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DevelopmentIndustrialLife SciencesTexasTop Stories

Eli Lilly to Build $6.5B Pharmaceutical Manufacturing Facility at Generation Park in Houston, Create 600 Jobs

by Kristin Harlow

HOUSTON — Eli Lilly and Co. (NYSE: LLY) has unveiled plans to build a new $6.5 billion manufacturing facility at Generation Park, a 4,000-acre master-planned development in northeast Houston that is owned by McCord Development. The active pharmaceutical product (API) facility, which represents the second of four new U.S. sites that Lilly plans to announce this year, will be used to manufacture the company’s pipeline of small molecule medicines across therapeutic areas, including cardiometabolic health, oncology, immunology and neuroscience. The project is expected to be operational within five years. Lilly plans to bring 615 new, high-wage jobs to the greater Houston area, including engineers, scientists, operations personnel and lab technicians. The company also expects to generate 4,000 construction jobs as the project is built. The facility will be among those that will manufacture orforglipron, Lilly’s first oral, small molecule GLP-1 receptor agonist, which the company expects to submit to global regulatory agencies for obesity by the end of this year. “Our new Houston site will enhance Lilly’s ability to manufacture orforglipron at scale and, if approved, help fulfill the medicine’s potential as a metabolic health treatment for tens of millions of people worldwide who prefer the ease of a pill …

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BillionToOne-EastVillage-Austin
DevelopmentLife SciencesLoansTexas

Cottonwood Group Provides $105M Construction Loan for Austin Life Sciences Facility

by Taylor Williams

AUSTIN, TEXAS — Cottonwood Group, a real estate private equity firm with offices in Boston, Los Angeles and New York, has provided a $105 million construction loan for a 223,500-square-foot life sciences project in Austin. The facility, which will be a build-to-suit project for biotechnology company BillionToOne, will be located within the 425-acre EastVillage mixed-use development on the city’s northeast side. The master developer of EastVillage, Buffalo-based Reger Holdings, has partnered with San Francisco-based Tarlton Properties to develop the facility, which is expected to support the creation of about 1,000 new jobs. Newmark and CBRE co-arranged the loan. Completion is slated for early 2027.

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IllinoisLeasing ActivityLife SciencesMidwest

University of Chicago Expands Lease to 155,000 SF at Hyde Park Labs on City’s South Side

by Kristin Harlow

CHICAGO — Beacon Capital Partners and Trammell Crow Co. (TCC) have inked a new lease expansion with the University of Chicago at Hyde Park Labs in Chicago. The private research university will occupy more than 155,000 square feet and is expected to move into its new space by the second quarter of 2026. The announcement was made at the grand opening of Hyde Park Labs and UChicago’s Science Incubator on Tuesday, Sept. 16. The university’s new space, including 101,199 square feet across the building’s top three floors, will support research initiatives in areas such as cancer, metastasis, biochemistry and molecular biology. UChicago’s original lease included space for faculty research and the new incubator, which is a partnership between the Polsky Center for Entrepreneurship and Innovation and Portal Innovations. Six UChicago-affiliated companies are among the incubator’s first tenants: memQ, Exactics, Signl, Cell Therapy, ZipBionexus Tech and Neuro Innovations. In partnership with the university, the ground floor of the building will also initially host IBM’s next-generation modular quantum computer, called IBM Quantum System Two. Located at 5207 S. Harper Ave., Hyde Park Labs is the South Side of Chicago’s first commercial, purpose-built advanced R&D lab building, according to TCC. Delivered earlier this …

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Eli Lilly Virginia Facility
DevelopmentLife SciencesTop StoriesVirginia

Eli Lilly Announces Plans for $5B Pharmaceutical Manufacturing Facility Near Richmond, Virginia

by Hayden Spiess

GOOCHLAND COUNTY, VA. — Pharmaceutical giant Eli Lilly and Co. (NYSE: LLY) has announced plans for a $5 billion manufacturing facility located in Goochland County, which is situated west of Richmond. Earlier this year, Indianapolis-based Eli Lilly shared plans to build four new pharmaceutical manufacturing plants. The Virginia facility is the first of the four to be formally announced. Since 2020, the company has invested $50 billion in capital expansion commitments.  When finished, the development will mark the company’s first dedicated, fully integrated active pharmaceutical ingredient (API) and drug product facility for its bioconjugate platform and monoclonal antibody portfolio, which create ingredients for the treatment of cancer and autoimmune diseases.  Completion of the facility is scheduled within the next five years. According to Eli Lilly, the project will create more than 650 permanent jobs in the area, in addition to 1,800 construction jobs. The company projects that for each dollar invested in the development, up to $4 of local economic activity will be generated.  Goochland County was selected as the site for the new facility out of hundreds of applications.  Plans for the facility include the use of technologies including machine learning, AI and automated systems. To implement these technologies, …

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Cambridgeport-Labs
Life SciencesLoansMassachusettsNortheast

Thorofare Capital Provides $50.5M Loan for Refinancing of Cambridge Life Sciences Property

by Taylor Williams

CAMBRIDGE, MASS. — Los Angeles-based Thorofare Capital has provided a $50.5 million bridge loan for the refinancing of Cambridgeport Labs, a two-building life sciences development located across the Charles River from Boston. Located at 99 Erie St. and 167 Sidney St. near the Massachusetts Institute of Technology campus, the buildings total 56,351 square feet. The borrower, a partnership between Barings and Greatland Realty Partners, acquired the buildings in September 2022 and subsequently implemented a redevelopment to support lab and life sciences uses. Andrew Kim led the transaction for Thorofare.

