Life Sciences

PCCP Provides $39.8M Loan for Refinancing of Metro Boston Life Sciences, Office Portfolio

by Taylor Williams September 8, 2021

WATERTOWN AND NEWTON, MASS. — PCCP LLC has provided a $39.8 million loan for the refinancing of a portfolio of three life sciences and creative office buildings totaling 124,946 square feet in Watertown and Newton, two western suburbs of Boston. The two Watertown properties were built in the 1940s and total 43,344 square feet. The Newton property was constructed in 1900, renovated in 2017 and consists of 81,602 square feet. The borrower, Massachusetts-based KS Partners LLC, will use a portion of the proceeds to fund capital improvements. The portfolio was 94 percent leased at the time of sale.

September 8, 2021

Healthcare Life Sciences Mixed-Use Texas Top Stories

Texas Medical Center to Break Ground on $1.8B Life Sciences Campus in Houston

by Katie Sloan September 2, 2021

HOUSTON — The Texas Medical Center (TMC) is set to break ground on Phase I of TMC3, a $1.8 billion life sciences campus in Houston. The 37-acre TMC3 master plan, which will encompass approximately 6 million square feet of development, was designed by Boston-based Elkus Manfredi Architects. Groundbreaking is scheduled for the fourth quarter of this year. Phase I of the campus will include 950,000 square feet of space dedicated to research, anchored by a 700,000-square-foot facility developed by Beacon Capital Partners and strategic partner Braidwell; a 521-room hotel; 65,000 square feet of conference space; a 350-unit residential tower; over 2,000 parking spaces; and 18.7 acres of public space, including six parks designed by Mikyoung Kim Design. Upon full build-out, the development will also include six future industry and institutional research buildings and a mixed-use building with retail. The campus is expected to generate up to $5.4 billion in annual economic impact for the state of Texas, as well as 23,000 permanent jobs and 19,000 construction jobs. “It is an unprecedented time for life sciences and innovation in the U.S. and Houston has all the factors that are required for explosive growth in this space,” says Steve Purpura, president of …

September 2, 2021

Development Healthcare Life Sciences Massachusetts Northeast Office

Davis, Boston Development Break Ground on 224,000 SF Life Sciences Project in Metro Boston

by Taylor Williams August 25, 2021

WATERTOWN, MASS. — Two locally based firms, The Davis Cos. and Boston Development Group, have broken ground on a 224,000-square-foot life sciences project in the western Boston suburb of Watertown. Designed by Elkus Manfredi Architects, the project marks Phase I of a larger campus that will ultimately include 450,000 square feet of space across two buildings. The first building will offer six private tenant spaces and amenities such as a fitness center, bike storage room and retail/café space. Completion is slated for mid-2023.

August 25, 2021

Life Sciences Loans Michigan Midwest Office

Mag Mile Capital Arranges $7M Loan for Refinancing of Flex Office Property in Ann Arbor

by Kristin Harlow August 24, 2021

ANN ARBOR, MICH. — Mag Mile Capital has arranged a $7 million loan for the refinancing of a 128,000-square-foot flex office property located at 600 S. Wagner Road in Ann Arbor. An entrepreneurial community occupies the building. Members include professionals from startups and established companies across sectors such as life sciences, drug discovery, medical devices, alternative energy mobility, robotics and business development. The property includes wet labs, offices, production areas, collaborative spaces, warehouse storage, coworking areas and conference rooms. A regional credit union provided the recourse loan at an interest rate of 3.75 percent.

August 24, 2021

Acquisitions Company News Data Centers District of Columbia Industrial Life Sciences Maryland Office Southeast Texas Top Stories Virginia

PRP Sells Four Office Campuses for $1B, Makes $2B Commitment for Logistics and Data Center Acquisitions

by John Nelson August 24, 2021

WASHINGTON, D.C. — PRP, a privately held real estate investment and management firm based in Washington, D.C., is making a sea change as it looks to bolster its logistics and data center portfolio and churn its office assets. The company is in the process of selling four office campuses in separate deals totaling more than $1 billion. At the same time, PRP is allocating $2 billion to acquire logistics facilities leased to credit-worthy companies in primary and secondary markets, as well as data centers and land zoned for future data centers. The specific locations of the assets were not disclosed. “The assets that we are acquiring are located in attractive markets backed by solid demographics, high barriers to entry and historically high industrial occupancy rates,” says Joe Neckles, managing director of net lease acquisitions at PRP. “The logistics and data center sectors remained highly resilient throughout the pandemic and continue to grow at rates well in excess of inflation.” The office assets that PRP is selling include Sequoia Plaza, a 370,000-square-foot campus spanning three buildings in Northern Virginia’s Arlington County. The property houses the headquarters of Arlington County’s Department of Human Services and the Arlington County Public School System. An …

August 24, 2021

Data Centers Industrial Life Sciences Market Reports North Carolina Southeast Southeast Market Reports

