Life Sciences

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

Acquisitions Healthcare Life Sciences Massachusetts Northeast Office

Newmark Brokers Sale of 90,000 SF Life Sciences Facility in Boston

by Taylor Williams November 19, 2020

BOSTON — Newmark has brokered the sale of One Alewife Center, a 90,000-square-foot life sciences facility located adjacent to the MBTA Alewife station on the city’s north side. The facility is situated within the 290,000-square-foot Alewife Park office and life sciences campus. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the seller, James Campbell Co., in the transaction. The team also procured life sciences REIT IQHQ as the buyer. IQHQ also purchased the larger Alewife Park campus in July.

November 19, 2020

Development Healthcare Life Sciences Office Texas

Biotech Firm VGXI to Open 240,000 SF Life Sciences Facility in Metro Houston

by Taylor Williams November 16, 2020

CONROE, TEXAS — VGXI Inc., a biotechnology firm that supports the gene therapy and DNA vaccine industries, will open a new life sciences and headquarters facility in Conroe, about 40 miles north of Houston. Local media outlets, including Community Impact Newspaper and the Houston Business Journal, report that the facility will span 240,000 square feet. The company’s new space will be located within Deison Technology Park and will allow VGXI to quintuple its current production capacity. BE&K Building Group is handling the design and build of the project. Construction is underway, and the facility is expected to be operational by the first quarter of 2022.

November 16, 2020

Healthcare Leasing Activity Life Sciences Massachusetts Northeast

Translate Bio Signs 138,000 SF Life Sciences Lease in Metro Boston

by Taylor Williams November 11, 2020

WALTHAM, MASS. — Translate Bio, an RNA therapeutics company, has signed a 10-year, 138,000-square-foot life sciences lease at 200 West St. in the western Boston suburb of Waltham. Boston Properties (NYSE: BXP) is currently redeveloping the site into a lab property that is slated for completion in 2021 and that is now 100 percent preleased. Building amenities will include a full-service café, fitness center and conferencing facilities. According to the Boston Business Journal, Translate Bio is working with the vaccine unit of pharmaceutical giant Sanofi to use messenger RNA to synthesize antibodies that can fight COVID-19.

November 11, 2020

Healthcare Leasing Activity Life Sciences Massachusetts Northeast Office

Ginkgo Bioworks Signs 38,759 SF Life Sciences Lease at The Quad in Boston

by Taylor Williams November 10, 2020

BOSTON — Locally based biotechnology firm Ginkgo Bioworks has signed a 38,759-square-foot life sciences lease at 10 Wilson Road in the Cambridge area of Boston. The new space is located within The Quad, a four-building, 510,000-square-foot campus that is being developed in phases by The Davis Companies. McKenna Teague and Erick Smith of CBRE represented the developer in the lease negotiations. Anne Columbia and Patrick Downey of Columbia Group Realty Advisors Inc. represented the tenant.

November 10, 2020

Development Healthcare Life Sciences Massachusetts Northeast Office

King Street Breaks Ground on $170M Life Sciences Project in Boston

by Taylor Williams November 5, 2020

BOSTON — Locally based developer King Street Properties has broken ground on 101 Cambridgepark, a $170 million life sciences project located in the Cambridge area of Boston. King Street is partnering with California-based Healthpeak Properties on the 160,000-square-foot project, which will feature both traditional office and laboratory space within a five-story building. The property will also include 3,000 square feet of street-level retail space with outdoor seating. Completion is slated for the third quarter of 2022. Newmark is leasing the project.

November 5, 2020

Development Healthcare Life Sciences Massachusetts Northeast Office

Gilbane Building Tops Out 500,000 SF Life Sciences Project in Metro Boston

by Taylor Williams November 3, 2020

WALTHAM, MASS. — General contractor Gilbane Building Co. has topped out 225 Wyman Street, a 500,000-square-foot life sciences project in the western Boston suburb of Waltham. Designed by Gensler, the property will offer space for both laboratory/research and development users as well as traditional office users. Amenities will include green space with walking trails, a three-acre courtyard, fitness center, conference center, dining facility and a 1,500-space covered parking garage with electric vehicle charging stations. Hobbs Brook Management LLC is the developer of the project, which is expected to be complete in March 2022.

November 3, 2020

Healthcare Life Sciences Market Reports Massachusetts Northeast Northeast Market Reports Office

Specialized Labor, Tenant Demand Fuel Growth of Boston’s Life Sciences Market

by Taylor Williams October 30, 2020

By Brendan Carroll, research director, Cushman & Wakefield Through the first three quarters of 2020, the Boston life sciences market is seeing record occupancy, a continuation of large new-building leases, stable rents at record levels, high levels of pre-committed new construction and an insatiable appetite for inventory in new submarket clusters. Cushman & Wakefield defines laboratory properties as facilities optimized for the physical scientific research of biotechnology products. COVID-19’s Impact Following a pause of leasing activity in the first quarter of 2020, lease negotiations for laboratory facilities resumed quickly in the second quarter, hitting a level that commercial office properties have still yet to see. While optimism quickly returned for the region’s office-using businesses, widespread execution of remote office-using job functions has proven to be more effective for many of these workforces than market leaders previously envisioned. The consensus among real estate observers suggests a long-term decrease in the percent of in-office workers for traditional office-using functions. However, the importance of the continued use of physical spaces for biotechnology research will not be affected, as this function cannot be accommodated through current and easily envisioned remote work practices. These are highly specialized jobs performed by employees with highly targeted skill …

October 30, 2020

Development Life Sciences New York Northeast Office Top Stories

Taconic, Nuveen to Transform ABC’s Longtime New York City Headquarters into Life Sciences Space

by Kristin Harlow October 28, 2020

NEW YORK CITY — Taconic Partners and Nuveen Real Estate have unveiled plans to redevelop 125 West End Avenue into a life sciences and research building. Broadcaster ABC has occupied the property as part of its New York City headquarters since 1985 but plans to vacate in January 2021. Chrysler originally constructed the eight-story, 400,000-square-foot property in 1929 as an automotive facility. The New York Times is also a former owner and tenant. The building features floorplates of more than 50,000 square feet, ceiling heights ranging from 13 to 16 feet, multiple access points and views of the Hudson River. Taconic and Nuveen purchased the property in late 2019 for $230 million. Plans call for a mechanical plant, purpose-built lab infrastructure, a new façade, roof terrace and conference center. The developers are still evaluating options for the remainder of the site, which includes a six-story, 131,000-square-foot television studio building and a 1.2-acre development parcel. Construction is slated for completion in 2023. The project team includes architect Perkins+Will and engineer JB&B. The development will feature several environmental sustainability features and is on track to achieve LEED Gold certification. Estimated development costs were not disclosed, though LoanCore Capital did provide a $181 …

October 28, 2020

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