Life Sciences

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

by Amy Works October 26, 2021

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.

October 26, 2021

Features Life Sciences Retail Texas

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

by John Nelson October 26, 2021

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 …

October 26, 2021

Healthcare Leasing Activity Life Sciences New York Northeast Office

Feil Organization Negotiates 24,814 SF Life Sciences Lease in Manhattan

by Taylor Williams October 25, 2021

NEW YORK CITY — The Feil Organization has negotiated a 24,814-square-foot life sciences lease at Seven Penn Plaza, a 411,000-square-foot building located adjacent to Madison Square Garden in Manhattan’s Chelsea neighborhood. The lease term is 10 years. David Turino handled lease negotiations on an internal basis for The Feil Organization, which owns and manages the building. Eva Shih of T3 Advisors represented the tenant, SOSV, a venture capital firm that runs the IndieBio development program for life sciences startups.

October 25, 2021

Features Life Sciences

Emerging Trends 2022 Report: Flexibility, Resilience to Drive Commercial Real Estate for Next Decade

by Jeff Shaw October 21, 2021

WASHINGTON, D.C. — Flexibility, convenience and ultimately commercial real estate’s resilience will drive the industry over the next decade as owners respond to and recover from the COVID-19 pandemic. That’s according to Emerging Trends in Real Estate 2022, an annual report jointly produced by PwC US and the Urban Land Institute (ULI). The report includes proprietary data and insights from nearly 1,700 leading real estate industry experts, gathered both through in-person interviews and a survey. Consumer expectations of traditionally designed spaces have changed, and there will likely be a massive shift in the functionality of homes, offices, shopping centers and healthcare spaces, according to Washington, D.C.-based ULI. Property markets that were once predictable will likely remain in a bubble of uncertainty, but decision-making confidence has improved since last year, the report found. Three-quarters of respondents in the 2022 survey report feeling confident making those same long-term strategic decisions compared to less than half in the 2021 survey. Property investment is top of mind for institutional investors in both traditional and alternative sectors as risk remains low and interest rates stay attractive. Urban landscapes are facing change as new land uses and updated zoning allow markets to evolve. All these factors …

October 21, 2021

Florida Life Sciences Market Reports Retail Southeast Southeast Market Reports

Orlando Retail Market Experiencing Record Investor Demand and Pricing

by John Nelson October 18, 2021

As COVID-19 took hold in early 2020, the Orlando retail market only saw a modest dip in fundamentals where metro-wide rental rates fell by 5 percent and occupancy dropped 100 basis points during the second and third quarters. Beginning in the fourth quarter of 2020, rental and occupancy rates began an extraordinarily strong comeback, climbing 12 percent and 140 basis points, respectively, from the COVID-19 lows. According to data from CoStar Group, the metro’s average rental rate of $15.84 per square foot in the second quarter is more than 7 percent higher than the pre-pandemic peak. And occupancy rates are 40 basis point higher than the pre-COVID-19 peak, currently standing at 96.4 percent. With escalating land prices and shortages in raw materials and labor, we anticipate overall construction costs will continue to increase, stalling deliveries and further advancing rental and occupancy rates. Last year, some retail owners (sellers) and investors (buyers) focused on asset management within their portfolios and reevaluated the perceived investment risk due to the pandemic, which caused a sharp dropoff in 2020 investment activity, despite an abundance of capital available to invest. After a couple quarters of fundamentals bottoming out, owners and investors had confidence in their …

October 18, 2021

Acquisitions Life Sciences North Carolina Southeast

JLL Income Property Trust Acquires Two Life Sciences Properties in Durham for $67M

by Julia Sanders October 14, 2021

DURHAM, N.C. — JLL Income Property Trust has acquired 5 & 47 National Way, two life sciences properties located in Durham. The sales price was approximately $67 million. The seller was not disclosed. Built in 2020, the properties total 375,000 square feet and are fully leased to life sciences tenants, such as KBI BioPharma and Taysha Gene Therapies. The tenants have invested a combined $180 million in property upgrades that include laboratory, clean and cold rooms, specialized sanitation stations and specialized water and power upgrades, according to Allan Swaringen, president and CEO of JLL Income Property Trust. The properties are located adjacent to Research Triangle Park, the biggest scientific research park in the country. The weighted average lease term on the two properties is more than 14 years.

October 14, 2021

Acquisitions Illinois Life Sciences Midwest Office

JLL Arranges Sale, Financing of Life Sciences Portfolio in Skokie, Illinois

by Kristin Harlow October 14, 2021

SKOKIE, ILL. — JLL Capital Markets has arranged the sale and financing of a two-building life sciences portfolio within The Illinois Science + Technology Park in Skokie, about 15 miles north of downtown Chicago. The portfolio spans 286,184 rentable square feet and is home to global life sciences brands and university-affiliated, venture-backed startups. Sam DiFrancesca, Patrick Shields, Jaime Fink, Jeffrey Bramson, Bruce Miller and Nick Psyllos of JLL represented the seller, American Landmark Properties, which acquired the buildings in 2016 and renovated them. The JLL team also procured the buyer, Chicago-based Singerman Real Estate. Danny Kaufman and Lucas Borges of JLL led financing efforts on behalf of the buyer. Max Zwolan and Scott Brandwein of JLL also supported the transaction and will continue to handle leasing for the new owner. The sales price and loan amount were not provided.

October 14, 2021

Development Healthcare Life Sciences Northeast Office Pennsylvania

Iovance Biotherapeutics Opens 136,000 SF Life Sciences Facility at Philadelphia Navy Yard

by Taylor Williams October 11, 2021

PHILADELPHIA — Iovance Biotherapeutics Inc. (NASDAQ: IOVA) has opened a 136,000-square-foot life sciences facility at the Philadelphia Navy Yard, where the biomanufacturing firm will produce T cell-based immunotherapies for cancer patients. Gattuso Development Partners developed the facility, which is located within an opportunity zone, and CRB provided design and construction services.

October 11, 2021

Development Healthcare Life Sciences Office Texas

Partnership Breaks Ground on 270,000 SF Life Sciences Building in Houston

by Taylor Williams October 8, 2021

HOUSTON — A partnership between Chicago-based investment firm Harrison Street, 2ML Real Estate Interests and local developer Hines has broken ground on a 270,000-square-foot life sciences building in Houston. The building, which represents the first phase of the Levit Green mixed-use development, is located on a 53-acre site adjacent to Texas Medical Center. Additional uses at Levit Green will include retail, residential and office space. DE Harvey Builders is the general contractor for the project, which is slated for a fourth-quarter 2022 delivery. JLL is marketing the space for lease.

October 8, 2021

Development Healthcare Life Sciences Massachusetts Northeast Office

Berkeley Investments to Undertake 105,000 SF Life Sciences Conversion Project in Metro Boston

by Taylor Williams October 7, 2021

WATERTOWN, MASS. — Locally based developer Berkeley Investments will undertake a project to convert a building at 64 Pleasant St. in the western Boston suburb of Watertown into a 105,000-square-foot life sciences facility. The two-story building offers a conference room, rooftop deck, fitness center and outdoor gathering spaces. Berkeley will upgrade the property’s utility and mechanical systems, elevate the ceiling heights, introduce reinforced concrete floors and add lab space. SGA is the project architect. The development team hopes to complete core and shell construction by the end of next year. Newmark has been tapped to market the building for lease.

October 7, 2021

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