Life Sciences Firms Dominate Activity in Raleigh-Durham’s Industrial Market

by John Nelson August 23, 2021

It seems as though we have recently seen significant weekly announcements about investment and job creation by major U.S. companies into the Research Triangle Park region, the area situated between the cities of Raleigh and Durham. For instance, tech titans Apple and Google declared plans to establish major engineering hubs in the region, adding heat to an already dynamic market. It is common knowledge that the Triangle area is respected for its large, highly educated workforce thanks to top-ranking colleges and universities, including Duke University, North Carolina State University and University of North Carolina at Chapel Hill. Wake Tech, North Carolina’s largest community college, also serves as a vital engine, providing the region’s workforce with STEM candidates. These institutions supply existing and expanding businesses with an impressive talent pool. Theses factors, along with a business-friendly economic climate, have grown the Research Triangle into one of the nation’s largest research centers. Although local headlines continue to buzz with real estate business news, the Raleigh-Durham industrial market has witnessed steady real estate investments from life sciences and R&D businesses for decades. Over the past 24 months, however, demand for life sciences space has had a dramatic impact on traditional flex/light industrial users …

August 23, 2021

Life Sciences Market Reports Office Oregon Western Western Market Reports

Portland Office Demand Returns as the City Reopens

by Jeff Shaw August 18, 2021

By Tim Harrison, Research Manager, JLL After one the strictest and longest shelter-in-place orders in the nation, Oregon is officially back open for business and all signs point to a strong recovery in Portland. People are travelling again, with airline passengers through Portland International Airport totaling more than 1 million in May. This represents about 63 percent of the normal 2019 monthly average, according to the Port of Portland’s aviation stats. Perhaps most importantly, people are returning to the downtown core for both business and pleasure with weekly visits through Pioneer Mall — the center of downtown — up to about 70 percent of 2019’s average weekly visits, per Placer.ai. This optimism is transferring to the office market, where Portland leasing activity is up more than 33 percent year over year. The recovery is being led by industries old and new. Out in the suburbs, Portland’s largest apparel companies are expanding on campus, while new leases were signed by Lululemon and On-Running in newer creative spaces on the urban fringe. Portland’s life sciences sector is approaching a critical mass as Bay Area company Twist Biosciences entered the market by absorbing 215,000 square feet. Meanwhile, Vancouver, Wash.-based AbSci raised more than …

August 18, 2021

Acquisitions Industrial Life Sciences New York Northeast Top Stories

KKR to Sell National Industrial Portfolio to Oxford Properties for $2.2B

by John Nelson August 17, 2021

NEW YORK CITY AND TORONTO — KKR, a global private equity firm based in New York City, has agreed to sell a national portfolio of warehouses and distribution centers to Oxford Properties Group, a real estate owner and manager based in Toronto. The $2.2 billion deal is expected to close in the coming months. The portfolio comprises 149 properties located across 12 major industrial U.S. markets, including the Inland Empire in California, Dallas, Atlanta, Phoenix, Chicago, Houston, Tampa, Orlando, San Diego and the Baltimore-Washington, D.C. corridor. Since 2018, KKR and its management platform Alpha Industrial Properties assembled and maintained the portfolio across 50 individual transactions. The firm’s decision to focus on high-barrier-to-entry sites near major population centers attracted the strong offer from Oxford Properties, which is looking to allocate one-third of its global equity in industrial real estate. “Growing our U.S. industrial business is one of Oxford’s highest-conviction global investment strategies as we continue to build, buy and invest in the physical infrastructure that serves the digital economy,” says Ankit Bhatt, vice president of investments at Oxford Properties and leader of the firm’s U.S. industrial investment strategy. ”High-quality, infill, consumption-driven industrial portfolios of scale trade infrequently, so this transaction is …

August 17, 2021

Healthcare Life Sciences Market Reports Multifamily Northeast Northeast Market Reports Office

How Multifamily Owners Can Cater to the Northeast’s Growing Base of Life Sciences Renters

by Taylor Williams August 17, 2021

By Justin Wybenga, vice president of asset services, GMH Communities Every day, we see the world constantly changing. Whether it’s advancements in technology, culture, arts or sciences, there are many things to look forward to as life and business return to normal. One sector of commercial real estate that continues to experience breakthroughs is life sciences. Case in point: Mayor Bill de Blasio and the NYC Economic Development Corp. announced that the organization would double its investment to $1 billion to establish New York City as the global leader in life sciences. With the increasing demand for research and lab space comes an emerging need for innovative housing that supports the rapidly growing population of researchers, professors, graduate students and third-shift workers. Historically, amenities and services for this group have been an afterthought. We saw a void in this space and recently launched a completely new vertical called “Innovative Living.” Innovative Living takes best practices from conventional multifamily and student housing, including cutting-edge technology and best-in-class amenities and services, and tailors those features to accommodate the specific needs of professionals and graduate and postgraduate students working or learning in major innovation hubs. Understand Residents’ Needs Fostering a collaborative living environment …

August 17, 2021

Healthcare Leasing Activity Life Sciences New York Northeast Office

TMRW Life Sciences Inks 38,000 SF Lease Expansion at 250 Hudson Street in Manhattan

by Taylor Williams August 16, 2021

NEW YORK CITY — TMRW Life Sciences, which provides management systems and solutions for in vitro fertilization, has signed a 38,000-square-foot lease at 250 Hudson Street in Manhattan. The tenant currently occupies a portion (5,500 square feet) of the seventh floor of the 15-story building and will relocate from that space to occupy the entire sixth floor and part of the ground floor. Mitti Liebersohn of Avison Young represented TMRW Life Sciences in the lease negotiations. Brett Greenberg and Adam Rappaport represented the landlord, Jack Resnick & Sons, on an internal basis.

August 16, 2021

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