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Life Sciences

DevelopmentIllinoisLife SciencesMidwest

Mark Goodman & Associates to Build 16-Story Life Sciences Development in Chicago

by Kristin Harlow

CHICAGO — Mark Goodman & Associates Inc. has received final approval from the Chicago City Council to build a 16-story life sciences development at 400 N. Elizabeth St. in Chicago’s Fulton Market neighborhood. The project is expected to bring 1,350 high-tech jobs to the city. The ground-up building will be situated on the site of the former Lakeshore Beverage distributorship. Designed by Solomon Cordwell Buenz, the 492,000-square-foot project will include life sciences, biotechnology laboratory and office space. There will be 123 underground parking spaces, a fitness center and a ground-level café. The developer will also build a pedestrian throughway that will connect Elizabeth and Kinzie streets to Ogden Avenue. A timeline for completion was not provided.

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DevelopmentIllinoisLife SciencesMidwestOffice

Skender Starts Interior Buildout of Lab, Office Space for Hazel Technologies in Chicago

by Kristin Harlow

CHICAGO — Skender has started the interior buildout of a two-story, 50,000-square-foot lab and office space for Hazel Technologies at 320 N. Sangamon, a new 13-story building being developed by Tishman Speyer and Mark Goodman & Associates in Chicago’s Fulton Market. Hazel, a USDA-funded technology company developing solutions to extend the shelf life of fresh produce, will move from its current location at Illinois Tech’s University Technology Park in the Bronzeville neighborhood. Hazel plans to double its local workforce to 70 employees in the coming year. The buildout includes space for both research and lab support, as well as 10,000 square feet of administrative and office space and 5,000 square feet of collaboration space. CBRE is the tenant representative, Perkins & Will is the architect and Cosentini Associates is the engineer. Completion is slated for spring 2022.

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AcquisitionsLife SciencesLoansMassachusettsNortheastOffice

True North, Celera Buy Metro Boston Office Complex, Plan Life Sciences Conversion

by Taylor Williams

BOSTON — A partnership between True North Management Group and Boston-based Celera Properties has purchased a two-building office complex in the northern Boston suburb of Andover with plans to convert the property into a life sciences facility. The complex spans 233,726 square feet. Greg LaBine and Martha Nay of JLL arranged a $35.3 million floating-rate loan through OceanFirst Bank on behalf of the partnership. Proceeds will be used to acquire and reposition the complex.

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Leasing ActivityLife SciencesNew YorkNortheast

Hemogenyx Pharmaceuticals Signs 10,000 SF Life Sciences Lease in Manhattan

by Taylor Williams

NEW YORK CITY — Hemogenyx Pharmaceuticals, which develops therapies to make bone marrow transplants safer and more accessible, has signed a 10,000-square-foot life sciences lease at the Mink Building in Manhattan. The tenant will relocate from the Downstate campus of State University of New York (SUNY). Owned by The Janus Property Co., the 150,000-square-foot Mink Building is located within the Manhattanville Factory District, adjacent to Columbia University and City College on the Upper West Side. The deal brings the building’s occupancy rate to 80 percent.

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64-Pleasant-St.-Watertown
FeaturesLife Sciences

Elevated Tenant Demand Reshapes Life Sciences, Laboratory Facility Designs

by Taylor Williams

By Isabel Mandujano, director of lab planning, LPA Inc. The COVID-19 pandemic brought to the forefront the importance of research and innovation in life sciences, which is driving incredible demand for new construction of these and laboratory facilities. At the same time, an increasing focus on the health and wellness of life sciences workers is pushing innovation in the way these facilities are designed and constructed — as well as with regard to the roles these spaces play for employees and surrounding communities. Adaptive Reuse  The biggest challenge within this space is getting life sciences facilities built fast enough to meet the high tenant demand. One common solution is to adaptively reuse existing office space, which has become increasingly available with continued work-from-home and hybrid work schedules for traditional office workers. In addition to being a more environmentally friendly solution, this approach shortens project timelines significantly and allows end users to move in and start using the space much more quickly. The conversion of space that was not originally designed for laboratory use comes with the complex technical challenges of upgrading the required infrastructure and adapting less-than-ideal physical space. An integrated team of architects, designers and engineers is best suited …

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Northpark-35-Georgetown
IndustrialLife SciencesMarket ReportsTexasTexas Market Reports

Austin, San Antonio Industrial Markets Both Experience Unprecedented Demand

by Taylor Williams

By Joe Iannacone, senior vice president, Titan Development; and Omar Nasser, senior vice president, AQUILA Commercial The Central Texas industrial market stretches between Austin and San Antonio along the Interstate 35 “Innovation” Corridor, an approximately 80-mile expanse that encompasses some of the fastest-growing cities in the nation. Austin, now the 10th-largest city in the nation population-wise, continues to see unprecedented growth in the tech, e-commerce and household industry sectors.  Most notably, Tesla decided to construct its Cybertruck Gigafactory in East Austin along State Highway 130, which has and will be a boon to the region. The electric car maker also recently announced plans to relocate its headquarters from Silicon Valley to Austin.  San Antonio, the nation’s seventh-largest city, has seen continued growth in the automotive, financial, life sciences and food and beverage sectors. Large companies continue to flock to the region to establish a major presence, including USAA, H-E-B and Toyota. The markets in between Austin and San Antonio from south to north —  Schertz, New Braunfels, San Marcos, Kyle and Buda — have benefitted from the synergies of both markets due to their location and strong economies. As a result of the continued economic activity and with the effects …

