Life Sciences

BioMed, Cresset, Novaya Purchase 162,000 SF Office, Life Sciences Campus in Boston

by Taylor Williams July 6, 2020

BOSTON — BioMed Realty, an owner-operator of life sciences real estate, has entered into a partnership with Cresset Development and Boston-based Novaya Real Estate Ventures to acquire the XMBLY Campus at Assembly Square in the Somerville area of Boston. The campus spans 162,000 square feet of office and life sciences space and includes 7.5 acres for additional expansion. The new ownership plans to add lab, research and development and traditional office space. A timeline for construction has not yet been established.

July 6, 2020

California Life Sciences Loans Office Western

NKF Arranges $165M in Financing for BioMed Life Sciences Building in Emeryville, California

by Amy Works July 1, 2020

EMERYVILLE, CALIF. — Newmark Knight Frank (NKF), on behalf of property owner BioMed Realty, has arranged $165 million in financing for an asset located at 5300 Chiron Way in Emeryville. The Class A life sciences building, which totals 303,509 rentable square feet, is located within Emeryville Center of Innovation. Zymergen, a science and material innovation company, fully occupies the property. BioMed will use the loan to transform the asset into a specialized and innovative high-tech environment for the tenant’s new headquarters location. Ramsey Daya and Chris Moritz of NKF’s Debt & Structured Finance office in San Francisco secured the financing for the owner, which is a provider of real estate solutions to the life science and technology industries.

July 1, 2020

Bristol-Myers-Squibb-Hopewell-New-Jersey

Acquisitions Healthcare Life Sciences New Jersey Northeast Office Top Stories

Lincoln Equities, H.I.G. Realty Acquire 1.2 MSF Life Sciences Campus in Hopewell, New Jersey

by Taylor Williams June 22, 2020

HOPEWELL, N.J. — A partnership between full-service real estate firm Lincoln Equities Group and New York City-based H.I.G. Realty Partners has acquired Princeton West Innovation Campus, a 1.2 million-square-foot life sciences property in Hopewell, New Jersey. The 433-acre development, which is located about seven miles from Princeton University, is the former campus of Bristol Myers Squibb (BMS). The New York City-based biopharmaceutical firm announced in late 2016 that it would gradually begin ceasing operations and shutting down the campus, according to centraljersey.com. The sales price was not disclosed, but the property flyer notes that BMS had invested more than $500 million in capital improvements to the campus prior to the sale. “Given the current public health crisis, we anticipate pharmaceutical and life sciences manufacturers to consider ‘reshoring’ and expanding operations in the United States,” says Joel Bergstein, president of Lincoln Equities. “This spacious, modern BMS campus — located in the center of ‘Einstein’s Alley’ in Central New Jersey — is a prime location for continued innovation and expansion.” Lance Bergstein, an acquisition and development officer at Lincoln Equities, pointed to the region’s skilled and qualified workforce as another key driving factor behind the acquisition. “New Jersey has one of the …

June 22, 2020

Acquisitions Life Sciences Massachusetts Northeast Office

IQHQ Acquires 200,000 SF Life Sciences, Office Property in Andover, Massachusetts

by Alex Patton May 21, 2020

ANDOVER, MASS. — IQHQ, a Boston-based REIT, has acquired Innovation Park, an approximately 200,000-square-foot life sciences and office located in the northern Boston suburb of Andover. The sales price was $35.9 million. Located at 4 Corporate Drive, the property features Class A office and lab space, as well as ground-floor retail space. University of Massachusetts Lowell and clinical research firm Ora Inc. recently leased space at the campus. Colliers International represented IQHQ in the transaction.

May 21, 2020

Development Illinois Life Sciences Midwest Office

Skender Completes Interior Construction of New Headquarters for Paragon Biosciences in Chicago

by Kristin Harlow March 2, 2020

CHICAGO — Skender has completed interior construction of the 23,000-square-foot headquarters for Paragon Biosciences LLC in Chicago. The life science innovator, which invests in, builds and advises bioscience companies, has relocated to the 35th floor of 330 N. Wabash from its current office in Northbrook. Components of the new office include open office workstation areas, private offices, conference rooms, two reception areas, a warming pantry and large café. Skender collaborated with Gensler and CBRE to complete the project.

