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Life Sciences

Life SciencesLoansMassachusettsNortheast

JLL Arranges $119.2M Refinancing of Life Sciences Property in Watertown, Massachusetts

by Taylor Williams

WATERTOWN, MASS. — JLL has arranged the $119.2 million refinancing of 500 Forge, a 158,683-square-foot life sciences property in Watertown, located just west of Boston. The financing consists of a $94 million senior loan from Landesbank Baden-Württemberg and a $25.2 million mezzanine loan from Tishman Speyer. The property, which is located within the Arsenal Yards mixed-use development, was fully redeveloped in 2023 to feature 60 percent lab/research-and-development space and 40 percent office space. The property was fully leased at the time of the loan closings to three tenants: Mariana Oncology, Orna Therapeutics and AvenCell Therapeutics. Brett Paulsrud, Henry Schaffer and Geoff Goldstein of JLL arranged the financing on behalf of the borrower, a partnership between Boylston Properties and institutional investors advised by J.P. Morgan Asset Management.

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DevelopmentLife SciencesMidwestMissouri

McCarthy Completes 84,000 SF Food Safety Laboratory for USDA in St. Louis

by Kristin Harlow

ST. LOUIS — McCarthy Building Cos. Inc. has completed the Midwestern Laboratory, an 84,000-square-foot project for the U.S. Department of Agriculture’s Food Safety and Inspection Service in St. Louis. Hoefer Welker designed the single-story facility. Located near the University of Missouri – St. Louis campus, the project includes microbiology and chemistry labs, a processing center, large receiving area and adjacent sample prep laboratory, as well as administrative offices. The facility will coordinate and conduct laboratory services in support of the agency’s farm-to-table strategies for food safety in meat, poultry, fish and egg products. The lab will house approximately 60 employees across three branches — administration, chemistry and microbiology. In alignment with the General Services Administration’s (GSA) mission to procure space for federal agencies, GSA executed a 20-year lease with US Federal Properties for a total contract value of $115.5 million. Construction began in May 2023.

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Life SciencesLoansMassachusettsNortheastTop Stories

Joint Venture Receives $1B Refinancing for Vertex Pharmaceuticals Headquarters Facility in Boston

by Taylor Williams

BOSTON — A joint venture led by locally based REIT Diversified Healthcare Trust (NASDAQ: DHC) has received $1 billion for the refinancing of the Vertex Pharmaceuticals headquarters facility in Boston. A consortium of lenders — Morgan Stanley Bank, Bank of Montreal, Goldman Sachs and J.P. Morgan — provided the financing, which was structured with a five-year term and a fixed interest rate. Local investment firm RMR Group, which provides asset and property management services for the joint venture, arranged the debt. The majority of the proceeds will be used to retire $620 million in fixed-rate debt on the property, as well as to fund leasing reserves and repatriate cash to investors. Located at 50 Northern Ave. and 11 Fan Pier Blvd. in Boston’s Seaport District, the two-building facility spans approximately 1.1 million square feet. Both buildings were constructed in 2013. Vertex, which produces medicines and therapies for genetic disorders including cystic fibrosis, renewed its lease in August 2024 and will remain the property’s sole occupant through 2044. The joint venture ownership group includes multiple institutional investment groups that were not named in the announcement. Diversified Healthcare’s stake in the property is 10 percent; the company previously sold a 10 percent …

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Leasing ActivityLife SciencesMassachusettsNortheast

Terrain Biosciences to Open 14,000 SF Headquarters Facility in Cambridge, Massachusetts

by Taylor Williams

CAMBRIDGE, MASS. — Terrain Biosciences will open a new, 14,000-square-foot headquarters facility in Cambridge, located across the Charles River from Boston. The RNA therapeutics company will relocate from the nearby building at 400 Technology Way to Genesis 640 Memorial Drive, a 248,000-square-foot office and lab facility. CBRE represented the landlord, Phase 3 Real Estate Partners, in the lease negotiations. Colliers represented Terrain Bio. A timeline for occupancy was not announced.

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Leasing ActivityLife SciencesMassachusettsNortheastOffice

Lantheus Signs 41,000 SF Office, Life Sciences Lease in Bedford, Massachusetts

by Taylor Williams

BEDFORD, MASS. — Lantheus has signed a 41,000-square-foot office and life sciences lease in Bedford, a northwestern suburb of Boston.The provider of diagnostic and therapeutic products and services is taking space at The Core @ Crosby, a nine-building, 592,000-square-foot campus. Cushman & Wakefield represented Lantheus in the lease negotiations. The landlord is a partnership between Boston-based investment firm Anchor Line Partners and Alloy Properties, the national life sciences platform of TPG Real Estate.

