Life Sciences

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

Leasing Activity Life Sciences Office Texas

PathGroup Signs 126,596 SF Office, Lab Lease in Coppell, Texas

by Taylor Williams January 20, 2022

COPPELL, TEXAS — Nashville-based medical consulting firm PathGroup has signed a 126,596-square-foot lease to occupy the entirety of 121 Corporate Center, an office and laboratory building in Coppell, located near Dallas-Fort Worth International Airport. Dean Collins, Mark Collins, Jason Dodson, Michael Sessa and Jack Keenan of Cushman & Wakefield represented PathGroup in the lease negotiations. Nathan Durham and Duane Henley of Newmark represented the landlord, a partnership between Blackstone and Link Logistics Real Estate.

January 20, 2022

Acquisitions Life Sciences Massachusetts Northeast Office Top Stories

Newmark Arranges $815M Sale of Charles Park Office Complex in Cambridge, Massachusetts

by Kristin Harlow January 12, 2022

CAMBRIDGE, MASS. — Newmark has arranged the $815 million sale of Charles Park, a two-building office complex and parking garage in Cambridge. The Davis Cos. and Principal Real Estate Investors sold the asset to an affiliate of Alexandria Real Estate Equities Inc. (NYSE: ARE). Charles Park spans 408,259 square feet and consists of two Class A office buildings, One Rogers Street and One Charles Park. The property also includes a 656-space, seven-level parking garage. Alexandria plans to redevelop the two buildings into life sciences space, but further details of that project were not provided. Situated near Charles Park is the nearly 1 million-square-foot CambridgeSide complex, which is undergoing a residential and retail development. Charles Park is also located near two Massachusetts Bay Transportation Authority (MBTA) subway stations, the campus of Massachusetts Institute of Technology (MIT), the new Cambridge Crossing mixed-use development and Massachusetts General Hospital. “Charles Park is well positioned along Kendall Square’s rapidly expanding First Street corridor with immediately recognizable architecture highlighted by its distinctive horseshoe-shaped façade,” says Edward Maher, vice chairman with Newmark. “The asset is further surrounded by an unmatched laboratory and technology mecca in the life sciences epicenter of the world.” Maher, along with Robert Griffin, …

January 12, 2022

Acquisitions Life Sciences Midwest Missouri

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

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