March 2, 2020

Life Sciences Market Reports Massachusetts Northeast Northeast Market Reports Office

Boston Life Sciences Market Shows No Sign of Slowing in 2020

by Alex Patton February 18, 2020

At this point, it sounds like the movie “Groundhog Day,” but 2019 was another impressive year of growth and success for the greater Boston life sciences real estate market — and that growth shows no signs of subsiding any time soon. Duncan Gratton, Cushman & Wakefield Strong levels of venture capital investment, big pharmaceutical partnerships and merger and acquisition activity continued to fuel unprecedented demand for life sciences space, not only in and around Cambridge but also in submarkets like the Seaport, Watertown and certain Route 128 corridors. Venture capital (VC) funding for life sciences, while not quite at 2018 levels, remained robust with nearly $6 billion invested through the end of November. Major funding deals that closed in 2019 include Ginkgo Bioworks ($290 million), ElevateBio ($150 million) and Beam Therapeutics Inc. ($135 million), which all committed to leasing lab space in existing buildings and new developments throughout the area. Supply-Demand Balance The urban Massachusetts life sciences market, which includes Boston, Cambridge, and the inner suburbs of Watertown, Lexington, Medford and Waltham, now enjoys an inventory of about 20 million square feet and ended 2019 with a vacancy rate of just over 4 percent. Successful speculative developments at Arsenal Yards …

February 18, 2020

Acquisitions Life Sciences Massachusetts Northeast Office Top Stories

IQHQ Acquires Life Sciences Office, Lab Building in Boston’s Fenway for $270M

by Alex Tostado February 13, 2020

BOSTON — IQHQ Inc. has acquired 109 Brookline Avenue, a 285,000-square-foot office and lab building in Boston’s Fenway neighborhood. Equity Commonwealth sold the asset for $270 million. IQHQ, formerly Creative Sciences Properties, used funds from a $770 million capital raise to make the acquisition. The company, which specializes in life sciences real estate development, will use the rest of the funds to invest in life sciences projects in its core markets of Boston, San Francisco and San Diego in the United States, as well as the Golden Triangle in the United Kingdom (Cambridge, London and Oxford). “Boston’s amazing life sciences cluster keeps fueling demand for high-quality space,” says John Bonanno, chief investment officer of IQHQ. “109 Brookline checks a lot of boxes for us — it’s adjacent to Fenway Center, easily accessible by public transportation and in a neighborhood with a history of full occupancy and a bright future.” According to LoopNet Inc., the three-story building was originally developed in 1915 and renovated in 2000. The property is located along the corridor between Kenmore Square and the Longwood Medical Area, which is home to some of the country’s leading medical and research institutions. The property is situated two blocks from …

February 13, 2020

Civic Life Sciences Loans Massachusetts Northeast

Square Mile Provides $433.8M Construction Loan for Cambridge Crossing Life Sciences Project

by Taylor Williams January 24, 2020

CAMBRIDGE, MASS. — Square Mile Capital Management LLC has provided a $433.8 million construction loan for the next phase of Cambridge Crossing, a mixed-use development in the Boston area. The loan will fund construction of a nine-story, 479,000-square-foot life sciences and tech building with ground-floor retail space and below-grade parking. The loan will also finance the construction of a two-story, 19,000-square-foot retail and office building located on a separate parcel. The borrower was DivcoWest, a developer with five offices around the country. Cambridge Crossing will ultimately feature 2.1 million square feet of life sciences and tech space, 2.4 million square feet of residential space, 100,000 square feet of retail space and 11 acres of open green space.

January 24, 2020

Acquisitions Life Sciences Massachusetts Northeast Office

NKF Brokers Sale of 224,305 SF Life Sciences Building in Cambridge, Massachusetts

by Alex Patton January 2, 2020

CAMBRIDGE, MASS. — Newmark Knight Frank has brokered the sale of The ARC, a 225,305-square-foot life sciences building in Cambridge, a northern suburb of Boston. The property is 100 percent leased to five biopharmaceutical and biotechnology companies complemented by a burger restaurant. Amenities include a fitness center, indoor solarium and outdoor green space. An NKF team including Robert Griffin, Edward Mahar and Matthew Pullen represented the seller, a partnership of The Davis Cos. and Invesco. The team also procured the buyer, Healthpeak Properties Inc.

January 2, 2020

Development Life Sciences New York Northeast Office

King Street Properties Begins Construction of 266,800 Innolabs Life Sciences Project in Long Island City

by Alex Patton December 6, 2019

LONG ISLAND CITY, N.Y. — King Street Properties has begun construction of Innolabs, a 266,800-square-foot life sciences project in Long Island City. Located at 45-18 Court Square, the project involves the redevelopment and expansion of a 160,000-square-foot, Class B office building that will anchor the life sciences sector on Long Island. The building will be completely gutted and renovated to allow for multi-tenant floors and will be expanded with a four-story addition and two six-story additions. The project is slated for completion in the first quarter of 2021.

December 6, 2019

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