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AcquisitionsData CentersIndustrialLife SciencesNew JerseyNortheast

Newmark Brokers $322M Sale of Data Center, Life Sciences Facility in Kenilworth, New Jersey

by Taylor Williams

KENILWORTH, N.J. — Newmark has brokered the $322 million sale of a facility within the Northeast Science & Technology Center, a 107-acre data center and life sciences campus located in the Northern New Jersey community of Kenilworth. Spanning roughly 2 million square feet and formerly owned and occupied by pharmaceutical company Merck, the campus comprises nine buildings with office, lab and research-and-development space, as well as  a 50-megawatt substation, cogeneration and chiller plants and a central boiler facility. The buyer, New Jersey-based data center owner-operator CoreWeave, committed last fall to a 280,000-square-foot lease and a larger $1.2 billion investment at the property. The seller, a partnership between Onyx Equities and Machine Investment Group, bought the campus in 2023 for $187.5 million with plans to reposition the property into a life sciences and innovation hub. The Newmark deal team included Andrew Warin, Josh King, Brent Mayo, Doug Harmon and Jordan Roeschlaub. Cushman & Wakefield represented the buyer in the transaction.

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CaliforniaLife SciencesMarket ReportsWesternWestern Market Reports

San Diego Market Recalibration Redefines Life Sciences Sector

by John Nelson

— By Chris High, Steve Bruce and Conor Evans of Colliers — We’re in the middle of a market recalibration. On the office side, leasing has slowed significantly, with tenants downsizing footprints and pushing for shorter terms as hybrid work remains a dominant driver. In life sciences, we saw explosive growth from 2020 to mid-2022, but that pace has tapered off. VC funding is more selective, and some developers who stretched to convert commodity office and flex properties into lab space, often with less-than-ideal infrastructure, during the boom years, are now rethinking those strategies. Still, demand for high-quality, fitted lab space remains, especially in well-located projects by experienced owners like Longfellow, BioScience Properties, Sterling Bay, Healthpeak, BioMed, and ARE. These firms are adapting with thoughtful repositioning and delivering product that aligns with where tenant demand is today. In the near term, we expect continued headwinds. Commodity office space will face pressure on rents and absorption, while high-end life science campuses with strong sponsorship will be better positioned to attract demand. We expect Life Science to rebound in the next 12 to 18 months as capital markets settle and merger/acquisition (M&A) activity returns. Distressed office sales may continue as debt maturities …

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DevelopmentLife SciencesNew JerseyNortheastOffice

SJP Properties Breaks Ground on 370,000 SF Office, Life Sciences Project in New Brunswick, New Jersey

by Taylor Williams

NEW BRUNSWICK, N.J. — New York City-based developer SJP Properties has broken ground on a 370,000-square-foot office and life sciences project in the Central New Jersey community of New Brunswick. The 10-story building will be known as the Nokia Bell Labs Headquarters facility and represents Phase II of a larger development known as the HELIX NJ Innovation District (previously known as HELIX Health + Life Science Exchange). SJP is developing the HELIX project in partnership with the New Brunswick Development Corp. PNC Bank provided construction financing for the project, completion of which is slated for late 2027.

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DevelopmentLife SciencesNew YorkNortheast

Skanska Tops Out $248M Life Sciences Project in Laurel Hollow, New York

by Taylor Williams

LAUREL HOLLOW, N.Y. — International development and construction firm Skanska has topped out a $248 million life sciences project in Laurel Hollow, located on Long Island. The 379,500-square-foot facility is known as the Artificial Intelligence and Quantitative Biology building and is part of the initial phase of the expansion of the Cold Spring Harbor Laboratory campus. Upon completion, the facility will include neuroscience labs, an AI research center, conference center and housing for visiting scientists. Phase II of the development will feature an 81,000-square-foot research, housing and conference center and a 56,000-square-foot housing and collaborative research center for visiting scientists. Empire State Development has committed $55 million in funding to the project, substantial completion of which is expected by early 2027.

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DevelopmentIllinoisLife SciencesMidwest

Beacon Capital Partners, TCC Deliver 300,000 SF Hyde Park Labs in Chicago

by Kristin Harlow

CHICAGO — Beacon Capital Partners and Trammell Crow Co. (TCC) have completed Hyde Park Labs in Chicago. The partnership has also opened its STEM engagement center for local youth, Southside STEM Station, on the ground floor of the 300,000-square-foot development. The learning hub offers free STEM programs for students, families and educators on the city’s South Side. Located at 5207 S. Harper Ave. and rising 13 stories, Hyde Park Labs features nine full floors of Class A lab and office space, ground-level retail and four levels of parking. The developers say the project marks the South Side of Chicago’s first commercial, purpose-built advanced R&D lab building. More than 40,000 square feet of tenant amenities includes a fifth-floor terrace dubbed “The Lawn” with grills, firepits and direct access to the interior tenant lounge. The development also features private terraces on each floor, secure bike storage, an indoor bar and lounge and an executive boardroom. The University of Chicago has pre-leased approximately 55,000 square feet at Hyde Park Labs. In addition to faculty research, the university’s space includes its new UChicago Science Incubator, a partnership between the Polsky Center for Entrepreneurship and Innovation and Portal Innovations. Five UChicago-affiliated companies are among the …

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