Life Sciences

Skender Completes Construction of 54,000 SF Lab, Office Buildout for Hazel Technologies in Chicago

by Kristin Harlow June 3, 2022

CHICAGO — Skender has completed construction of a two-story, 54,000-square-foot lab and office buildout for Hazel Technologies at 320 N. Sangamon St. in Chicago’s Fulton Market. Hazel is a USDA-funded technology company that develops solutions to extend the shelf life of fresh produce. The company is one of the first tenants to move into the new 13-story office building developed by Tishman Speyer and Mark Goodman & Associates. Hazel is moving from its current location at University Technology Park at Illinois Tech and plans to double its local workforce to approximately 100 employees this year. The buildout includes space for open research laboratory and lab support, 10,000 square feet of administrative and office space and 5,000 square feet of collaboration space. The project team included architect Perkins & Will, engineer Cosentini Associates and tenant representative CBRE.

June 3, 2022

Development Illinois Life Sciences Midwest

Trammell Crow Co. to Open Spec Suites at Chicago’s Fulton Labs in August

by Kristin Harlow June 3, 2022

CHICAGO — Trammell Crow Co. (TCC) is set to open its Science Ready Lab Suites at Fulton Labs, a life sciences development in Chicago. These fully built out, move-in ready spaces span 3,000 to 7,000 square feet and provide advanced research and development space. Celadyne Technologies Inc. has signed a lease as the first tenant to occupy the Science Ready Lab Suites. The suites, which are available for occupancy beginning in August, will provide tenants with flexible lease terms and access to a shared lab equipment room. Fulton Labs is a two-building life sciences campus from TCC that spans 725,000 square feet. Jonathan Metzl of Cushman & Wakefield represented Celadyne Technologies in its lease.

June 3, 2022

California Development Industrial Life Sciences Western

Presidio Bay Ventures Breaks Ground on 147,000 SF Life Sciences Project in San Carlos, California

by Amy Works May 31, 2022

SAN CARLOS, CALIF. — Presidio Bay Ventures has broken ground on a Class A life sciences and R&D development located at 777 Industrial Road in San Carlos. The existing 45,000-square-foot dealership building will be fully redeveloped into a four-story, 147,000-square-foot, state-of-the-art facility. Stanton Architecture and DES Architects & Engineers designed the building, which will be tailored toward research and development users with a heavy lab component. Potential tenants include companies working in life sciences, biotech, food tech, agricultural tech, auto tech, drone tech, robotics, and other users requiring mission-critical infrastructure. Building amenities will include e-bikes, outdoor workspaces equipped with Wi-Fi and an onsite fitness center. Approved in June 2021, the project is slated for completion in fourth-quarter 2023. Marc Pope and Ben Paul of Cushman & Wakefield are handling leasing for the building.

May 31, 2022

Acquisitions Life Sciences New York Northeast

CBRE Negotiates $26M Sale-Leaseback of Life Sciences Complex in Tarrytown, New York

by Taylor Williams May 31, 2022

TARRYTOWN, N.Y. — CBRE has negotiated the $26 million sale-leaseback of a 276,000-square-foot life sciences complex located in Tarrytown, a northern suburb of New York City. Jeffrey Dunne, Steven Bardsley, Travis Langer, Alyssa Fricke, David Opper and Jeff Babikian of CBRE represented the seller, BASF Corp., which will lease back a portion of the space at the two-building complex. CBRE also procured the buyer, an affiliate of Northpath Investments. The property was 52 percent leased at the time of sale, inclusive of BASF’s occupancy and a separate lease with Northwell Health System. Michael Klein and Max Custer of JLL arranged acquisition financing through Prime Finance for the deal.

May 31, 2022

Development Life Sciences Massachusetts Northeast

Berkeley Investments to Develop 200,000 SF Life Sciences Facility in Billerica, Massachusetts

by Taylor Williams May 24, 2022

BILLERICA, MASS. — Boston-based Berkeley Investments will develop Billerica Crossing, a 200,000-square-foot life sciences facility that will be located north of the state capital. Brian Morrissey, Michael Restivo, Martha Nay, Lenny Pierce and David Coffman of JLL represented Boston-based Cabot Corp. in its sale of the 18-acre tract to Berkeley Investments. Cabot owns and operates a research and development facility on the adjacent parcel. A construction timeline was not disclosed.

