Life Sciences

Abbott Laboratories Life Sciences Campus in Suburban Minneapolis Trades Hands

by Kristin Harlow July 29, 2022

MINNETONKA, MINN. — The Abbott Laboratories life sciences campus in Minnetonka has traded hands for $53 million. The four-building campus totals 280,289 square feet and contains lab, manufacturing, office and warehouse space. Across the buildings there are 26 dock doors, seven drive-in doors and 640 parking spaces. Colin Ryan, David Berglund and Erin Fitzgerald of JLL and Judd Welliver and Bentley Smith of CBRE co-marketed the property on behalf of the seller, a joint venture between Eagle Ridge Partners and Syndicated Equities. Virtus Real Estate Capital was the buyer.

July 29, 2022

Development Life Sciences Washington Western

Oxford Properties Completes 136,000 SF Boren Lofts Office-to-Lab Conversion in Seattle

by Amy Works July 27, 2022

SEATTLE — Oxford Properties Group has completed the conversion of the 136,000-square-foot Boren Lofts office building into Boren Labs, a life sciences facility in downtown Seattle. Located at 1930 Boren Ave. in the South Lake Union neighborhood, the building features 15,000-square-foot floor plates, pre-built lab suites and move-in-ready research and development suites. The 10-story building features nine levels of labs and support office space, ground-level retail and a newly built amenity floor, which features a shared rooftop deck and conferencing center, fostering collaboration between occupants. The converted building features 15-foot floor-to-floor heights, fully upgraded MEP systems and ample subsurface parking. Each floor also features natural light and a private deck with outdoor access. Current tenants include Icosavax, Tune Therapeutics and GentiBio.

July 27, 2022

Development Life Sciences Loans Mixed-Use Office Retail Washington Western

CBRE Secures $196.2M in Financing for Chapter Buildings Mixed-Use Development in Seattle’s University District

by Amy Works July 26, 2022

SEATTLE — CBRE has arranged joint-venture equity and $196.2 million in construction financing for Chapter Buildings I and II, two mixed-use buildings in Seattle’s University District. Seattle-based Touchstone, Atlanta-based Portman Holdings and Houston-based Lionstone Investments comprise the development team. Tom Pehl, Charles Safley, Todd Tydlaska of CBRE Capital Markets West Coast, along with James Scott and Brian Myers of CBRE Capital Advisors, arranged the equity. Brad Zampa, Mike Walker and Megan Woodring of CBRE Debt & Structured Finance arranged the financing. Construction of Building I commenced earlier in 2022 and construction of Building II will begin in late 2022, with expected delivery in 2024. Totaling more than 400,000 square feet, the Chapter Buildings will consist of two assets. Chapter Building I, located at 4530 12th Ave. NE, will rise 12 stories featuring 240,000 square feet of office space and 9,000 square feet of ground-floor retail. The 10-story Chapter Building II will feature 154,000 square feet of life sciences and research & development space above 4,000 square feet of retail space. Greg Inglin, David Abbott and Laura Ford of CBRE are marketing the buildings for lease.

July 26, 2022

Development Life Sciences Massachusetts Northeast

Lincoln Property Co. Receives Approval for 650,000 SF Life Sciences Project in Boston’s Seaport District

by Taylor Williams July 20, 2022

BOSTON — Dallas-based Lincoln Property Co. has received approval from The Boston Planning & Development Agency for the development of a 650,000-square-foot life sciences project in the city’s Seaport District. The facility, which will be known as Seaport Circle, will sit on 1.9 acres and will feature traditional lab and office space, as well as 5,000 square feet of retail space and a 15,000-square-foot training center. The development team expects that the project will create approximately 2,500 permanent jobs, 1,159 construction jobs and train approximately 2,000 students per year for careers in the life sciences industry. Construction is scheduled to begin in early 2023.

July 20, 2022

Development Life Sciences Massachusetts Northeast

Trammell Crow, Invesco to Develop 310,000 SF Life Sciences Project in Metro Boston

by Taylor Williams July 18, 2022

LEXINGTON, MASS. — A joint venture between Dallas-based developer Trammell Crow Co. and Invesco Real Estate will develop a 310,000-square-foot life sciences project in the northwestern Boston suburb of Lexington. The six-story facility will be known as 440 Bedford and will feature a covered parking garage, bicycle storage area, cafeteria, fitness center and various outdoor spaces, including proximity to the Minuteman bicycle trail. Completion is slated for the middle of 2024.

July 18, 2022

Acquisitions Life Sciences Maryland Office Southeast

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

by John Nelson July 15, 2022

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.

July 15, 2022

Development Life Sciences Massachusetts Northeast

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

by Taylor Williams July 13, 2022

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.

July 13, 2022

Acquisitions Life Sciences Massachusetts Northeast

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

by Taylor Williams July 13, 2022

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.

July 13, 2022

Instil-Bio-Life-Sciences-Campus-Tarzana-CA

California Development Life Sciences Loans Western

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

by Amy Works July 12, 2022

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.

July 12, 2022

Acquisitions Life Sciences Massachusetts Northeast

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

by Taylor Williams July 8, 2022

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.

July 8, 2022

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