestern Mutual as the lender. The life sciences campus at Arsenal Yards now includes 10 life sciences businesses across three buildings: 100 Forge, 500 Forge and 200 Arsenal Yards Blvd. In addition to owning the properties, Boylston is also the property manager. Arsenal Yards and its proximity to Cambridge and Boston creates a unique urban-suburban experience for life sciences users, according to Boylston. There are dozens of restaurants, bars, shops and fitness studios nearby, as well as a hotel, grocery store, movie theater, childcare services, apartments and open outdoor spaces. “Despite the significant headwinds experienced this year, greater Boston is …

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