May 24, 2022

Development Life Sciences Massachusetts Northeast

Anchor Line, Northwood Top Out 215,000 SF Life Sciences Building Near Boston

by Taylor Williams May 23, 2022

CAMBRIDGE, MASS. — A partnership between Boston-based developer Anchor Line Partners and international asset management firm Northwood Investors has topped out 60 First Street, a 215,000-square-foot life sciences project located across the Charles River from Boston in Cambridge. The five-story property, which is a redevelopment of the former Sears building, includes ground-floor retail space and has been fully preleased. Biotech startup Prime Medicine has committed to 148,000 square feet across three floors, and RNA editing company Korro Bio has leased 50,000 square feet across two floors. Full completion of the project is slated for early 2023.

May 23, 2022

Florida Leasing Activity Life Sciences Office Southeast

JLL Arranges 75,000 SF Office Lease in Miami for Medical Research Firm

by John Nelson May 23, 2022

MIAMI — JLL has arranged a 75,000-square-foot office lease at Quattro Miami, a four-building office park in the city’s Airport West submarket. The tenant, medical research firm Evolution Research Group (ERG), is relocating its South Florida regional headquarters to Quattro Miami from Hialeah. The move expands ERG’s office footprint by 45,000 square feet, according to JLL. The New Jersey-based firm leased four full floors at Quattro East, located at 700 NW 107th Ave. Doug Okun of JLL represented the landlord, an entity owned by Guy Sharon and Yoav Merary that is doing business as Four 700 LLC, in the lease negotiations. David Herbert, Donna Abood and Joseph Abood of Avison Young represented ERG. Quattro Miami was recently renovated with updated façades, lobbies, common areas and restrooms, a revamped café, new elevator controls and cabs, a renovated fitness center and a new conferencing center. The park’s tenant roster includes Farelogix/Accelya, State’s Title and Alliance for Aging, in addition to other traditional office tenants and medical and research companies.

May 23, 2022

Acquisitions California Development Life Sciences Western

Luminous Capital Acquires R&D Building for Life Sciences Conversion in Carlsbad

by Amy Works May 20, 2022

CARLSBAD, CALIF. — Luminous Capital Management, in partnership with Austin, Texas-based Virtus Real Estate Capital, has acquired 5931 Priestly Drive, an industrial/research and development (R&D) building in Carlsbad. Locally based investment firm Greene Properties sold the asset for $14 million, or $265 per square foot. Situated within Carlsbad Research Center, the 52,800-square-foot property was fully leased to two tenants under short-term leases that expire in 2023 at the time of sale. The buyers plan to implement significant renovations and reposition the property for bioscience R&D and manufacturing. The partial two-story building features approximately 16,000 square feet of space with 24-foot clear heights, as well as heavy power, abundant parking and grade-level loading. Michael Nucci of RW Commercial represented the seller in the deal, while Chris Baumgart of JLL represented the buyer. Baumgart will also handle leasing of the property. John Chun and John Marshall of JLL arranged the equity joint venture between Luminous and Virtus. California Bank & Trust provided financing for the acquisition and conversion.

May 20, 2022

Development Life Sciences Massachusetts Northeast

Wentworth Institute of Technology to Open 640,000 SF Life Sciences Facility in Boston

by Taylor Williams May 20, 2022

BOSTON — The Wentworth Institute of Technology, a private university founded in Boston in 1904, will open a 640,000-square-foot life sciences facility at 500 Huntington Ave. in the city’s Longwood Medical District. Wentworth has selected a joint venture between The Fallon Co., Owens Cos. and Waldwin Development Co. to develop the property. The project is expected to create about 1,900 construction jobs and 1,500 full-time jobs upon completion. A construction timeline for the development, which will include retail and restaurant space, has not yet been finalized.

May 20, 2022

California Life Sciences Loans Office Western

CBRE Arranges $75M Loan for Shoreway Innovation Center in Belmont, California

by Amy Works May 19, 2022

BELMONT, CALIF. — CBRE has arranged a $75 million loan for the acquisition and redevelopment of Shoreway Innovation Center in Belmont. The property will be redeveloped into a new life sciences campus. The borrower is Four Corners Properties. Mike Walker and Brad Zampa with CBRE Capital Markets’ Debt & Structured Finance group arranged and secured the three-year, floating-rate financing through a private equity firm. The nonrecourse loan carried two extension options. Four Corners Properties will use the financing to fund a portion of the predevelopment costs for 1301 Shoreway Road, which was acquired in December 2021 for $90.2 million. The future redevelopment will likely include construction of two Class A life sciences buildings totaling approximately 500,000 to 600,000 square feet. The new development will also include a multi-story parking structure with approximately 1,500 parking stalls.

May 19, 2022

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