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Life Sciences

AcquisitionsLife SciencesMarylandOfficeSoutheast

CBRE Negotiates $25.5M Sale of Office Complex in Rockville, Maryland

by John Nelson

ROCKVILLE, MD. — CBRE has negotiated the $25.5 million sale of Research Square, a two-building office complex located at 1500 and 1550 Research Blvd. in Rockville, a suburb of Washington, D.C. The seller is Westat, an employee-owned research company based in Rockville. Tommy Cleaver, Dan Grimes and Stuart Kenny of CBRE represented Westat in the transaction. The buyer was not disclosed. CBRE says that the properties, which were fully vacated at the time of sale, represent a “premier life sciences conversion opportunity” as the Washington-Baltimore Corridor ranked No. 2 in CBRE’s Life Sciences Research Talent 2022 report.

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DevelopmentLife SciencesMassachusettsNortheast

Hudson’s Bay, Streetworks to Undertake Three Life Sciences Conversion Projects in Metro Boston

by Taylor Williams

BURLINGTON, NATICK AND BRAINTREE, MASS. — Hudson Bay Co., a holding and investment firm focused on retail properties, and its affiliate Streetworks Development will undertake a trio of life sciences conversion projects throughout the Boston area. Specifically, the development team plans to convert a portfolio of three 120,000-square-foot retail properties located in Burlington, Natick and Braintree into facilities that will house both traditional office and lab/research and development space. SGA is designing the conversion projects. Cushman & Wakefield is handling leasing. Construction is expected to begin in the third quarter.

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AcquisitionsLife SciencesMassachusettsNortheast

Invesco Real Estate Buys 422,117 SF Life Sciences Facility in Dedham, Massachusetts

by Taylor Williams

DEDHAM, MASS. — Global investment management firm Invesco Real Estate has purchased a 422,117-square-foot life sciences facility in Dedham, a southern suburb of Boston. The single-story building sits on 53 acres and was fully leased at the time of sale to tenants such as General Dynamics and the American Red Cross. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the seller, a partnership between locally based investment firm RJ Kelly Co. and Independencia Asset Management, in the transaction.

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CaliforniaDevelopmentLife SciencesLoansWestern

Instil Bio Receives $85M Construction Loan for Life Sciences Campus Near Los Angeles

by Amy Works

TARZANA, CALIF. — Instil Bio Inc. has received an $85 million construction loan for the development of Instil Bio Life Sciences Campus in Tarzana. Greg Grant of CBRE arranged the five-year, floating-rate, interest-only, non-recourse loan for the borrower. CBRE’s Andrew Riley and Jeff Pion facilitated Instil Bio’s original acquisition of the site in October 2020. Located at 18404-18412 Oxnard St., the campus will feature 102,000 square feet of lab, office and good manufacturing practice space. Instil Bio is a clinical-stage biopharmaceutical company focused on developing innovative cell therapies in the fight against cancer.

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AcquisitionsLife SciencesMassachusettsNortheast

CBRE Investment Management Acquires Majority Interest in 132,000 SF Boston Life Sciences Building

by Taylor Williams

BOSTON — A fund sponsored by CBRE Investment Management has acquired a majority interest in a 132,000-square-foot life sciences building located at 300 Third St. in Boston’s Kendall Square neighborhood. The six-story building was originally constructed in 2000 and includes both traditional office and lab space that was recently renovated, as well as ground-floor retail space. The property was fully leased to an undisclosed pharmaceutical company at the time of sale. The percentage of the interest was not disclosed.  

