Life Sciences

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

California Development Life Sciences Office Western

Joint Venture Buys 640,000 SF Life Sciences Development Site in San Diego for $70M

by Amy Works October 30, 2019

SAN DIEGO — Gemdale USA Corp., with Lincoln Property Co. (LPC), has acquired Aperture Del Mar, an infill development opportunity located in the Del Mar Heights submarket of San Diego. An institutional investor sold the property for $70 million. Situated on 15.7 acres, the site is fully entitled for a 640,000-rentable-square-foot office and life sciences project. According to LPC, the project team is currently working on development and design plans for the site. The property is located within a five-minute walk of more than 185,000 square feet of newly developed retail amenities. Kevin MacKenzie, Doug Bond, Nick Psyllos, Michael Leggett and John Chun of JLL’s Capital Markets represented the seller and buyer in the deal. Additionally, JLL’s Chad Urie, Tony Russell and Grant Schoneman will oversee leasing of the project.

October 30, 2019

Nexus-Canyon-Park-Research-Center-Bothell-WA

Life Sciences Loans Office Washington Western

JLL Arranges $19.9M Refinancing for Suburban Seattle Biotech/R&D Facility

by Amy Works October 24, 2019

BOTHELL, WASH. — JLL has secured $19.9 million in refinancing for Nexus Canyon Park Research Center, a life science, flex and R&D property in Bothell, a suburb of Seattle. The borrower is San Diego-based Nexus Properties. Located at 21720 23rd Drive SE, the two-story Nexus Canyon Park Research Center features 152,050 square feet of space. Constructed in 1999, the facility recently underwent a partial conversion into flex industrial space. Current tenants include Epoch Pharmaceuticals, Sony Biotechnology, Sound Biologics and Shimadzu Scientific. Tim Wright, Zack Holderman, Zack Goodwin and Anthony Rosetta of JLL arranged the loan for a national lender on behalf of the borrower.

October 24, 2019

Acquisitions Healthcare Life Sciences Massachusetts Northeast Office Top Stories

HCP Agrees to Purchase Life Sciences Building Near Boston from Davis Cos., Invesco for $332.5M

by John Nelson September 10, 2019

CAMBRIDGE, MASS. — HCP Inc. (NYSE: HCP), a healthcare and seniors housing REIT, has agreed to acquire a 224,000-square-foot life sciences building in the Cambridge submarket of Boston for $332.5 million. The Davis Cos. and Invesco Real Estate are selling the LEED Gold-certified property, which is located at 35 CambridgePark Drive. Known as Alewife Research Center, 35 CambridgePark Drive is fully leased to five life sciences firms. The leases have a weighted average term exceeding 10 years. The recently delivered property offers more than 10,000 square feet of amenity space, including a lobby with dedicated collaboration spaces, a full-service restaurant, fitness center, lockers, bike storage and green space with outdoor seating. The transit-oriented property is located two miles from Harvard University and directly across the street from the MBTA Alewife Red Line station and bus terminal. “With the acquisition, we’re pleased to report that in less than two years we have expanded our presence in the Boston life science market to more than 1.3 million square feet and at a very compelling blended yield,” says Scott Brinker, executive vice president and chief investment officer of HCP. HCP expects to close the acquisition in December. The REIT also recently purchased the …

September 10, 2019

Leasing Activity Life Sciences Office Texas

Biotech Firm Signs 18,780 SF Office Lease Renewal in Houston

by Taylor Williams September 3, 2019

HOUSTON — Celltex Therapeutics, a locally based biotechnology firm, has signed an 18,780-square-foot office lease renewal at 2401 Fountain View Drive in Houston. Justin Brasell of Transwestern represented the tenant in the lease negotiations. Jack Parsons of locally based brokerage firm Finial Group, which also manages the property, represented the undisclosed landlord.

September 3, 2019

Life Sciences Loans Massachusetts Mixed-Use Northeast

JLL Arranges $140M Construction Loan for Life Sciences Building in Metro Boston

by Alex Patton August 29, 2019

SOMERVILLE, MASS. — JLL has arranged a $140 million construction loan for 101 South Street, a life science development in Somerville, a northern suburb of Boston. The project represents Phase I of the borrower’s planned mixed-use development, which will include retail and residential components as well as public green space. JLL arranged the financing on behalf of the borrower, a joint venture between New York-based developer DLJ Real Estate Capital Partners and Boston-based developer Leggate McCall Properties. Construction is slated for completion in 2021.

August 29, 2019

Acquisitions Life Sciences North Carolina Office Southeast

JLL Negotiates $405M Sale of Life Sciences Portfolio in Durham

by Alex Tostado August 2, 2019

DURHAM, N.C. — JLL has arranged the $405 million sale of Keystone Technology Park and Imperial Center, which total 1.3 million square feet of office space across 18 buildings adjacent to Research Triangle Park in Durham. The portfolio was 94 percent leased at the time of sale. The buildings feature a STEM ecosystem with buildouts and amenities including fitness centers, outdoor amenity space and lounges. Scot Humphrey, Ryan Clutter, Chris Norvell, Coleman Benedict and Zack Drozda of JLL represented the seller, Bain Capital Real Estate, in the transaction. The team also procured the buyer, an affiliate of Longfellow Strategic Value Fund LLC. Longfellow is developing the nearby Durham Innovation District, which upon completion will include 1.3 million square feet of office space, 60,000 square feet of retail space, 250,000 square feet of residential space and 115,000 square feet of lab space.

August 2, 2019

Healthcare Leasing Activity Life Sciences Massachusetts Northeast

BioTech Firm to Open 108,000 SF Facility in Metro Boston

by Taylor Williams June 25, 2019

WALTHAM, MASS. — ElevateBio, a biotech firm that specializes in gene therapy and development, will open a 108,000-square-foot office and lab space in Waltham, a western suburb of Boston. The facility will be located at 200 Smith Street in a former U.S. Post Office facility that was recently transformed into a 430,000-square-foot life sciences building. Anchor Line Partners LLC and Northwood Investors led the redevelopment project. ElevateBio’s new facility is expected to open in May 2020.

June 25, 2019

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