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Life Sciences

HealthcareLife SciencesMarket ReportsMultifamilyNortheastNortheast Market ReportsOffice

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

by Taylor Williams

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 …

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250-Hudson-Street-Manhattan
HealthcareLeasing ActivityLife SciencesNew YorkNortheastOffice

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

by Taylor Williams

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.

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DevelopmentIndustrialLife SciencesNortheastPennsylvania

DHL Supply Chain Begins Work on 970,000 SF Warehouse in Lebanon, Pennsylvania, Will Create 200 Jobs

by Taylor Williams

LEBANON, PA. — Logistics firm DHL Supply Chain has begun construction on a 970,000- square-foot warehouse in Lebanon, a suburb of Harrisburg. The project will house manufacturing, storage and distribution space that will serve the healthcare and life sciences industries. DHL Supply Chain is constructing another building at the site as part of an initiative to invest $88 million in the regional economy and create about 200 new jobs. The first building is scheduled to be complete in the first quarter of next year.

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AcquisitionsColoradoHealthcareIllinoisIndustrialLife SciencesMidwestOfficeTop StoriesWestern

NexCore, Nuveen Acquire National Medical Office and Life Sciences Portfolio for $620.4M

by John Nelson

CHICAGO AND DENVER — NexCore Group, a national healthcare real estate developer and owner, has teamed up with global investment management firm Nuveen Real Estate to acquire a portfolio of 27 medical office and two life sciences buildings spanning nearly 1.2 million square feet. IRA Capital, a private equity firm based in Southern California, sold the portfolio in two transactions totaling $620.4 million. The portfolio spans 13 states: Arizona, California, Florida, Illinois, Michigan, North Carolina, New Jersey, New York, Ohio, Oklahoma, Pennsylvania, Texas and Wisconsin. The medical office properties comprise ambulatory surgery centers, micro-hospitals, freestanding emergency departments and single- and multi-tenant clinics. The properties were 99 percent leased at the time of sale to 38 tenants, the vast majority of which are well-established healthcare systems. The medical office buildings sold for about $463 million, according to NexCore, which will manage the facilities moving forward. Allianz Real Estate provided $234 million in acquisition financing on behalf of NexCore and Nuveen for the medical office portfolio. The financing is structured on a seven-year term with both a fixed-rate tranche totaling $163.8 million and a floating-rate tranche totaling $70.2 million. Chicago-based Nuveen is using equity for the medical office assets via its newly launched U.S. Cities …

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HealthcareLeasing ActivityLife SciencesNortheastOfficePennsylvania

Keystone Lands New Life Sciences Tenant at 912,245 SF Facility in Philadelphia

by Taylor Williams

PHILADELPHIA — Keystone Property Group has landed a new life sciences tenant at The Curtis, the metro Philadelphia-based developer’s 912,245-square-foot facility in Philadelphia that is a redevelopment of a former printing press. Aro Biotherapeutics Co., a developer of genetic medicines, has committed to an undisclosed amount of space at the 12-story building. Bob Zwengler, Anthony Pell, Matt Knowles and Paul Touhey of CBRE represented the tenant in the lease negotiations. Tim Conrey, Lisa Berger Baskin and K.J. Kulik of Scheer Partners represented Keystone.

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Vita-Boston
Life SciencesMarket ReportsMassachusettsNortheastNortheast Market ReportsRetail

Low Interest Rates Spearhead Uptick in Retail Investment Throughout Boston

by Taylor Williams

By Taylor Williams The business of trading retail properties is booming across the greater Boston area, and the combination of cheap capital, a desire to recoup lost business and potential changes in tax law are prompting buyers and sellers alike to transact at a frenetic pace. As is often the case in times of robust investment sales activity, low interest rates are the straw that stirs the drink. At its latest meeting in June, the Federal Reserve opted to hold the federal funds rate — the short-term rate by which lending between financial institutions is priced — at a target range of 0 to 0.25 percent. The Fed cut rates by 100 basis points to this target range in March 2020 in response to the COVID-19 outbreak and has kept them there ever since. A fiscal policy defined by record-low rates is persisting even in the face of inflation, which hit its highest mark in 13 years when the U.S. Consumer Price Index rose by 5.4 percent in June 2021 relative to June 2020. Economists have cited sustained injections of federal stimulus and relief money and elevated government spending in response to the pandemic as the key drivers of this …

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The Yield in Holly Springs
DevelopmentLife SciencesNorth CarolinaSoutheast

