Life Sciences

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

by Taylor Williams March 2, 2022

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 …

March 2, 2022

Acquisitions Life Sciences Massachusetts Northeast

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

by Taylor Williams March 1, 2022

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.

March 1, 2022

Acquisitions Life Sciences Massachusetts Northeast Office

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

by Taylor Williams February 25, 2022

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.

February 25, 2022

Acquisitions California Life Sciences Top Stories

Oxford Properties Acquires 13-Building Life Sciences Portfolio in San Diego for $464M

by Julia Sanders February 25, 2022

SAN DIEGO, CALIF. — Oxford Properties Group has acquired a nine-property, 13-building life sciences portfolio in San Diego. Oxford acquired the portfolio for $464 million. The seller was San Diego-based BioMed Realty, according to The San Diego Union-Tribune. The portfolio includes 650,000 square feet of space, with 12 of the 13 buildings centrally located within San Diego’s Sorrento Valley and Sorrento Mesa submarkets. The properties are 98 percent leased. The portfolio features mainly one- to two-story buildings and a 60/40 life sciences-to-office ratio. The buildings’ features include modern mechanical, electrical and plumbing (MEP) systems and ample tenant parking. According to Oxford Properties, Sorrento Valley and Sorrento Mesa have emerged as epicenters of life sciences growth within San Diego. The firm reports that San Diego recorded over 4 million square feet of leasing volume in 2021, which is an all-time high and 80 percent higher than in 2020. Because of record high demand and limited vacancy, asking rents in San Diego’s life sciences market have increased by 34 percent. The life sciences market in the area is anchored by research institutions and non-profits including San Diego State University, UC San Diego, Scripps Research and the Sanford Burnham Prebys Medical Discovery Institute. …

February 25, 2022

Acquisitions Life Sciences Office Texas

Welcome Group Buys Two Office, Lab Buildings Totaling 124,291 SF in San Antonio

by Taylor Williams February 22, 2022

SAN ANTONIO — Welcome Group, a Houston-based investment firm, has purchased two office and lab buildings in San Antonio totaling 124,291 square feet. The first building spans 80,431 square feet, sits on an 11.9-acre site and is leased by KCI USA Inc., a provider of wound care services and treatments. The second facility totals 43,860 square feet and was built in phases between 1987 and 1995. Frost Bank provided an undisclosed amount of financing for both acquisitions. Ryan Wassaff of Welcome Realty Advisors, along with internal agents Cole Bercher and John Wilson, represented Welcome Group in the deals. John Taylor of JLL and Luis Garza of Transwestern respectively represented the sellers of the first and second buildings.

February 22, 2022

Development Life Sciences Massachusetts Northeast Top Stories

Eli Lilly Plans $700M Institute for Genetic Medicine in Boston’s Seaport District

by Taylor Williams February 22, 2022

BOSTON — Indianapolis-based pharmaceutical giant Eli Lilly & Co. has unveiled plans for a $700 million institute for genetic medicine in Boston’s Seaport District. The opening is slated for 2024. The company has signed a 334,000-square-foot lease at 15 Necco St., a 12-story healthcare and life sciences building that Alexandria Real Estate Equities (NYSE: ARE) is developing. At the facility, Lilly will develop genetic medicines with a range of applications, including diabetes, immunology and central nervous system research. Curtis Cole, John Carroll III, Evan Gallagher, Tim Allen and Caitlin Mahoney of Colliers represented Eli Lilly in the deal. The site will also include a shared space modeled after Lilly Gateway Labs in San Francisco to support biotech startups in the Boston area. This area will afford users access to dedicated and configurable lab and office space and opportunities for collaboration with Lilly scientists. These companies are expected to generate as many as 150 additional new jobs once the space is fully occupied. The investment follows Lilly’s 2020 Prevail Therapeutics initiative, which centered on the launch of a gene therapy facility in New York City. Lilly projects that within five years, employment at the Boston facility will grow from 120 to …

