Life Sciences

Cushman & Wakefield Arranges $92M Sale of Life Sciences Building in St. Louis

by Kristin Harlow January 11, 2022

ST. LOUIS — Cushman & Wakefield has arranged the sale of EDGE@BRDG in St. Louis for $92 million. The 151,829-square-foot life sciences building is fully leased and serves as the headquarters of Benson Hill Biosystems, a food technology company. Completed in 2020, the property features office and lab space as well as a test kitchen, sterilization station and walk-in refrigeration units. The building is located at 1001 N. Warson Road within 39 North, a 600-acre district anchored by the Donald Danforth Plant Science Center. Michael Hanrahan, Josh McGee and Josh King of Cushman & Wakefield represented the seller, Larson Capital Management. Chicago-based Harrison Street Real Estate Capital was the buyer.

January 11, 2022

Development Life Sciences North Carolina Southeast Top Stories

Joint Venture to Break Ground on $1B Life Sciences Campus in North Carolina’s Research Triangle

by Katie Sloan January 6, 2022

MORRISVILLE, N.C. — A joint venture between Starwood Capital Group and Trinity Capital Advisors has announced plans to develop Spark LS, a $1 billion life sciences campus located within North Carolina’s Research Triangle in Morrisville. The 109-acre development will be located at the intersection of McCrimmon Parkway and Airport Boulevard, four miles from Raleigh-Durham Airport and five miles from Apple’s new $1 billion office campus. The 1.5 million-square-foot project is set to include 12 to 15 buildings with lab and bio-manufacturing space, green spaces, restaurants, retail, a STEM education and amenity center, and several multi-use outdoor recreation areas. “We’re excited to continue investing in the Raleigh life sciences market, one of the top clusters in the country,” says Mark Keatley, managing director at Starwood Capital. “The Raleigh life sciences market benefits from record levels of public- and private-sector funding, which is driving increasing demand for high-quality lab and bio-manufacturing space.” Architectural firm Hanbury has been tapped to design the campus, with Doug Cook and Suzanna Nichols of Cushman & Wakefield heading up leasing efforts for the project. A timeline for the development was not announced. Starwood and Trinity have acquired or developed 5.1 million square feet of office and life …

January 6, 2022

Development Life Sciences Massachusetts Northeast

Greatland Realty Partners Tops Off 180,000 SF Life Sciences Project in Metro Boston

by Taylor Williams January 4, 2022

LEXINGTON, MASS. — Greatland Realty Partners has topped off Revolution Labs, a 180,000-square-foot life sciences project located in the northwestern Boston suburb of Lexington. Greatland is developing the project in partnership with Singerman Real Estate. SGA is the project architect, and Callahan Construction Managers is the general contractor. The development team began construction in late April 2021 and expects the building to be available for occupancy in the fourth quarter. The project also includes the development of a 442-space parking garage.

January 4, 2022

California Life Sciences Loans Office Western

Square Mile Capital Arranges $73.9M Loan for Life Sciences, Office Campus in Fremont, California

by Amy Works December 23, 2021

FREMONT, CALIF. — Square Mile Capital Management has originated a $73.9 million loan secured by Ardenwood Life Science Park, a Class A life sciences and office campus in Fremont. Square Mile Capital provided the acquisition financing to a joint venture between Invesco Real Estate and Lincoln Property Company West. Eastdil Secured’s San Francisco office arranged the financing. Originally developed in 2001, the property underwent a comprehensive renovation for lab and office use in 2006. Affiliates of Tyco Electronics Corp. fully occupy the 186,000-square-foot, two-building campus.

December 23, 2021

Development Life Sciences Massachusetts Northeast Top Stories

Joint Venture Receives $246M Construction Loan for Life Sciences Project in Metro Boston

by Katie Sloan December 23, 2021

SOMERVILLE, MASS. — A partnership between Leggat McCall Properties, DLJ Real Estate Capital Partners and Deutsche Finance America (DFA) has received $246 million in construction financing for 808 Windsor, a life sciences development located roughly four miles outside Boston in Somerville. Brett Paulsrud and Henry Schaffer of JLL Capital Markets secured the five-year loan through Bank OZK. 808 Windsor will be positioned adjacent to the newly developed Union Square MBTA Green Line Station within Boynton Yards, a master-planned development that is set to span up to 1.35 million square feet. The 11-story property will include 346,000 square feet of state-of-the-art lab space, 7,000 square feet of retail and 242 below-grade parking spaces. A timeline for the development was not announced. Boston remains a top life sciences market in the U.S., with recently announced projects including the conversion of a 105,000-square-foot building in suburban Boston and the conversion of a 102,727-square-foot office building in Boston’s Seaport District into life sciences space, among others. Leggat McCall Properties is an owner, developer and service provider for corporate, educational and healthcare properties across the greater Boston area. The company has developed over 42 million square feet of projects over the past 10 years. …

