Life Sciences

Office Properties Income Trust Agrees to Acquire Diversified Healthcare Trust in All-Share Transaction

by John Nelson April 11, 2023

NEWTON, MASS. — Office Properties Income Trust (NASDAQ: OPI) has entered into a definitive merger agreement whereby the office REIT will acquire all the outstanding common shares of Diversified Healthcare Trust (NASDAQ: DHC), a REIT that owns properties in the medical office, life sciences and seniors housing sectors. The combined company will have approximately $12.4 billion of total gross assets under management, representing 539 properties across 40 states and Washington, D.C. The portfolio comprises about 264 seniors housing communities, 10 triple-net-leased wellness centers and 265 medical office, traditional office and life sciences buildings. About 42 percent of the portfolio is located in the Sun Belt. The RMR Group (NASDAQ: RMR), an alternative asset management firm based in Newton, manages both REITs and acquires properties on behalf of the entities. RMR also makes acquisitions on behalf of Service Properties Trust and Industrial Logistics Properties Trust. RMR Group will continue to manage the new company, which will be rebranded as Diversified Properties Trust and trade publicly on the Nasdaq Stock Market exchange. OPI’s executive team will lead the new company and will keep the firm’s corporate headquarters in Newton. The boards of trustees for both REITs unanimously approved the merger, which is …

April 11, 2023

Development Life Sciences New Jersey Northeast

Joint Venture to Develop 38,000 SF Life Sciences Project in Princeton

by Taylor Williams April 5, 2023

PRINCETON, N.J. — A joint venture between Mountain Development Corp. and Gottesman Real Estate Partners will develop a 38,000-square-foot life sciences project within the Roszel Square campus in Princeton. Building features will include lab-level HVAC systems, a 16-foot clear height, freight elevator, loading dock and a backup generator. The joint venture will market the two-story facility as a build-to-suit. Princeton Property Partners has been appointed as leasing agent.

April 5, 2023

Leasing Activity Life Sciences Northeast Pennsylvania

bioMérieux Signs 32,000 SF Life Sciences Lease at Philadelphia Navy Yard

by Taylor Williams March 29, 2023

PHILADELPHIA — bioMérieux, a French company known for innovations in the field of in vitro diagnostics, has signed a 32,000-square-foot life sciences lease at the Philadelphia Navy Yard. The tenant will occupy most of the second floor of the 137,000-square-foot building at 1201 Normandy Place, which is under construction and nearing a June completion. CBRE brokered the lease. A joint venture between Ensemble Investments and Mosaic Development Partners owns the building.

March 29, 2023

Development Life Sciences Massachusetts Northeast

BioMed Realty Tops Out 497,000 SF Life Sciences, Office Project in Somerville, Massachusetts

by Taylor Williams March 28, 2023

SOMERVILLE, MASS. — BioMed Realty, a San Diego-based subsidiary of Blackstone, has topped out Phase I of Assembly Innovation Park, a project in the Boston suburb of Somerville that will add 497,000 square feet of life sciences and office space to the local supply. The development will ultimately consist of three buildings and include retail space and open green space. Perkins & Will designed Assembly Innovation Park, and John Moriarty & Associates is serving as the general contractor. Vertical construction on the $514 million first phase began in August of last year, and full completion is scheduled for next year.

March 28, 2023

Illinois Leasing Activity Life Sciences Midwest

Chan Zuckerberg Biohub Chicago Signs 25,698 SF Lease at Fulton Labs

by Kristin Harlow March 27, 2023

CHICAGO — Chan Zuckerberg Biohub Chicago (CZ Biohub Chicago), a new biomedical research institute that brings together scientists from Northwestern University, the University of Chicago and the University of Illinois Urbana-Champaign, has signed a 25,698-square-foot lease at Fulton Labs. Trammell Crow Co. (TCC) owns the two-building, 725,000-square-foot campus, which is situated in Chicago’s Fulton Market district. CZ Biohub Chicago researchers will engineer technologies to make precise, molecular-level measurements of biological processes within human tissues, with an ultimate goal of understanding and treating the inflammatory states that underlie many diseases. Dan Lyne of CBRE represented TCC in the lease. Other tenants at Fulton Labs include Dimension Inx, Celadyne Technologies, Portal Innovations, Charles River Laboratories, Xeris Pharmaceuticals, Vanqua Bio and Talis Biomedical. Facebook’s Mark Zuckerberg and his wife, Priscilla Chan, are the co-founders and co-CEOs of the Chan Zuckerberg Initiative.

