Life Sciences

DivcoWest Acquires 143,383 SF Office Building in South San Francisco, Plans Life Sciences Conversion

by Amy Works April 4, 2022

SOUTH SAN FRANCISCO, CALIF. — DivcoWest has purchased 5000 Shoreline, a three-story, Class A office building located on 8.5 waterfront acres at 5000 Shoreline Court in South San Francisco. The buyer plans to convert the property, which is vacant, into a life sciences asset. The seller was not disclosed. DivcoWest plans to upgrade the base building improvements, utilities, electrical and mechanical components, and covert the existing structure to a warm shell condition to accommodate life sciences tenancy. Once base building modifications are complete, DivcoWest plans to complete market-ready upgrades to the interiors to be able to offer prospective tenants turn-key office and laboratory suites. Mike Walker and Brad Zampa of CBRE Capital Markets’ Debt & Structured Finance group arranged $124 million in acquisition and conversion financing for DivcoWest. The three-year, nonrecourse, floating-rate loan was secured through a European investment bank.

April 4, 2022

Acquisitions Colorado Life Sciences Top Stories Western

BioMed Realty Acquires 1 MSF Flatiron Park Life Sciences Campus in Boulder, Colorado

by Taylor Williams April 4, 2022

BOULDER, COLO. — BioMed Realty, a San Diego-based owner-operator of healthcare real estate and a Blackstone portfolio company, has acquired Flatiron Park, a 1 million-square-foot office and life sciences campus in Boulder, a northwestern suburb of Denver. The sales price was not disclosed, but The Wall Street Journal reports that BioMed Realty paid more than $600 million for the property. JLL represented the seller, a joint venture between Crescent Real Estate, Goldman Sachs Asset Management and Lionstone Investments, in the transaction. BioMed Realty plans to invest about $200 million in capital improvements to the campus, an endeavor that is expected to create about 400 local construction jobs. Flatiron Park consists of 22 buildings that were approximately 90 percent leased at the time of sale. The buildings range in size from approximately 15,000 to 133,000 square feet. BioMed officials say that the campus will “anchor” its presence in the greater Denver area, which the company says has an exceptionally talented workforce “Boulder has always been a market to watch, driven by highly educated talent, robust capital flow, an existing base of life sciences and tech pioneers and great quality of life,” says Mike Ruhl, vice president of leasing at BioMed Realty. …

April 4, 2022

Acquisitions Life Sciences Massachusetts Northeast

CBRE Investment Management Acquires Partial Interest in 432,932 SF Boston Life Sciences Building

by Taylor Williams April 1, 2022

BOSTON — CBRE Investment Management has acquired a partial interest in 100 Binney, a 432,932-square-foot life sciences building in Boston’s Kendall Square neighborhood. The percentage of the interest was not disclosed. The 10-story building was constructed in 2018 and was fully leased at the time of the sale, with pharmaceutical giant Bristol Myers Squibb serving as the anchor tenant. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the undisclosed building owner/seller in the recapitalization deal and procured CBRE Investment Management as the buyer.

April 1, 2022

Webster-Medical-Office-&-Life-Sciences-Campus

Acquisitions Healthcare Life Sciences Texas

CBRE Brokers Sale of 94,506 SF Healthcare, Life Sciences Facility in Webster, Texas

by Taylor Williams March 31, 2022

WEBSTER, TEXAS — CBRE has brokered the sale of The Webster Medical Office & Life Sciences Campus, a two-building, 94,506-square-foot facility located in the southeastern Houston suburb of Webster. The campus was built between 2006 and 2008 and was fully leased at the time of sale. Biomedical conglomerate Catalent anchors the roster of 11 tenants with a 32,000-square-foot space, and other users include Centre for Neuro Skills (CNS), Texas Skin Center, Texas ENT, Arthritis Relief Centers and ProActive Physical Therapy Centers. Lee Asher, Chris Bodnar, Jordan Selbiger, Ryan Lindsley, Sabrina Solomiany, Zack Holderman and Brandy Bellow Spinks of CBRE represented the seller, a joint venture between Virtus Real Estate Capital and Lincoln Property Co., in the transaction. The buyer and sales price were not disclosed.

