Life Sciences

BentallGreenOak, Graymark Capital Plan 100,000 SF Bayshore Bio Life Sciences Campus in Palo Alto, California

by Amy Works March 3, 2023

PALO ALTO, CALIF. — BentallGreenOak and Grey Matter by Graymark Capital have started construction on Bayshore Bio, a 100,000-square-foot life sciences campus in Palo Alto. The project is a three-phase conversion of existing office and R&D buildings into lab space. The initial phase includes a two-story, 36,000-square-foot life sciences facility at 2225 E. Bayshore Road. The first phase will convert an existing office building into market-ready lab spaces across two floors with upgraded electrical capacity, new mechanical systems, office space, amenities and dedicated parking. The first building is slated for completion by the end of third-quarter 2023. The project will incorporate indoor/outdoor amenity spaces within the private courtyard and on each floor for collaboration in and out of lab spaces. The second and third phases include single-story R&D buildings at 2197 Bayshore Road and 1050 E. Meadow Circle. BGO and Gray Matter initially acquired the Bayshore Bio campus in June 2021. The three former office and R&D buildings will be converted into modern lab space with a 60/40 lab-to-office ratio for biological research and development. The spaces are designed for early-stage, venture-capital-backed life science companies.

March 3, 2023

Development Illinois Life Sciences Midwest

Trammell Crow, Beacon Capital Partners Break Ground on 302,388 SF Hyde Park Labs in Chicago

by Kristin Harlow February 23, 2023

CHICAGO — Trammell Crow Co. and Beacon Capital Partners have broken ground on Hyde Park Labs in Chicago’s Hyde Park neighborhood. The project will feature 302,388 square feet of lab and office space as well as ground-floor retail and community space. Completion is slated for late 2024. Project costs are estimated at $225 million, according to Crain’s Chicago Business. The University of Chicago has pre-leased one-and-a-half floors of the building totaling 55,000 square feet, a portion of which will house researchers from the Pritzker School of Molecular Engineering. Space will also be used to develop an incubator program to support startup companies focused on the life sciences. Hyde Park Labs will rise 14 stories. The project marks the second phase of development at Harper Court, which currently features a hotel, office building housing many UChicago administrative offices and retail space. Tenants of Hyde Park Labs will have access to nearly 40,000 square feet of amenities, including a fifth-floor terrace dubbed “The Lawn.” The project team includes Elkus Manfredi Architects, Interactive Design Architects, Power Construction, Ujamaa and Trinal. Dan Lyne and Brandon Green of CBRE are marketing the project for lease.

February 23, 2023

100-Technology-Way-Smithfield-Rhode-Island

Acquisitions Life Sciences Massachusetts Northeast

Davis Cos. Acquires 122,000 SF Life Sciences Facility in Smithfield, Rhode Island

by Taylor Williams February 17, 2023

SMITHFIELD, R.I. — Boston-based investment firm The Davis Cos. has acquired a 122,000-square-foot life sciences facility at 100 Technology Way in Smithfield, a northwestern suburb of Providence. The acquisition includes a vacant 15.5-acre parcel that can support an additional 175,000 square feet of new development. The seller was Rubius Therapeutics, which most recently used the facility for the development of gene and cell therapy treatments. Davis has hired Newmark to market the facility for lease.

February 17, 2023

Illinois Leasing Activity Life Sciences Midwest

Dimension Inx Signs 6,410 SF Life Sciences Lease at Fulton Labs in Chicago

by Kristin Harlow February 17, 2023

CHICAGO — Dimension Inx, a biomaterials platform company that develops therapeutic products to restore tissue and organ function, has signed a 6,410-square-foot life sciences lease at Fulton Labs in Chicago. Owned by Trammell Crow Co. (TCC) and located in the city’s Fulton Market district, the campus spans two buildings and 725,000 square feet. Dimension Inx will occupy a science-ready lab suite at 1375 W. Fulton. The company currently operates out of two locations, one being at Illinois Tech’s University Technology Park and the other at Portal Innovations, which is part of Fulton Labs. Dimension Inx will move into its new headquarters space in March and will still maintain its presence at Portal Innovations. TCC’s science-ready lab suites are private labs available for immediate occupancy that range in size from 3,000 to 7,000 square feet. Tenants have access to building technology and amenities, including a shared lab equipment room, as well as flexible lease terms. Jonathan Metzl and Jack Keenan of Cushman & Wakefield represented Dimension Inx. CBRE handles the leasing and marketing for Fulton Labs.

February 17, 2023

Acquisitions Company News Life Sciences New Jersey Northeast Top Stories

Joint Venture Acquires 2 MSF Merck Life Sciences Campus in New Jersey

by Jeff Shaw February 17, 2023

KENILWORTH, N.J. — Biopharmaceutical giant Merck (NYSE: MRK) has agreed to sell its 108-acre office and research campus in Kenilworth to a joint venture between private investment firms Onyx Equities and Machine Investment Group. The price was not disclosed. The life sciences campus, formerly Merck’s headquarters, features 1.4 million square feet of laboratory space, 500,000 square feet of Class A office space, 30 acres of developable land, a 25-megawatt cogeneration plant, three cafeterias, a fitness center, auditoriums, conference centers, outdoor amenity areas and more than 3,200 surface and structured parking spaces. The property sits off Garden State Parkway and is located near to Route 78, the Route 22 retail corridor, the New Jersey Turnpike, Newark Liberty International Airport and the Port Newark Elizabeth Marine Terminal. Kenilworth is located just across the Arthur Kill waterway that separates New Jersey from Staten Island. The buyers plan to market and lease out the site’s laboratories and support facilities to biotechnology, pharmaceutical, and technology companies. Merck will vacate the property in phases over the next several years while expansion progresses on the firm’s new headquarters in nearby Rahway. “New Jersey receives two forms of good news today as one of the pillars of our business community …

