REBusinessOnline

Breakthrough Properties Raises $3B to Develop Life Sciences Properties in US, Europe

LOS ANGELES — Breakthrough Properties, a joint venture between Tishman Speyer and Bellco Capital, has closed its Breakthrough Life Science Property Fund. The venture raised $3 billion in direct capital and co-investments, to scale a global portfolio of ecosystems for early-, mid- and late-stage life science companies.Founded in 2019, Breakthrough will use the newly raised funds to finance its ongoing developments, which are in various stages of design, construction and pre-development, …

SRS Negotiates $50.3M Sale of Life Sciences Property in Honolulu

HONOLULU — SRS Real Estate Partners has arranged the leasehold ownership sale of a single-tenant life sciences property located at 93-193 Aiea Heights Drive in Honolulu. iStar, a REIT based in New York City, sold the asset to a private investor for $50.3 million. John Redfield of SRS’ National Net Lease Group represented the buyer and seller in the deal.Built in 1975 and renovated in 2016, the four-story, 81,596-square-foot property sites on 2.7 acres. Clinical Labs of Hawaii occupies …

Sterling Bay, Harrison Street Top Out Construction of 320,000 SF Life Sciences Building in Chicago

CHICAGO — Sterling Bay and Harrison Street have topped out construction of 1229 W. Concord Place, a 320,000-square-foot life sciences building located along the North Branch of the Chicago River. Designed by Gensler and situated in Lincoln Yards, the Class A development will feature several amenities and outdoor gathering spaces. The developers are pursuing LEED Silver certification and the WELL Health-Safety Rating. Completion is slated for the fourth quarter of this year. Power Construction …

Trinity Capital Advisors Signs 25,972 SF Life Sciences Lease in Morrisville, North Carolina

MORRISVILLE, N.C. — Trinity Capital Advisors has signed a 25,972-square-foot lease with Enzyvant at Southport Innovation Center, a 95-acre life sciences and technology campus in Morrisville. Enzyvant, a Cambridge, Mass.-based biotech company focusing on tissue-based regenerative therapies, is slated to occupy 50 percent of 101 Southcenter Court.With the new tenant, Southport Innovation Center is 87 percent leased. The new space at Southport Innovation Center will have customized labs and …

UAB, Hoar Construction Top Out $76M Science and Engineering Complex in Birmingham

BIRMINGHAM, ALA. — Hoar Construction has topped out Phase I of the new Science and Engineering Complex at the University of Alabama at Birmingham (UAB). The $76 million, 138,842-square-foot development represents Phase I of a three-part project that aims to consolidate all the basic science undergraduate and graduate studies into one complex. Construction of Phase I began in February 2021 and is expected to be completed in the spring of 2023.The first phase of the concrete structure …

Scorpion Biological Services to Build $650M Biomanufacturing Facility in Manhattan, Kansas

MANHATTAN, KAN. — Scorpion Biological Services, a subsidiary of Heat Biologics Inc., is building a new 500,000-square-foot biomanufacturing facility in Manhattan. The $650 million project will create 500 new jobs in the area within the next seven years, according to Gov. Laura Kelly. The facility will support the development of vaccines that enable an accelerated response to global biological threats. The company also intends to provide commercial level development, manufacturing and …

Square Mile Capital Provides $118M in Development Financing for Life Sciences Development in San Carlos, California

SAN CARLOS, CALIF. — Square Mile Capital Management has originated a $118 million loan to finance the development of 777 Industrial Road, a planned R&D and life sciences lab building in the Bay Area city of San Carlos. The borrower is a partnership managed by Presidio Bay Ventures, which purchased the former car dealership site in 2020.The project team plans to develop a four-story, 150,000-square-foot, Class A building on top of an existing parking podium at the site. The property …

EagleBridge Capital Arranges $38M in Financing for Office, Lab Complex in Wilmington, Massachusetts

WILMINGTON, MASS. — Boston-based mortgage banking firm EagleBridge Capital has arranged $38 million in debt and joint venture equity financing for a 210,945-square-foot office and lab complex in the northern Boston suburb of Wilmington. Located at 181 and 187 Ballardvale St., the two buildings sit on a combined 15.4 acres and each span approximately 105,000 square feet. Ted Sidel and Brian Walsh arranged the financing, specific terms of which were not disclosed, on behalf of an unnamed …

BioMed Realty Acquires Life Sciences Development Site in Seattle for $127M

SEATTLE — BioMed Realty, a San Diego-based owner-operator of healthcare real estate and a Blackstone portfolio company, has acquired a life sciences development site in Seattle. The sales price was $127 million, according to The Puget Sound Business Journal.BioMed plans to develop 616,000 square feet of life sciences space at the site, which is known as Denny Park South and comprises two adjacent parcels totaling 1.6 acres in South Lake Union/Denny Triangle neighborhood. The location is …

Outshine Properties, Jadian Capital Buy Office Building Near Boston, Plan Life Sciences Conversion

WESTWOOD, MASS. — A partnership between two New York City-based investment firms, Outshine Properties and Jadian Capital, has acquired a 164,695-square-foot office building in the southern Boston suburb of Westwood with plans to convert the property to a life sciences facility. The sales price was $32 million. The four-story building is currently 73 percent leased to seven tenants. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the seller, L&B …




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