Life Sciences

DivcoWest Tops Offs Two Life Sciences Buildings in Cambridge Totaling 906,000 SF

by Taylor Williams December 22, 2020

CAMBRIDGE, MASS. — Developer DivcoWest has topped off 350 Water Street and 450 Water Street, two life sciences buildings in Cambridge that total 906,000 square feet. The buildings are located within the 45-acre Cambridge Crossing campus and will be the future home of biopharmaceutical giant Sanofi, where some 3,000 employees will work. Perkins + Will designed 350 Water Street, and NBBJ designed 450 Water Street. Other tenants at the 4.5 million-square-foot Cambridge Crossing development include Bristol Myers Squibb and Cerevel Therapeutics. Sanofi expects to take occupancy of the buildings in 2022.

December 22, 2020

Acquisitions Healthcare Life Sciences Massachusetts Northeast Office

Newmark Brokers $72.5M Sale of One Patriots Park Life Sciences Building Near Boston

by Taylor Williams December 22, 2020

BEDFORD, MASS. — Newmark has brokered the $72.5 million sale of One Patriots Park, a 143,616-square-foot life sciences building in Bedford, about 20 miles northwest of Boston. The property was 66 percent leased at the time of sale to tenants such as Homology Medicines Inc., Novartis and N2 Biomedical. Edward Maher, Matthew Pullen, Samantha Hallowell and Dominick Romano of Newmark represented the sellers, Longfellow Real Estate Partners and Bain Capital Real Estate, in the transaction. The team also procured the buyer, a partnership between Jumbo Capital Management and Iron Point Partners.

December 22, 2020

Acquisitions Life Sciences NAI North Carolina Office Southeast

Tri Properties | NAI Carolantic Arranges $25M Sale of Life Sciences Portfolio in Raleigh-Durham

by Alex Tostado December 18, 2020

CARY, N.C. — Tri Properties | NAI Carolantic has arranged the $25 million sale of 13000 Weston and 14001 Weston Parkway, a two-building, 137,759-square-foot life sciences portfolio in Cary. Michigan-based Alidade Capital acquired the assets from JPB Raleigh Holdings. The Park City, Utah-based company acquired the properties in 2015 and 2016 and made capital improvements during its ownership. The buildings were 96 percent leased at the time of sale to tenants including healthcare company McKesson Corp., World Courier Management Inc. and biorepository company Kryosphere. Jimmy Barnes of Tri Properties | NAI Carolantic represented the seller in the transaction.

December 18, 2020

Development Healthcare Life Sciences Massachusetts Northeast Office

DPS Group Completes Phase I of 80,000 SF Life Sciences Project in Metro Boston

by Taylor Williams December 17, 2020

WATERTOWN, MASS. — Engineering and construction management firm DPS Group has completed Phase I of an 80,000-square-foot life sciences project at 650 Pleasant St. in the western Boston suburb of Watertown. The facility will be used as a manufacturing plant for biotechnology firm Arranta Bio. Architecture firm TRIA designed the project.

December 17, 2020

Acquisitions Healthcare Life Sciences Massachusetts Northeast Office Top Stories

Blackstone Acquires Life Sciences Portfolio in Metro Boston for $3.4B

by Taylor Williams December 14, 2020

CAMBRIDGE, MASS. — Blackstone (NYSE: BX) has acquired a 2.3 million-square-foot life sciences portfolio in Cambridge, located across the Charles River from Boston, for approximately $3.4 billion. The seller was Brookfield Asset Management. The majority of the properties in the portfolio are located in East Cambridge, adjacent to the Massachusetts Institute of Technology (MIT) campus, and are leased to investment-grade tenants with both traditional office and lab requirements. Following the closing of the deal, which is scheduled for the first quarter of 2021, Blackstone will be the largest owner of life sciences space in Cambridge. Blackstone is acquiring the portfolio through BioMed Realty, its $20 billion subsidiary that launched in 2018 and is focused on life sciences properties. “This transaction illustrates Blackstone’s continued conviction in the life sciences space, both broadly and within real estate, and in investing in best-in-class assets located adjacent to top-tier research and education institutions,” says Nadeem Meghji, head of real estate in the Americas for Blackstone. Cambridge continues to be a hub for development and leasing of life sciences properties. In November, locally based developer King Street Properties partnered with California-based Healthpeak Properties to break ground on a $170 million life sciences facility that will …