Crescent Communities to Develop Life Sciences Property Near Raleigh

by Julia Sanders

HOLLY SPRINGS, N.C. — Crescent Communities will develop a life sciences project called The Yield in Holly Springs. The Charlotte-based developer expects to break ground on the first phase this fall, with the first building’s delivery expected in the summer of 2022. In the initial phase, Crescent Communities will develop three buildings focused on life sciences and biomanufacturing uses. The 25-acre site is located at the intersection of Green Oaks Parkway and Holly Springs New Hill Road, adjacent to Seqirus’ North American campus, the Holly Springs Business Park and the FUJIFILM Diosynth’s $2 billion cell culture production facility. Phase I will feature over 260,000 square feet of biomanufacturing, lab and office space. Two of the buildings will be constructed to meet Current Good Manufacturing Practice (cGMP) regulations, with each building offering approximately 105,000 square feet and the ability to accommodate single- or multi-tenant needs. The third building will be two stories of office and laboratory space designed to support the biomanufacturing buildings or demand from other office and life science users. Timmons Group, O’Brien Atkins Associates, Gilbane and the Town of Holly Springs are part of the project design team. Crescent Communities has worked with the Town of Holly Springs …

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CaliforniaLife SciencesMarket ReportsWesternWestern Market Reports

Orange County Solidifies Itself as a Leading Life Sciences Market

by Jeff Shaw

By Bob Caudill, Executive Vice President, Colliers International From public and private funding increases to the demand created by the COVID-19 pandemic and the vaccine rollout combatting it, the life sciences sector is continuing to see a significant increase in interest from both developers and investors across the country. Rapid growth in advanced therapy medicinal products (ATMP) science, which includes gene therapy, is also driving demand for lab and manufacturing space from both early and mid-stage biotech companies. All-important leasing data points, such as vacancy and net absorption, further compare favorably to the challenged office market, suggesting even more positive days are ahead for this sector.  Orange County boasts world-class life sciences innovations and is continuing to grow its educational, employment and investment footprint. Given the amount of medical device and diagnostic equipment companies in Orange County that occupy office, research and development and industrial properties, life sciences has now become the largest industry in the market. In fact, Biocom’s 2020 California Economic Impact Report has Orange County generating $37.2 billion in economic activity and supporting more than 150,000 jobs.  Orange County’s growth is attributed to several factors, such as UC Irvine’s $1 billion expansion of its Medical and Health Sciences Complex. UC …

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Budd-Bioworks-Philadelphia
DevelopmentHealthcareLife SciencesNortheastOfficePennsylvania

Plymouth Group, Centerbridge Break Ground on 450,000 SF Life Sciences Project in Philadelphia

by Taylor Williams

PHILADELPHIA — A partnership between New York City-based developer The Plymouth Group and private investment firm Centerbridge Partners LP has broken ground on Budd Bioworks, a 450,000-square-foot life sciences project in Philadelphia. The property will be located at the site of the former plant of The Budd Co., a defunct manufacturer of automotive parts, in Philadelphia’s “Cellicon Valley” area. Budd Bioworks represents Phase I of a larger, 2.4 million-square-foot life sciences development. The development team also plans to incorporate residential, restaurant and retail uses in subsequent phases of the repositioning of the larger Budd Co. campus. Colliers International has been tapped to lease the life sciences component of the project.

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100-Forge-St.-Watertown-Massachusetts
HospitalityLife SciencesMarket ReportsMassachusettsNortheastNortheast Market ReportsOffice

Qualified Labor, Healthy Tenant Demand Drive Life Sciences Development in Boston

by Taylor Williams

By Brendan Carroll, director of research, Cushman & Wakefield The rapid emergence of greater Boston in the first two decades of the 21st century as a global center of advanced, technology-assisted biology has been followed by an even faster rate of growth since the start of the new decade. We have reached a critical mass in the greater Boston market, where we have developed a combination of skills, institutions and collaboration between companies that is supported and financed by an investor base that is qualified to evaluate the potential efficacy of new innovations. This landscape has created a self-propagating ecosystem for development and absorption of life sciences properties. The region’s large inventory of lab space has also evolved as a driver of new users into the market as biotechnology groups increasingly focus on speed to market for promising scientific breakthroughs. In response to these drivers, the inventory of biotechnology-focused laboratory space in greater Boston, which eclipsed 20 million square feet in 2016, is now on pace to reach 30.7 million square feet by 2023. Furthermore, the current inventory levels will likely approach and surpass 40 million square feet this decade, as a sizable set of projects are expected to move …

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