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Leasing ActivityLife SciencesMassachusettsNortheast

Pramand Signs 41,400 SF Life Sciences Lease in Burlington, Massachusetts

by Taylor Williams

BURLINGTON, MASS. — Pramand, a medical technology company, has signed a 41,400-square-foot life sciences lease in Burlington, located northwest of Boston. The space is located within the six-building, 1.2 million-square-foot Blue Sky Center campus that is undergoing a $10 million capital improvement program. Matthew Malatesta, Tyler McGrail, Michael Frisoli, Eric Jeremiah and Connall Chamberlain of Newmark represented the landlord, a joint venture between Nordblom Co. and a global real estate private equity firm, in the lease negotiations. CBRE’s Jon Varholak and Perry Beal represented the tenant.

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Bridge-Labs-at-Pegasus-Park
Life SciencesMarket ReportsTexasTexas Market Reports

Life Sciences: The Next Frontier for Commercial Real Estate in Texas?

by Taylor Williams

By Taylor Williams Everybody always remembers the one who got away, but what if they’d never shown up to the party in the first place? Or in the case of the Texas commercial development boom, is it possible that one specific asset class simply never took root, or is it more likely that it just hasn’t happened yet? The mystery party guest/asset class could only be life sciences — a sector that is somehow a quasi-subcategory of healthcare real estate, a longshot end use for an industrial conversion, a property type that represents the evolution of commercial-grade lab space and an investment vehicle that has captured billions of capital in coastal markets — all rolled into two basic words. And while the big-money question surrounding life sciences growth in Texas is not “what?” but “when?,” examining what the field actually already encompasses in the state is important to understanding the potential for a future boom. After all, it’s not as life sciences is nonexistent in Texas. According to a 2025 report from JLL titled, “Why Texas Life Sciences?” there are already some 8,700 life sciences companies employing more than 150,000 people in the state. More than $1.5 billion in combined …

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AcquisitionsLife SciencesMassachusettsNortheast

Newmark Brokers $11.5M Sale of Life Sciences Building in Chelmsford, Massachusetts

by Taylor Williams

CHELMSFORD, MASS. — Newmark has brokered the $11.5 million sale of 1 Executive Drive, a 112,440-square-foot life sciences building located northwest of Boston in Chelmsford. The building was 87 percent leased at the time of sale, with AMETEK affiliate Spectro Scientific and semiconductor manufacturer Qorvo serving as the anchor tenants. Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper of Newmark represented the seller, Boston-based Foxfield, in the transaction and procured the buyer, Rhino Capital Advisors. David Douvadjian Sr., Timothy O’Donnell, David Douvadjian Jr., Bobby Alvarado and Conor Reenstierna, also with Newmark, arranged acquisition financing on behalf of the buyer.

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CaliforniaLife SciencesMarket ReportsOfficeWesternWestern Market Reports

Life Sciences, Tech Facilitate San Diego’s Office Market Stability

by John Nelson

— By Sebastian Bernt of Avison Young —  The San Diego office market is beginning to stabilize in 2025. However, recovery remains uneven amid elevated vacancy, rising sublease availability and evolving workplace strategies. While quarterly leasing activity has improved modestly— up roughly 7 percent year over year through the second quarter — overall fundamentals remain challenged. San Diego’s total office availability rate stands at 18.2 percent as of the second quarter. This is flat from the previous quarter but still up more than 500 basis points from pre-pandemic norms. Sublease availability exceeds 2.2 million square feet, a lingering effect of corporate downsizing and the continued shift toward hybrid work models. Sublease inventory is most concentrated in suburban nodes such as UTC and Sorrento Mesa, as well as Downtown San Diego. Demand remains strongest for Class A assets in suburban submarkets like UTC, Del Mar Heights and Sorrento Valley where tenants prioritize modern, amenity-rich properties. Even within these markets, average deal sizes have declined by 20 percent to 30 percent compared to 2019 levels, with users often consolidating space and seeking shorter lease terms. Downtown San Diego continues to face pronounced headwinds, with vacancy topping 25 percent in several Class B …

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IndustrialLife SciencesMassachusettsNortheast

Newmark Arranges Recapitalization of 450,000 SF Industrial, Life Sciences Campus in Billerica, Massachusetts

by Taylor Williams

BILLERICA, MASS. — Newmark has arranged the recapitalization of Axis Park North, a 450,000-square-foot industrial and life sciences campus located north of Boston in Billerica. The owner, a partnership between Camber Development and Wheelock Street Capital, sold a stake in the property to GEM Realty Capital for $79 million. The percentage was not disclosed. The six-building campus can support manufacturing and research-and-development uses and is currently home to tenants such as ASMPT AEi, Generac Power Systems and SuperConducting Systems. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell, William Sleeper, Tony Coskren and Brian Pinch of Newmark represented both sides in the transaction.

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