December 23, 2021

Acquisitions California Life Sciences Western

CBRE Investment Management Fund Buys 1 MSF Life Sciences Portfolio in San Francisco’s Mission Bay

by Amy Works December 21, 2021

SAN FRANCISCO — A fund sponsored by CBRE Investment Management, formerly known as CBRE Global Investors, has acquired a majority stake in two life sciences portfolios in the Mission Bay submarket of San Francisco. The fund made the investment, which includes a total of 1 million square feet of Class A life sciences space, through a joint venture with a life science property developer/operator that developed the portfolios. The first portfolio, located at 409/499 Illinois St. and 1500 Owens St., includes three purpose-built life sciences facilities totaling 644,788 square feet. Situated on a 4.8-acre waterfront, the buildings feature 15-foot clear heights, an outdoor plaza with public art, two on-site restaurants, a rooftop deck, fitness center and an outdoor garden. The properties are LEED Gold and Silver certified. The second portfolio, located at 455 Mission Bay Blvd. South, 1450 Owens St. and 1700 Owens St., includes two existing buildings, which total 375,604 square feet, and a 212,796-square-fot purpose-built life sciences development that is scheduled for construction to start in first-quarter 2022. The properties are LEED Gold certified.

December 21, 2021

Development Life Sciences Northeast Pennsylvania

Spark Therapeutics to Open $575M Life Sciences Facility in Philadelphia

by Taylor Williams December 21, 2021

PHILADELPHIA — Spark Therapeutics, a locally based firm that devises and delivers gene therapy solutions, will open a 500,000-square-foot life sciences facility in Philadelphia’s University City neighborhood, a project that represents a $575 million capital investment. The facility will be part of a 1 million-square-foot campus at the intersection of 30th and Chestnut streets. Spark Therapeutics has entered into a 99-year ground lease with Drexel University to develop the project. Construction is scheduled to begin in the fourth quarter of 2022.

December 21, 2021

Acquisitions California Life Sciences Western

City Center Realty Acquires Office Complex for Life Science Conversion in Berkeley’s Innovation District

by Amy Works December 9, 2021

BERKELEY, CALIF. — San Francisco-based City Center Realty Partners (CCRP), in joint venture with Contrarian Capital Management, has purchased Parker Innovation Hub, a three-building office/R&D/life sciences complex in Berkeley. The buildings, located at 2067 7th St, 918 Parker St. and 2612 8th St., comprise 40,580 square feet of office space. Scott Prosser, Mark Kol, Mike Raffetto and Jack DePuy of CBRE represented the undisclosed seller and buyer in the deal. CCRP plans to convert the office property into life sciences space. Huue, a venture-backed biotechnology company that creates environmentally sustainable dyes, recently leased space at the property.

December 9, 2021

Acquisitions Development Life Sciences North Carolina Southeast

Oxford Acquires Research Triangle Park Life Sciences Campus for $158.6M, Plans 510,000 SF Expansion

by Julia Sanders December 8, 2021

DURHAM, N.C. — New York-based Oxford Properties Group has acquired Research Commons, a life sciences campus within Research Triangle Park in Durham, as well as an adjacent parcel located at 78 TW Alexander Drive for a total of $158.6 million. By combining the two sites and building three new life sciences facilities totaling 510,000 square feet, Oxford plans to ultimately develop a 940,000-square-foot innovation campus that will house various life sciences firms. The construction timeline was not disclosed. Located at 79 TW Alexander Drive, Research Commons is a 430,000-square-foot, five-building campus with an additional 18 plus acres of developable land. The existing campus is well-leased to a diverse tenant roster across life sciences industries, and is anchored by Grifols, a Los Angeles-based global pharmaceutical manufacturer. At this site, Oxford plans to use the more than 18 acres of vacant land for the development of two dedicated life sciences buildings. Additionally, the firm plans to convert two existing buildings wholly to life sciences tenants as vacancies materialize. For 78 TW Alexander Drive, Oxford plans to build a 95,500-square-foot Current Good Manufacturing Practice (cGMP) facility to be developed on the 14.5-acre parcel of land adjacent to Research Commons.

December 8, 2021

491-Edward-H.-Ross-Drive-Elmwood-Park-New-Jersey

Leasing Activity Life Sciences New Jersey Northeast

BioReference Laboratories Signs 160,000 SF Life Sciences Lease in Elmwood Park, New Jersey

by Taylor Williams December 8, 2021

ELMWOOD PARK, N.J. — BioReference Laboratories, an operator focused on the genetics, women’s health, oncology and urology fields, has signed a 160,000-square-foot life sciences lease renewal in the Northern New Jersey community of Elmwood Park. The tenant now operates three full-building labs totaling 209,904 square feet at 481, 487 and 491 Edward H. Ross Drive. Chris Olsen of Eagle Real Estate Group represented the tenant in the lease negotiations. Stephen Jennings represented the landlord, New Jersey-based Alfred Sanzari Enterprises, on an internal basis.

December 8, 2021

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