February 22, 2022

Development Life Sciences North Carolina Southeast Top Stories

Crescent Communities, Nuveen to Expand $500M Life Sciences Project Near North Carolina’s Research Triangle

by Katie Sloan February 10, 2022

HOLLY SPRINGS, N.C. — A joint venture between Crescent Communities and Nuveen Real Estate has acquired a 120-acre development site to expand The Yield, a $500 million life sciences development currently underway in Holly Springs, roughly 23 miles south of North Carolina’s Research Triangle. Crescent Communities broke ground on the project’s first phase of development in December 2021, which will include two 105,000-square-foot biomanufacturing buildings, 52,000 square feet of lab and office space and retail. Phase I is scheduled for delivery this summer. Crescent and Nuveen are set to break ground on the second phase of development later this year, which will expand the development through the addition of 2 million square feet of lab, office and manufacturing space. Further details on Phase II of the project were undisclosed. The Research Triangle remains a top life sciences market in the U.S., with recently announced projects including the development of a $1 billion life sciences campus in Morrisville; the acquisition and expansion of Research Commons, a life sciences campus within Research Triangle Park in Durham; and the redevelopment of a 110,500-square-foot life sciences property in Raleigh. John Brewer, Brian Carr and Ann-Stewart Patterson of CBRE are in charge of leasing for …

February 10, 2022

Development Life Sciences Northeast Pennsylvania

Joint Venture to Develop 310,000 SF Life Sciences Facility in Philadelphia

by Taylor Williams February 7, 2022

PHILADELPHIA — A joint venture between Chicago-based developers Sterling Bay and Harrison Street, as well as New York City-based Botanic Properties, will develop a 310,000-square-foot life sciences facility in Philadelphia’s University City neighborhood. The 13-story building will be situated on a 33,400-square-foot parcel at 3801 Chestnut St. The facility will house lab space to accommodate cell and gene therapy users. Construction is scheduled to begin in the first quarter of 2023 and to be complete in mid-2025.

February 7, 2022

California Development Industrial Life Sciences Western

Luminous Capital, Virtus Real Estate Buy R&D Building in Carlsbad, Plan Life Sciences Conversion

by Amy Works January 31, 2022

CARLSBAD, CALIF. — Luminous Capital Management, in partnership with Austin, Texas-based Virtus Real Estate Capital, has acquired 2290 Cosmos Court, an industrial/R&D building in Carlsbad. Los Angeles-based Excelsior Partners sold the asset for $9.5 million, or $255 per square foot. The 37,300-square-foot building was vacant at the time of sale. Previously, ViaSat utilized the property for its global communications operations. The buyers plan to renovate the property the property for bioscience research and development, including the build out of wet lab and support space. The property features heavy power, ground-level loading and abundant parking. Completion of the planned upgrades is slated for early 2023. Virtus provided joint venture equity for the renovation and repositioning of the property. Rusty Williams, Chris Roth and Jake Rubendall of Lee & Associates represented the seller in the deal. John Chun and John Marshall of JLL arranged the equity joint venture between Luminous and Virtus. California Bank & Trust provided financing for the acquisition and conversion.

January 31, 2022

Development Industrial Life Sciences Loans Northeast Pennsylvania

PCCP Provides $500M Loan for Industrial, Life Sciences Redevelopment in Philadelphia

by Taylor Williams January 26, 2022

PHILADELPHIA — Los Angeles-based PCCP LLC has provided a $500 million loan to fund the redevelopment of the former PES oil refinery in South Philadelphia into a 15 million-square-foot logistics and life sciences campus that will be known as The Bellwether District. The borrower, a joint venture led by Hilco Redevelopment Partners, acquired the 1,300-acre property in 2020 out of bankruptcy. The transformation of the site includes the decommissioning of the refinery and significant demolition and remediation work, including the abatement of roughly 30,000 tons of asbestos. Redevelopment efforts initially commenced in June 2020. Site work and vertical construction are expected to commence this year, with the first tenants expected to occupy buildings in 2023.

January 26, 2022

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