Life Sciences

66-Galen-Street-Watertown-Massachusetts-1

NewCo Signs 61,189 SF Life Sciences Lease in Watertown, Massachusetts

by Taylor Williams October 17, 2024

WATERTOWN, MASS. —Biotechnology company NewCo has signed a 61,189-square-foot life sciences lease in the western Boston suburb of Watertown. The building at 66 Galen St. is a newly completed, 225,000-square-foot facility that is part of a larger, 450,000-square-foot campus. Evan Gallagher and John Carroll of Colliers represented NewCo in the lease negotiations. Duncan Gratton, Connor Barnes and Joe Pearce of Cushman & Wakefield represented the landlord, partnership between two locally based firms, Davis Cos. and Boston Development Group.

October 17, 2024

Leasing Activity Life Sciences Massachusetts Northeast

LifeMine Signs 56,456 SF Life Sciences Lease in Watertown, Massachusetts

by Taylor Williams October 16, 2024

WATERTOWN, MASS. — Biopharmaceutical company LifeMine has signed a 56,465-square-foot life sciences lease in the western Boston suburb of Watertown. The building at 66 Galen St. is a newly completed, 225,000-square-foot facility that is part of a larger, 450,000-square-foot campus. Evan Gallagher and John Carroll of Colliers represented LifeMine in the lease negotiations. Duncan Gratton, Connor Barnes and Joe Pearce of Cushman & Wakefield represented the landlord, a partnership between two locally based firms, Davis Cos. and Boston Development Group.

October 16, 2024

Development Life Sciences Texas

Partnership Completes 135,000 SF Life Sciences Project in Northwest Dallas

by Taylor Williams October 11, 2024

DALLAS — A partnership between Montgomery Street Partners and J. Small Investments has completed Bridge Labs at Pegasus Park, a 135,000-square-foot life sciences development in northwest Dallas. The facility is part of Pegasus Park, which is a redevelopment of a 25-acre office campus that originally served as the home of Zale Corp., the parent company of jewelry retailer Zale. Campus amenities include a conference center, brewery, fitness center and outdoor dining and socialization spaces. Perkins + Will designed the project, and Swinerton served as the general contractor. JLL is the leasing agent for the broader campus, which the partnership owns in conjunction with Lyda Hill Philanthropies.

October 11, 2024

Content Partner Data Centers Features Hospitality Life Sciences Loans Midwest Multifamily Northeast Office Self-Storage Southeast Texas Western

C-PACE Maintains Appeal in Lower Interest Rate Environment

by Sarah Daniels October 10, 2024

The Federal Reserve’s decision to begin aggressively hiking the federal funds rate in 2022 threw the commercial real estate market into turmoil. Property investors found it difficult to refinance much cheaper short-term loans that were often used to renovate or develop properties. However, the interest rate spike greatly enhanced the viability of commercial property assessed clean energy (C-PACE) financing, a type of loan that becomes an assessment that borrowers pay along with their tax bill. The program emerged more than a decade ago and generally pays for energy, water and seismic resiliency upgrades in new construction and rehabs, including retroactively. As a result, developers embraced C-PACE as they sought ways to pay down debt to secure new financing or loan extensions and modifications. Sponsored: A smarter way to finance your next CRE project – PACE Loan Group Now that the Federal Reserve has reversed course with its 50-basis-point federal funds rate reduction in September — and with Wall Street anticipating additional rate cuts before the end of the year — will C-PACE demand start to cool? Don’t count on it, says Rafi Golberstein, founder and CEO of PACE Loan Group, a direct lender of C-PACE financing based in Minneapolis, Minn. …

October 10, 2024

Life Sciences Loans Massachusetts Northeast

Clarion Partners Receives $94M Loan for Refinancing of Metro Boston Life Sciences Facility

by Taylor Williams October 9, 2024

WATERTOWN, MASS. — New York-based Clarion Partners has received a $94 million loan for the refinancing of LINX, a 185,015-square-foot life sciences facility in the western Boston suburb of Watertown. Completed in 2018, the two-story facility was fully leased at the time of the loan closing to three tenants: C4 Therapeutics, Addgene and Tectonic Therapeutic. Amenities include a grab-and-go café, indoor bike storage space, a locker room with showers, green space, a bocce ball court and shuttle service to Harvard Square. Riaz Cassum, Amy Lousararian and Robyn King of JLL arranged the five-year loan through European lender Société Générale on behalf of Clarion Partners.