March 27, 2023

Acquisitions Life Sciences North Carolina Southeast

Oxford Acquires 95,000 SF Life Sciences Facility in Durham

by John Nelson March 24, 2023

DURHAM, N.C. — Oxford Properties Group has finalized its acquisition of 78 TW Alexander in Durham, a biomanufacturing facility in Durham comprising 95,000 square feet with expansion capabilities up to 190,500 square feet. Oxford first entered into a forward-purchase agreement with the developer, Davidson Craven, in the fourth quarter of 2021. CBRE|Raleigh arranged the transaction. Construction of the facility, which features 36-foot clear heights, seven loading docks and robust power and water systems, was fully completed in February of this year.

March 24, 2023

Development Life Sciences New Jersey Northeast

Meyer, IPS Top Out 400,000 SF Life Sciences Project in Hopewell, New Jersey

by Taylor Williams March 24, 2023

HOPEWELL, N.J. — A development team that includes Philadelphia-based architecture firm Meyer and IPS Integrated Project Services has topped out a 400,000-square-foot life sciences project in Hopewell, a suburb of Trenton. The manufacturing and research facility is a build-to-suit for BeiGene, a global biotech firm that develops cancer medicines. The site spans 42 acres within the Princeton West Innovation Campus. Full completion is slated for 2024.

March 24, 2023

Development Life Sciences Massachusetts Mixed-Use Northeast Top Stories

Berkeley Investments Moves Forward with 176 Lincoln Mixed-Use Project in Boston

by Kristin Harlow March 22, 2023

BOSTON — Berkeley Investments has received approval from the Boston Planning & Development Agency to move forward with development of its 176 Lincoln mixed-use project in Boston’s Allston neighborhood. Plans call for Class A lab and R&D space, offices and apartment units. Designed by CBT, 176 Lincoln will be built on a five-acre site with two acres of landscaped open space. The two main commercial buildings will include 720,000 square feet of lab, R&D and office space. The project will also include onsite housing, including 252 apartment units with 10 live-work units for artists. The project will be situated within immediate proximity to Harvard’s recently completed Paulson School of Engineering and Applied Sciences, the Harvard Business School and the recent expansion of Harvard academic and cultural facilities such as the Harvard Innovation Labs. The expanding Harvard presence in Allston is establishing a new cluster for innovation and research in greater Boston, according to Berkeley. “With its location adjacent to Harvard’s growing Allston campus and its introduction of state-of-the-art, Class A lab space, 176 Lincoln will be an important addition to the rapidly growing life sciences, medical, academic research and corporate corridor stretching through Boston and into Cambridge,” says Young Park, …

March 22, 2023

Development Life Sciences Massachusetts Northeast

Leggat McCall, DLJ Properties Top Out 370,000 SF Life Sciences Project in Somerville, Massachusetts

by Taylor Williams March 17, 2023

SOMERVILLE, MASS. — A partnership between Leggat McCall Properties and DLJ Real Estate Capital Partners has topped out 808 Windsor, a 370,000-square-foot life sciences project located roughly four miles outside of Boston in Somerville. The site is situated adjacent to the newly developed Union Square MBTA Green Line Station within the 1.8 million-square-foot Boynton Yards mixed-use development. The 11-story facility will include 7,000 square feet of retail and 242 below-grade parking spaces. Shawmut Design & Construction is the general contractor for the project, which is slated for an early 2024 completion.

March 17, 2023

Leasing Activity Life Sciences New York Northeast

Elevate Research Properties to Open 200,000 SF Life Sciences Facility in Manhattan

by Taylor Williams March 17, 2023

NEW YORK CITY — Elevate Research Properties, the life sciences subsidiary of locally based investment and development firm Taconic Partners, will open a 200,000-square-foot facility at 309 E. 94th St. on Manhattan’s Upper West Side. The facility will be named Iron Horse Labs after Yankees legend Lou Gehrig. Taconic Partners is developing the property, which will house both lab and research and development space, as well as multiple loading bays and outdoor terraces, in partnership with Nuveen Real Estate and Flatiron Equities. Iron Horse Labs is expected to open in mid- to late-2025.

March 17, 2023

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