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Life Sciences

3.0-University-Place-Philadelphia
DevelopmentLife SciencesNortheastPennsylvania

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

by Taylor Williams

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.

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1201-Normandy-Place-Philadelphia
DevelopmentLife SciencesNortheastPennsylvania

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

by Taylor Williams

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.

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

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

by Amy Works

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.

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Vibalogics-Boxborough-Massachusetts
DevelopmentLife SciencesMassachusettsNortheastOffice

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

by Taylor Williams

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.

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DevelopmentLife SciencesOfficeTop StoriesWashingtonWestern

RMR Group Begins 300,000 SF Office, Life Sciences Redevelopment Project in Seattle

by Kristin Harlow

SEATTLE — The RMR Group Inc. (NASDAQ: RMR) has begun the redevelopment of 351, 401 and 501 Elliott Avenue West in Seattle into a project dubbed Unison Elliott Bay. The existing three office buildings will be transformed into Class A office and life sciences space totaling more than 300,000 square feet. Amenities will include an outdoor lounge, conference and training rooms, fitness facility, new lab mechanical infrastructure and two backup generators for labs. Tenants will also have access to covered and surface parking, bike storage and electric vehicle charging stations. Customizable floor plates will range from 21,000 to 27,500 square feet. The buildings are located near the new Climate Pledge Arena, home of the Seattle Kraken National Hockey League team, as well as 15 acres of trails, beaches and open space. Tenants will also have access to onsite food options in addition to the dining and retail amenities of Seattle’s Lower Queen Anne neighborhood. “Unison’s customizable floor plates, distinctive spaces and common areas that prioritize wellness, with views of the natural beauty of the Puget Sound and Olympic Mountains, will be in demand from an array of tenants,” says Chris Bilotto, senior vice president of RMR. “We anticipate delivery in …

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Taystee-Lab-Building-Harlem
DevelopmentLife SciencesNew YorkNortheast

Janus Property Co. Completes $700M Life Sciences Project in Harlem

by Taylor Williams

NEW YORK CITY — Locally based developer Janus Property Co., in partnership with J.P. Morgan Asset Management, has completed the Taystee Lab Building, a $700 million life sciences project in Harlem. The 11-story, 350,000-square-foot building anchors the Manhattanville Factory District, Janus Property’s 1 million-square-foot life sciences campus that stretches from West 125th to West 128th streets. The property, which is a redevelopment of the former Taystee bread bakery, features traditional office, lab, manufacturing and retail space, as well as 20,000 square feet of outdoor amenity space. Construction began in May 2019.

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AcquisitionsLife SciencesMassachusettsNortheast

GI Partners Acquires 164,000 SF Life Sciences Building in Burlington, Massachusetts

by Taylor Williams

BURLINGTON, MASS. — GI Partners, an investment firm with four offices across the country, has acquired a 164,000-square-foot life sciences building in Burlington, a northern suburb of Boston. in GI Partners acquired the asset as part of a life sciences portfolio sale that included a 103,000-square-foot building in Boston’s Seaport District, as well as a 152,000-square-foot building near Raleigh, N.C. The seller and sales price were not disclosed. The new ownership plans to implement a value-add plan.

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The-Curtis-Philadelphia
Life SciencesMarket ReportsNortheastNortheast Market ReportsPennsylvania

Philadelphia’s Emergence as Life Sciences Hub Creates Mad Dash For Lab Space

by Taylor Williams

By: Jamie Rash, Regional Director, Keystone Development + Investment Talk about a spark. When Spark Therapeutics announced plans at the end of last year to develop a $575 million gene therapy manufacturing plant in Philadelphia, it ignited the city’s evolution into a destination for the largest, most innovative life sciences firms in the world. Over $1 billion in venture capital (VC) investment is pouring into more than 50 Philadelphia life sciences companies that employ some 20,000 people, generating unprecedented demand for lab space. Supply is limited — even with 1 million square feet of lab space in development — and this supply shortage is driving some developers to capitalize on the demand by converting existing building stock. Moving Beyond Meds & Eds Philadelphia is a long-reputed “meds and eds” city, meaning it’s home to anchor institutions of higher learning and world-leading medical facilities that are known for innovation and opportunity. These institutions are major drivers of economic growth throughout the city. Previously, much of the activity in pharmaceuticals and biotechnology occurred in labs in suburban office parks and sprawling corporate campuses. In 2017, the city celebrated two cutting-edge, FDA-approved gene and cell therapies to treat specific types of cancer and …

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AcquisitionsLife SciencesMassachusettsNortheast

GI Partners Acquires 103,000 SF Life Sciences Building in Boston’s Seaport District

by Taylor Williams

BOSTON — GI Partners, an investment firm with four offices across the country, has acquired a 103,000-square-foot life sciences building located at 51 Melcher St. in Boston’s Seaport District. The nine-story building was originally constructed in 1915 and renovated in 2013. GI Partners acquired the asset as part of a life sciences portfolio sale that included a 164,000-square-foot building in nearby Burlington, as well as a 152,000-square-foot building near Raleigh, N.C. The seller and sales price were not disclosed.

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AcquisitionsLife SciencesMassachusettsNortheastOffice

SVN | Parsons Arranges $8.8M Sale of Office/Flex Building in Burlington, Massachusetts

by Taylor Williams

BURLINGTON, MASS. — SVN | Parsons Commercial Group | Boston has arranged the $8.8 million sale of a 40,000-square-foot office/flex building in Burlington, a northern suburb of Boston. The building sits on three acres just off Route 128 and across from the Burlington Mall. Marci Alvarado of SVN represented the seller, a partnership between two limited liability companies, in the transaction. Dean Blackey and Elizabeth Holmes of RW Holmes represented the buyer, ACCO Properties LLC.

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