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Elco Yards Redwood City
AcquisitionsAffordable HousingCaliforniaDevelopmentLife SciencesMixed-UseMultifamilyOfficeTop StoriesWestern

IQHQ Buys Site in Bay Area to Develop New Elco Yards Life Sciences Campus

by John Nelson

REDWOOD CITY, CALIF. — IQHQ, a private life sciences developer and owner with offices in San Diego and Boston, has purchased a “shovel-ready” development site in the Bay Area town of Redwood City that is fully entitled for mixed-use. The firm plans to develop Elco Yards, a project that will feature four life sciences buildings and two residential communities, as well as green space open to the public. The four office buildings will span 600,000 square feet and include laboratory, meeting and research and development space. The buildings are designed to meet LEED Gold standards. “Elco Yards represents an iconic project in a thriving life sciences market with a proven track record of attracting top companies and diverse talent,” says Steve Rosetta, CEO of IQHQ. “We are excited to advance this project, which is fully entitled and well-positioned to address the unmet demand for premier lab space in the Bay Area.” The multifamily portion will include two communities totaling 540 units. IQHQ is partnering with Charleston, S.C.-based Greystar for the residential component, which will feature 147 income-restricted units, according to Redwood City Mayor Diane Howard. “We look forward to Greystar’s continuing involvement and the creation of much-needed housing in Redwood …

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Nine properties
AcquisitionsCaliforniaLife SciencesOfficeTop Stories

Longfellow Buys Nine Office Assets in San Diego for $315.4M, Plans Conversion to Life Sciences Campus

by Julia Sanders

SAN DIEGO, CALIF. — Longfellow Real Estate Partners has acquired Luskin Business Park, a nine-property office portfolio totaling 371,281 square feet in San Diego. The sales price was $315.4 million. Longfellow plans to convert the assets into a massive life sciences campus. The properties are located at 6150, 6160, 6370, 6440, 6450, 6540, 6640 and 6650 Lusk Blvd. and 10225 Barnes Canyon Road in the Sorrento Mesa submarket, a part of San Diego that is home to major corporations and has a high demand from life sciences tenants. All of the properties are two-story buildings that are zoned for office, light industrial and other commercial uses, including life sciences. Situated on a total of 20.6 acres, the portfolio has access to top San Diego research institutions, including Scripps Research, UC San Diego, the Salk Institute and Sanford Burnham Prebys Medical Discovery Institute. San Diego remains one of the top markets for life sciences demand, according to CBRE’s U.S. Life Sciences Midyear 2021 report. Lynn LaChapelle, Bob Prendergast, Sach Kirpalani and Michael Leggett of JLL represented the seller, PS Business Parks, in the transaction. “This was a rare opportunity to acquire a life sciences redevelopment opportunity of scale in one of …

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AcquisitionsColoradoHealthcareLife SciencesWestern

Norvin Healthcare Properties Purchases 60,000 SF Post-Acute Facility in Golden, Colorado

by Amy Works

GOLDEN, COLO. — Norvin Healthcare Properties has acquired Post Acute Medical Rehabilitation Hospital of Golden from Golden Senior Housing I Propco LLC for an undisclosed price. Post Acute Medical (PAM) occupies the 60,000-square-foot in-patient rehabilitation facility, located at 600 Golden Ridge Road. PAM is currently completing a $4.2 million renovation of the building, which will expand the capacity of the facility to 60 rehabilitation beds. Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE U.S. Healthcare and Life Sciences Capital Markets represented the seller in the deal. Sabrina Solomiany, Zack Holderman and Cole Reethof of CBRE’s U.S. Healthcare and Life Sciences Debt & Structured Finance worked on behalf of the buyer to secure acquisition financing.

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Coach House Palmetto FL
FeaturesLife SciencesRetailTexas

Falling in Love: A New Way to Think About Commercial Real Estate

by John Nelson

By Spencer Levy, CBRE In the wake of COVID-19, many sophisticated commercial real estate advisors and investors are rejecting the old industry adage to “never fall in love with your real estate.” That’s because commercial real estate — like so many investment decisions — is influenced by basic human emotions. And unlike stocks or bonds, office buildings, shopping malls and warehouse facilities are not traded like a commodity. Commercial real estate decisions by both investors and occupiers can’t be entirely data driven. Of course, deep financial analysis, sophisticated data and powerful algorithms are important. But data is often significantly impacted by human emotion. That’s why psychology can have as much influence on real estate decision-making as cold, hard math. COVID-19 duress At the height of the COVID-19 pandemic in September 2020, CBRE’s semiannual Office Occupier Sentiment Survey found that 39 percent of large companies planned to significantly reduce their commercial real estate footprint (meaning cuts of roughly a third or more). But in our latest Spring 2021 survey, as the world began to emerge from the pandemic, that number anticipating significant cuts was down to only 9 percent. What accounts for such a stark difference? Emotion. In 2020, there was …

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