December 14, 2020

Acquisitions Life Sciences Massachusetts Northeast Office Top Stories

Harrison Street, Partners Sell Trio of Life Sciences Properties in Metro Boston to Healthpeak for $720M

by John Nelson December 8, 2020

CAMBRIDGE, MASS. — Harrison Street and its investment partners The Bulfinch Cos. and National Real Estate Advisors have sold three life sciences buildings at Cambridge Discovery Park for a gross sale price of $720 million. Denver-based REIT Healthpeak Properties Inc. (NYSE: PEAK) purchased the properties, which are situated in Boston’s West Cambridge submarket. For Bulfinch, the master developer of Cambridge Discovery Park, the transaction with Healthpeak was a recapitalization of its stake in the development. The Boston-based firm entered into a joint venture transaction with Healthpeak whereby Bulfinch will retain a majority ownership stake in one of the buildings. Additionally, Bulfinch will continue to manage the property. The Cambridge Discovery Park acquisition, which also includes two parking garages, totals approximately 620,000 square feet. The buildings, called 100 CDP, 200 CDP and 400/500 CDP, were 94 percent leased at the time of sale to biotechnology, pharmaceutical and research companies with a weighted average remaining lease term of approximately 7.5 years. According to Healthpeak, the acquisition also includes an approximately 100,000-square-foot site for a future densification opportunity that the REIT plans to co-develop with Bulfinch. Cambridge Discovery Park includes six life sciences buildings and an AC Hotel by Marriott. The campus is …

December 8, 2020

Development Healthcare Life Sciences Massachusetts Northeast Office

Lincoln Property Co. Breaks Ground on 139,000 SF Life Sciences Project in Metro Boston

by Taylor Williams December 7, 2020

WALTHAM, MASS. — Dallas-based Lincoln Property Co. has broken ground on a 139,000-square-foot life sciences project that will be located at 300 Third Ave. in the western Boston suburb of Waltham. Designed by local architecture firm DiMella Shaffer, the building will offer traditional office and lab space, as well as five levels of parking. Callahan Construction Managers is the general contractor for the project, which is expected to be complete in January 2022.

December 7, 2020

Development Healthcare Life Sciences Northeast Office Pennsylvania

Partnership to Develop 250,000 SF Life Sciences Facility in Philadelphia’s University City

by Taylor Williams December 4, 2020

PHILADELPHIA — A partnership between developers Silverstein Properties and University Place Associates, as well as financial services firm Cantor Fitzgerald LP, will develop a 250,000-square-foot life sciences facility in Philadelphia. The property will be named 3.0 University Place in reference to its location within the University City area, a hotbed of life sciences growth. The Steward Partnership is designing the eight-story lab and office building, which is expected to come on line in the fourth quarter of 2022. According to the Philadelphia Business Journal, the project has a price tag of $56 million.

December 4, 2020

Acquisitions Development Life Sciences North Carolina Office Southeast

JLL Secures $52.8M Loan for Life Sciences Property at Research Triangle Park in Raleigh-Durham

by Alex Tostado November 23, 2020

MORRISVILLE, N.C. — JLL has arranged a $52.8 million loan for the acquisition and conversion of Perimeter’s Edge, a four-building, 341,547-square-foot property in Morrisville. The buyer and borrower, Longfellow Real Estate Partners, will convert the asset into a life sciences lab. MetLife Investment Management provided the five-year, floating-rate loan. Perimeter’s Edge is situated within Research Triangle Park at 2450 and 2600 Perimeter Park Drive, 507 Airport Blvd. and 515 McCrimmon Parkway. A timeline for construction was not disclosed. Greg LaBine, Roger Edwards and Martha Nay of JLL arranged the loan on behalf of the borrower. Brigitte Burkett of MetLife originated the loan.

November 23, 2020

California Healthcare Life Sciences Massachusetts Northeast Office Top Stories Western

IQHQ Completes $1.7B Capital Raise to Fund 4.4 MSF Life Sciences Development Pipeline

by Katie Sloan November 20, 2020

SAN DIEGO AND BOSTON — Life sciences real estate development firm IQHQ Inc. has completed a $1.7 billion equity raise. The company — which completed an initial equity raise of $770 million earlier this year — plans to use the combined funds to build 4.4 million square feet of projects that are currently in its development pipeline. The company has offices in San Diego and Boston, both hubs for life sciences companies. The demand for life sciences real estate continues to increase as the need for vaccines, therapeutics and diagnostics intensifies amid the COVID-19 pandemic, according to an October report by CBRE. Plymouth Meeting, Pa.-based CenterSquare Investment Management invested $158 million in IQHQ’s latest funding round, alongside a group of undisclosed new and existing strategic partners. Madison International Realty, a real estate private equity firm, invested $100 million with an option to invest an incremental $100 million in IQHQ. IQHQ’s current projects include sites in Boston, San Francisco and San Diego. The company announced plans to develop the San Diego Research and Development District (RaDD), a $1.5 billion life science campus located along San Diego’s waterfront, in September. The RaDD will span eight acres and three city blocks, making it …

November 20, 2020

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