Despite the challenging and uncertain economic climate in New Jersey where the unemployment rate is now at its highest level in three decades and major companies are placing large blocks of space on the market, there is at least one encouraging sign of progress and glimmer of hope. Due to a number of factors, small and mid-sized biotech companies are choosing Central New Jersey — and areas adjacent to the Interstate 287/78 corridor — to base their operations. Several companies have located their headquarters or expanded branch functions in the I-287/78 corridor during 2012. In Bridgewater, Allergan leased 93,000 square feet, Dendreon leased 39,940 square feet, while Aptalis Pharma expanded into a total of 50,000 square feet. In Basking Ridge, Celgene renewed its 90,000-square-foot lease and Ipsen leased 32,500 square feet. Outside the I-287/78 corridor, Watson Pharmaceuticals recently expanded into an additional 32,000 square feet in Parsippany, and leased 32,000 square feet of lab/administrative space in North Brunswick. A recent study from BioNJ, a 300-member organization founded in 1994 that is focused on advancing the growth and prosperity of New Jersey’s biotechnology cluster, reinforces this trend and paints a vivid picture of its impact over the past few years. The …
GERMANTOWN, MD. — Blacksburg, Va.-based Intrexon, a biotech company that produces products across multiple industries like human therapeutics, protein production, industrial products, agricultural biotechnology and animal science, has signed a 55,000-square-foot lease for laboratory and office space at 20358 Seneca Meadows Pkwy. in Germantown. Rockville, Md.-based Scheer Partners represented Intrexon in the lease transaction. Germantown-based Minkoff Development is the landlord for 20358 Seneca Meadows Pkwy.
RICHMOND, VA. — Richmond-based Lingerfelt Development has started construction on the $100 million, 300,000-square-foot BioTech 8 building, a three-building headquarters for Health Diagnostic Laboratory Inc. (HDL), located within the 34-acre Virginia BioTechnology Research Park in downtown Richmond. After demolishing the BioTech 3 building, the company will construct Phase I of the property, which will include a 112,000-square-foot, six-story wet lab biotechnology building. Completion is slated for December 2012. A second phase, including an additional 112,000-square-foot, six-story tower, will begin in 2013. When fully completed, both phases plus HDL's existing building will total 300,000 square feet.
BOSTON — A joint venture plans to develop the 413,536-square-foot Longwood Center, a life sciences and biotechnology facility in Boston. The center will be located in the Longwood Medical Area of the city, which also serves as home to Harvard Medical School and Beth Israel Deaconess Medical Center, among others. Dana-Farber Cancer Institute will anchor the property, leasing 154,000 square feet of space. The joint venture consists of Clarion Partners, National Development, Charles River Realty Investors and Alexandria Real Estate Equities.
BOSTON — Genzyme Corp., a biotechnology company, has signed an 82,490-square-foot lease renewal at 55 Cambridge Pkwy. in Boston. 55 Cambridge is a 275,000-square-foot, Class A office building, located on the Charles River. Joe Fallon of Cassidy Turley FHO represented the tenant in the transaction. John Miller of Lincoln Property Group represented the landlord, Invesco.
BANGOR, PA. — The former Majestic Athletics apparel manufacturing building, located at 100 Majestic Way in Bangor, has sold for $1.5 million. BioSpectra, a biotech company, purchased the 142,000-square-foot facility to expand its operations. Joseph Baxter and Brian Coyne of Stroudsburg, Pa.- based Michael Baxter & Associates represented the owner in the deal. Daniel Perich and Ray Starner of Michael Baxter represented the buyer.
SHELTON, CONN. – Woodbridge, Conn.-based Inno-Haven has purchased an 18,000-square-foot property at 1 Controls Dr. in Shelton, which the company plans to renovate. NanoViricides, Inc. will lease the renovated laboratory and manufacturing space from Inno-Haven. Bruce Wettenstein of Vidal/Wettenstein negotiated the property's sale.
DALLAS — MetLife has named Jones Lang LaSalle (JLL) the exclusive leasing agents for its Turtle Creek Centre, a 312,000-square-foot office building at 3811 Turtle Creek Blvd. in Dallas. JLL’s Daryl Mullin, Steve Everbach and Conor McCarthy are handling the leasing efforts. The office building features a health facility, a deli and on-site security. The building is currently 82 percent leased to tenants such as Communications Sciences Corp., Wilson Associates and Jackson Lewis, LLP.
CAMBRIDGE, MASS. — Last week, the Cambridge Planning Board granted approval to Alexandria Real Estate Equities for the development of a new life sciences campus near Kendall Square in Cambridge. Known as the Binney Street Project, the development will add approximately 1.72 million square feet of high-tech office and laboratory space to an area that already has a major presence in the industry. “East Cambridge and Kendall Square are real hotbeds of the innovation economy,” says Tom Andrews, senior vice president of Alexandria Real Estate and regional director for its Massachusetts operations. “There are a lot of pharmaceutical and biotechnology companies, research institutes, and technology companies in this submarket. We think there are a variety of life science and technology companies that may be interested in these parcels.” The Binney Street Project will be built on five parcels of land totaling 11 acres that are located along Binney Street between First and Third streets. The project will include the construction of five buildings, a mixed-mode transportation center and more than 2 acres of public green space. All of the buildings will be built to LEED specifications. Presently, the parcels contain older, one- and two-story industrial buildings — a reminder of …
IRVING, TEXAS — Scott + Reid General Contractors has completed the 172,000-square-foot Caris Life Sciences headquarters, a conversion of a 12-year-old commercial office building. Located at 6655 N. MacArthur Blvd. in Irving, the property features a 27,000-square-foot laboratory. The company will eventually employ more than 700 workers at the property.