March 31, 2022

Development Georgia Life Sciences Multifamily Southeast Top Stories

Trammell Crow, High Street Residential Plan Life Sciences, Multifamily Project Near Georgia Tech in Atlanta

by Kristin Harlow March 30, 2022

ATLANTA — Trammell Crow Co. (TCC) and its residential subsidiary High Street Residential (HSR), along with Georgia Advanced Technology Ventures (GATV), have closed on ground leases and are ready to begin construction on the first phase of a life sciences and multifamily development adjacent to Atlanta’s Georgia Institute of Technology campus. Formerly known as Technology Enterprise Park, the site is now named Science Square. The first phase will include TCC’s Science Square Labs, a 364,740-square-foot speculative lab and office tower. The lab project is the only ground-up commercial lab space under construction in the Atlanta market, according to TCC. Phase I will also include HSR’s 280-unit multifamily building, the firm’s first residential development in Atlanta. The multifamily component will include shared parking and ground-floor retail space. Designed by Perkins + Will, Science Square Labs will rise 13 stories with 35,558-square-foot floor plates. The facility will also feature ground-floor retail space and amenities such as a fitness center, conference space, indoor-outdoor tenant lounge and outdoor amenity deck. TCC is seeking LEED and WELL certifications for the property and plans to incorporate View Dynamic Glass, which controls ultraviolet and visible light from entering the building without blinds. Additionally, the project will feature …

March 30, 2022

Acquisitions Development Life Sciences Loans Massachusetts Northeast

JLL Arranges $542.5M in Financing for Spec Life Sciences Project in Boston’s Seaport District

by Taylor Williams March 29, 2022

BOSTON — On behalf of Boston Global Investors, JLL has arranged $542.5 million in financing for 10 World Trade, a 555,250-square-foot speculative life sciences project in Boston’s Seaport District. The financing package consists of a $382.5 million construction loan from an undisclosed life insurance company and $160 million in joint venture equity contributions from PGIM Real Estate and Wheelock Street Capital. Designed by Sasaki, the 17-story building will house office and life sciences users on floors three through 17, while the ground floor will feature a two-story public atrium with a 45-foot domed ceiling, a food hall and a garden lounge. Sitework began recently, and completion of the project is slated for late 2024. Anthony Cutone and Andrew Gray of JLL structured the financing on behalf of the borrower. JLL has also been retained to lease the building.

March 29, 2022

Development Life Sciences Northeast Pennsylvania

Partnership Tops Out 250,000 SF Life Sciences Building in Philadelphia

by Taylor Williams March 21, 2022

PHILADELPHIA — A partnership between developer Silverstein Properties, New York City-based investment firm Cantor Fitzgerald and University Place Associates has topped out 3.0 University Place, a 250,000-square-foot life sciences building in Philadelphia’s University City neighborhood. Construction of the eight-story lab and office building began in May 2021. The Sheward Partnership designed the project. Ben Franklin Technology Partners has already signed a lease to open an incubation lab and coworking facility at 3.0 University Place. The opening is scheduled for the fourth quarter.

March 21, 2022

Development Life Sciences Northeast Pennsylvania

Joint Venture Breaks Ground on 137,000 SF Life Sciences Project at Philadelphia Navy Yard

by Taylor Williams March 21, 2022

PHILADELPHIA — A joint venture between Ensemble Real Estate Investments, Mosaic Development Partners and Oxford Properties Group has broken ground on a 137,000-square-foot life sciences project at the Philadelphia Navy Yard. The project is being developed on a speculative basis for cell and gene therapy users and will be able to support tenants with space requirements ranging in size from 5,000 to 35,000 square feet. CRB is designing the project. A completion date was not disclosed.

March 21, 2022

Sorrento-Ridge-Research-Park-San-Diego-CA

Acquisitions California Life Sciences Office Western

Sterling Bay, Harrison Street Acquire Sorrento Ridge Research Park in San Diego for $34M

by Amy Works March 18, 2022

SAN DIEGO — Sterling Bay and Harrison Street have entered into a joint venture to purchase Sorrento Ridge Research Park, located at 6150 Nancy Ridge Drive in San Diego’s Sorrento Mesa submarket, for $34 million. The name of the seller was not released. Totaling 60,000 square feet, Sorrento Ridge Research Park is a fully vacant former office building, which was built in 1987 and renovated in 2021. The buyers plan to convert the property into a mix of Class A lab and creative office space. All lab space will include scientific research necessities such as fume hoods; lab benches with compressed air and vacuum; deionized water stations; piping for natural gas; and the option to add lab furniture, fixtures and equipment, if needed. The project is expected to undergo redevelopment improvements starting this year, with expected delivery to future tenants in 2023.

March 18, 2022

Development Life Sciences Massachusetts Northeast Office

DPS Group Completes $150M Lab, Manufacturing Project in Boxborough, Massachusetts

by Taylor Williams March 9, 2022

BOXBOROUGH, MASS. — Engineering and construction management firm DPS Group has completed a $150 million, build-to-suit life sciences project for viral vector gene therapy firm Vibalogics in Boxborough, about 35 miles west of Boston. The project consists of about 118,000 square feet of lab, office and manufacturing space. Lincoln Property Co. developed and owns the property.

March 9, 2022

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