February 17, 2023

Acquisitions Life Sciences Massachusetts Northeast Top Stories

Oxford Properties Group Acquires Biomanufacturing Facility in Metro Boston for $125M

by Jeff Shaw February 16, 2023

MARLBOROUGH, MASS. — Oxford Properties Group has acquired 92 Crowley Drive, a 120,000-square-foot biomanufacturing facility in Marlborough, approximately 20 miles west of Boston. The property is currently under construction. Resilience, a life sciences company that develops and produces medicine, sold the asset for $125 million. As part of the transaction, Oxford will lease 92 Crowley Drive back to Resilience for up to 30 years. PGIM provided $58 million in fixed-rate acquisition financing for the deal. Upon final completion in late 2023, 92 Crowley will be Resilience’s flagship facility in the U.S., featuring state-of-the-art analytical and manufacturing technology. The facility is designed with multi-modality manufacturing capabilities, dedicated manufacturing suites and complementary office and warehouse space. Resilience has become a leading biomanufacturing company with manufacturing facilities across North America. The transaction at 92 Crowley represents the third sale-leaseback between Oxford and Resilience in a growing strategic partnership. Following the acquisition, Oxford’s biomanufacturing portfolio totals 1.4 million square feet of completed buildings, with a development pipeline of an additional 1 million square feet. While the portfolio is spread across six markets, the largest concentration — 775,000 square feet — is in metro Boston. “We continue to develop a robust expertise on the real …

February 16, 2023

Development Life Sciences North Carolina Southeast

Crescent, Nuveen Begin Construction on 322,000 SF Second Phase of Metro Raleigh Biomanufacturing Campus

by John Nelson February 10, 2023

HOLLY SPRINGS, N.C. — Crescent Communities and Nuveen Real Estate have broken ground on the second phase of THE YIELD, a speculative biomanufacturing development in Holly Springs, roughly 20 miles southwest of Raleigh. This phase will comprise three shell-ready, cGMP (Current Good Manufacturing Practice) biomanufacturing buildings totaling 322,000 square feet. The first two buildings are scheduled for completion in late 2023, with the third delivery expected in spring 2024. Including the first phase, which was sold to Apollo Global Real Estate and GeneSuites and is now known as Catalyst BioCampus, the development will total 2 million square feet of biomanufacturing, office/lab and retail space.

February 10, 2023

Acquisitions California Industrial Life Sciences Western

BentallGreenOak Buys 119,591 SF R&D/Life Sciences Flex Building in Carlsbad, California

by Amy Works February 10, 2023

CARLSBAD, CALIF. — BentallGreenOak has acquired a R&D/life sciences flex building at 2210 Faraday Ave. within the Faraday Research Center in Carlsbad. Hill Cos. sold the freestanding asset for $35.7 million. The property consists of a single-story, 119,591-square-foot building with second-floor mezzanine space, 24-foot clear heights, dock and grade-level loading, heavy power and ample parking. Originally built in 1997, the property underwent significant renovates in 2005 and features existing life sciences and R&D buildout. Aric Starck and Drew Dodds of Cushman & Wakefield’s capital markets team in San Diego represented the seller in the deal. Don Trapani provided leasing advisory for the property.

February 10, 2023

Development Life Sciences Texas Top Stories

NexPoint Plans 200-Acre TxS District Life Sciences Project in Plano, Texas

by Jeff Shaw February 7, 2023

PLANO, TEXAS — NexPoint, a Dallas-based alternative investment firm, has announced plans for TxS District, a 200-acre life sciences development in Plano. The project, named to signify ‘Technology x Science,’ centers on a 91-acre main campus, which previously served as headquarters for Electronic Data Systems. The district would incorporate 109 additional acres in the Legacy neighborhood. In total, the project would create over 4 million square feet of lab, office and production space across four phases of construction. NexPoint purchased the main campus in 2018 and has been acquiring the additional acreage since that time. Phases I and II of the project propose to transform two existing buildings on the main campus into 970,000 square feet of lab and office space and 120,000 square feet of amenity space. Initial site improvement plans also include a public park, amphitheater and connectivity to the nearby Legacy retail development. The developer plans to break ground on Phase I before the end of the year. NexPoint has proposed that the project be achieved through a public-private partnership. The firm is working with the City of Plano on development plans and the project’s impact on the surrounding area. “Not only would this project be a …

February 7, 2023

Development Life Sciences Northeast Pennsylvania Top Stories

SkyREM to Redevelop Philadelphia’s Historic Quartermaster Site into $250M Life Sciences Project

by Kristin Harlow February 1, 2023

PHILADELPHIA — SkyREM has unveiled plans to redevelop Philadelphia’s historic Quartermaster site into the Quartermaster Science + Technology Park, a $250 million life sciences project. The development will include wet and dry lab space for both life sciences startups and established companies to conduct full-scale research and development, and bio-manufacturing. Plans also call for retail and restaurant space, a hotel and other amenities. Named the Schuylkill Arsenal when it was first built in 1800, the Quartermaster site provided the U.S. military with supplies and outfitted the Lewis and Clark expedition. Around the time of World War I, the facility was expanded to meet demand for uniforms and gear and was renamed Philadelphia Quartermaster Depot. The campus was again expanded during World War II. The clothing factory at the Quartermaster site officially closed in 1994 after operations were transferred to Northeast Philadelphia. The demolition of five original World War I warehouses took place in 1999. SkyREM purchased the campus in 2001 and it was listed on the National Register of Historic Places in 2010. Currently, the property serves as the headquarters for Indego bicycle transit and is home to other tenants in the healthcare and security sectors. The Quartermaster Science + …

February 1, 2023

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