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DevelopmentLife SciencesLoansMassachusettsNortheastTop Stories

Colliers Arranges $192.5M Construction Financing for 208,616 SF Life Sciences Project Near Boston

by Jeff Shaw

SOMERVILLE, MASS. — Colliers Capital Markets has arranged $192.5 million in construction financing for the development of 100 Chestnut Street. The life sciences project totals 208,616 rentable square feet in the Brickbottom District of Somerville, a first-ring suburb of Boston. The plans also call for nearly 8,500 square feet of ground-floor retail space and two levels of below-grade parking. The borrower, North River Leerink (NRL), is developing the property as part of a larger mixed-use “campus for discovery and innovation,” which will include labs, creative offices and retail space on 4.5 acres of contiguous land. Scheduled for completion in summer 2023, the four-story, Gensler-designed facility will be built to LEED Platinum standards. Square Mile Capital Management provided the construction funds. Jeff Black, Kevin Phelan, Sean Burke and Bryan Koop led the Colliers Capital Markets team representing the borrower. “This financing marks a major milestone for the transformation of Somerville’s Brickbottom District into a world-class hub for innovation and wellness,” says Black. “Metro Boston remains the most active and liquid life sciences market in the world, and 100 Chestnut Street is well-positioned to catalyze the region’s next great ecosystem.” The site runs parallel to 150 & 200 Inner Belt Road, a …

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AcquisitionsLife SciencesMassachusettsNortheast

Diversified Healthcare Trust Sells Stake in Boston Life Sciences Complex for $108M

by Taylor Williams

BOSTON — Diversified Healthcare Trust (NASDAQ: DHC) has sold a 10 percent equity interest in a two-building life sciences complex located at 11 Fan Pier and 50 Northern Ave. in Boston’s Seaport District for $108 million. The property comprises two 15-story buildings with a combined 1.1 million square feet of lab, office and retail space. The locally based REIT, which still owns another 10 percent stake, sold its interest to an existing joint venture partner that now owns 45 percent of the property. Diversified Healthcare Trust intends to use the proceeds from the sale to fund capital expenditures, reduce outstanding indebtedness and address other general business needs. At the time of sale, the property was 95 percent leased to Vertex Pharmaceuticals.

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DevelopmentLife SciencesMassachusettsNortheast

Bayer Opens $140M Research, Innovation Center in Boston’s Kendall Square

by Taylor Williams

BOSTON — German pharmaceutical giant Bayer has opened a $140 million research and innovation center within Kendall Square, located on the Boston-Cambridge border. About 100 employees will work at the two-story, 61,200-square-foot facility, which houses a molecular oncology research center with labs and offices. In addition, the center employs a newly established research team focused on leveraging chemical biology techniques to further propel the company’s oncology drug development process.

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DevelopmentLife SciencesMassachusettsNortheast

Greystar Underway on 465,000 SF Life Sciences Project in Somerville, Massachusetts

by Taylor Williams

SOMERVILLE, MASS. — South Carolina-based developer Greystar is underway on vertical construction of 74 Middlesex Avenue, a 465,000-square-foot life sciences project in Somerville, a northern suburb of Boston. The site is located within the Assembly Square mixed-use district. Designed by Elkus Manfredi Architects, the transit-oriented, 15-story building will feature ground-floor retail space, a health and wellness center, conference rooms and a 2,000-square-foot rooftop deck. Completion is scheduled for spring 2024. The project marks Greystar’s initial foray into the life sciences sector.

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DevelopmentLife SciencesMichiganMidwest

Sartorius Breaks Ground on 130,000 SF Research Center in Ann Arbor, Michigan

by Kristin Harlow

ANN ARBOR, MICH. — Sartorius, a life sciences research and biopharmaceutical company, has broken ground on its new 130,000-square-foot research center at Ann Arbor Research Park. Sartorius currently employs about 140 people in the Ann Arbor area and expects to increase that number to about 300 employees over the next three years. The jobs will include product development, operations and other support functions. Employees at the facility will focus on providing advanced solutions to help customers develop drugs that cure, prevent and halt the progression of diseases. Sartorius expects to open the facility by the end of 2023. Hobbs+ Black Architects is the project architect and J.S. Vig Construction Co. is the general contractor.

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