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.
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.
PHILADELPHIA — A joint venture between Tishman Speyer and Bellco Capital has purchased a development site at the 2300 Market Street city block in Philadelphia’s Center City district. The joint venture, which goes by the name Breakthrough Properties, plans to redevelop the site into 200,000 square feet of life sciences space. The site is located adjacent to the University of Pennsylvania and Drexel University and within walking distance to several academic medical centers. The property will sit between the city’s Rittenhouse Square and University City neighborhoods, as well as near the 30th Street Transit Station that is serviced by SEPTA, Amtrak and trolley and commuter rail lines. The development team plans to deliver the laboratory and research and development spaces by 2024. Breakthrough has enlisted KieranTimberlake, a Philadelphia-based architectural firm, as the project architect and Cushman & Wakefield as the exclusive leasing agent. All Breakthrough properties are designed to achieve LEED Gold certification, according to the developer’s website. Philadelphia has emerged as one of the leading life sciences clusters in the country. Greater Philadelphia ranks No. 1 nationally for the National Institutes of Health (NIH) Grant Funding for cell and gene therapy and has attracted over $3.8 billion in venture …
BRAINTREE, MASS. — Global medical technology company Integra has signed a 100,000-square-foot life sciences lease at 400 Wood Road in Braintree, a southern suburb of Boston. Hilco Redevelopment Partners purchased the 156,000-square-foot property in 2019 and converted it into a life sciences facility. Integra plans to take occupancy of the new space, which it will use to manufacture surgical reconstruction devices, in 2025. The move is expected to bring about 150 new jobs to the local economy. Cushman & Wakefield represented both the tenant and landlord in the lease negotiations.
ROCKVILLE, MD. — Trammell Crow Co. has plans to develop The Lab at Belward, a life sciences project situated on the Belward Campus of Johns Hopkins University in Rockville. The property will initially span 757,000 square feet of laboratory and research and development space across three buildings. Trammell Crow entered into a 99-year ground lease with Johns Hopkins University for the 21-acre project. Designed by Gensler to achieve LEED Gold standards, The Lab at Belward will include 18-foot ceiling heights on both the basement and ground floors, with 16-foot heights on all other floors. The property will include amenities, terraces, balconies and a parking garage, as well as a six-acre public park with two retail pavilions. At full buildout the project could span up to 1.6 million square feet across seven buildings, according to Trammell Crow. The Dallas-based developer plans to break ground on the initial phase in June 2023 and deliver the project in early 2025. The project team includes general contractor Clark Construction Group; civil engineer Soltesz Inc.; land use engineer Lerch Early Brewer; mechanical, electrical and plumbing (MEP) engineer James Posey Associates Inc.; structural engineer Thornton Tomasetti; and landscape architect OJB. CBRE is managing the marketing and …
COLLEGE STATION, TEXAS — Cell and gene therapy firm Matica Biotechnology has opened a 45,000-square-foot life sciences facility at Providence Park, a 52-acre research and development campus in College Station. Providence Park houses the former 180,000-square-foot facility of Pittsburgh-based manufacturer Westinghouse. Oldham Goodwin manages the property.
SOMERVILLE, MASS. — A development team of DLJ Real Estate Capital Partners and Leggat McCall Properties has completed 101 South Street, a 289,000-square-foot life sciences project in Somerville, located on the northern outskirts of Boston. The building is the first of four master-planned life sciences facilities within the 1.8 million-square-foot Boynton Yards development. Architecture firms Spagnolo Gisness & Associates and Hashim Sarkis Studios designed the project, and Shawmut Design & Construction served as the general contractor. Flagship Pioneering and its affiliates lease 280,000 square feet of the nine-story building.
SAN DIEGO — Trammell Crow Co. (TCC), in partnership with CBRE Investment Management on behalf of a separate account client, has unveiled plans to build Vista Sorrento Labs, a 116,000-square-foot speculative life sciences development in the Sorrento Mesa submarket of San Diego. The purpose-built life sciences building marks the first ground-up life sciences project in San Diego for both firms. The partnership plans to begin demolition of an existing building on the site and break ground on the new facility in the fourth quarter of this year. Completion is slated for early 2024. The four-story building will feature floor plates spanning 32,000 square feet. The project will feature Class A lab, clean room and office space as well as onsite chemical storage. Ware Malcomb designed the building, which will include amenities such as electric vehicle charging stations, locker rooms, indoor and outdoor conference rooms, bike storage, surface and structured parking, a fitness center and lounge. “This fall’s scheduled groundbreaking will mark the first of multiple planned ground-up life sciences developments in Sorrento Mesa, which will add approximately 700,000 square feet of much-needed life sciences space to the submarket,” says Chris Tipre of TCC Newport Beach. “Vista Sorrento Labs is located …
VISTA, CALIF. — JLL Capital Markets has secured $27.4 million in financing for the acquisition and repositioning of 2065 Thibodo Road, an industrial property in Vista. The borrower is a joint venture between Lincoln Property Co. and Angelo Gordon. The new owner plans to convert the existing 76,872-square-foot property, which is situated on 4.1. acres, into manufacturing space that meets Current Good Manufacturing Practices for life sciences users. The property features 149 parking stalls, five grade-level doors, 28-foot clear heights and 8,000 amps of power. Aldon Cole, Jordan Angel, Daniel Pinus and Auden Menke of JLL Capital Markets arranged the three-year, floating-rate loan through Citizens. Additionally, Joe Anderson of JLL brokered the sale from the previous owner and currently represents the borrower in its efforts to lease the building.
DURHAM, N.C. — Restor3d, a locally based medical device manufacturer specializing in 3D-printed implants, has signed a 50,255 lease at Park Point, a 100-acre life sciences and creative campus within Research Triangle Park (RTP) in Durham. Restor3d will occupy 22,716 square feet on the first floor of the Edge West building and 27,509 square feet at the Grid building. The tenant aims to move into its space in the first quarter of 2023. Doug Cook of Cushman & Wakefield leads leasing efforts at Park Point on behalf of the landlord, Trinity Capital Advisors. Tucker Shade of Savills represented Restor3d in the lease negotiations.