October 9, 2024

Leasing Activity Life Sciences Massachusetts Northeast

JLL Negotiates 60,000 SF Life Sciences Lease in Malden, Massachusetts

by Taylor Williams October 3, 2024

MALDEN, MASS. — JLL has negotiated a 60,000-square-foot life sciences lease in Malden, a northern suburb of Boston. The tenant, locally based battery maker Alsym Energy, is relocating its headquarters from nearby Woburn to Exchange 200, a 352,000-square-foot facility that is a redevelopment of a former office building. Molly Heath, Chris McCauley and Anslee Krouch of JLL represented the landlord, a joint venture between Boston-based Berkeley Investments and Chicago-based Singerman Real Estate, in the lease negotiations. Bill Lynch and Caroline Evans of Colliers represented the tenant, which will continue operations at its Woburn facility.

October 3, 2024

Development Healthcare Indiana Industrial Life Sciences Midwest Top Stories

Eli Lilly to Build $4.5B Center for Advanced Manufacturing, Drug Development in Lebanon, Indiana

by Kristin Harlow October 2, 2024

LEBANON, IND. — Eli Lilly and Co. (NYSE: LLY) has unveiled plans to invest $4.5 billion to create the Lilly Medicine Foundry, a new center for advanced manufacturing and drug development in Lebanon, about 27 miles northwest of Indianapolis. The Medicine Foundry, slated to open in late 2027, will be located in Indiana’s LEAP Research and Innovation District. The project brings Lilly’s total investment in the area to more than $13 billion. Earlier this year, Lilly released plans for a $5.3 billion expansion of its pharmaceutical manufacturing facility in Lebanon. “As we accelerate our work to discover new medicines for the toughest diseases, we’re continuing to invest in state-of-the-art infrastructure to support our growing pipeline,” says David Ricks, Lilly’s chair and CEO. “In addition to supplying high-quality medicine for our clinical studies, this new complex will further strengthen our process development and scale up our manufacturing capabilities to speed delivery of next-generation medicines to patients around the world.” Lilly says the flexible design of the new facility will enable production of various molecular therapies, including drug substances for small molecules, biologics and nucleic acid therapies. New technologies developed at the Medicine Foundry will be transferred to Lilly’s other manufacturing sites …

October 2, 2024

Leasing Activity Life Sciences Northeast Pennsylvania

KOKO Medical Signs 19,859 SF Life Sciences Lease in Exton, Pennsylvania

by Taylor Williams September 18, 2024

EXTON, PA. — KOKO Medical has signed a 19,859-square-foot life sciences in Exton, a western suburb of Philadelphia. The medical device and women’s healthcare provider is relocating and expanding from nearby Malvern to the 63,000-square-foot building at 770 Pennsylvania Drive, which is part of the 800-acre Eagleview mixed-use development. Mitch Reading of Tactix Real Estate Advisors represented the tenant in the lease negotiations. Sam Sherrill represented the landlord, Hankin Group, on an internal basis.

September 18, 2024

Acquisitions Life Sciences Washington Western

Alexandria Real Estate Equities Sells Life Sciences Facility in Seattle to Fred Hutch Cancer Center for $150M

by Amy Works September 17, 2024

SEATTLE — Alexandria Real Estate Equities, through an affiliate, has completed the sale of 1165 Eastlake Avenue East in Seattle’s Lake Union submarket to long-standing tenant Fred Hutch Cancer Center for $150 million. Alexandria developed and delivered the 100,086-square-foot, single-tenant, Class A life sciences building in 2021. Proceeds from the disposition of 1165 Eastlake will be reinvested into Alexandria’s leased development and redevelopment pipeline, which consists of research-and-development centers for top life sciences companies, including Bristol Myers Squibb and Novo Nordisk. As part of the transaction, Alexandria, through an affiliate, entered into a strategic joint venture partnership with Fred Hutch for nearby 1201 and 1208 Eastlake Avenue East, aggregating 206,031 rentable square feet, through a transfer of partial interests from the prior joint venture partner to Fred Hutch. Alexandria’s ownership interest in each 1201 and 1208 Eastlake remains unchanged at 30 percent. Fred Hutch executed early renewals at both properties, including a 15-year lease extension at 1201 Eastlake, where it occupies the entire building. These two life sciences facilities support the cancer center in its efforts to translate cancer and infectious disease discoveries into treatments and cures.

September 17, 2024

Acquisitions Life Sciences Texas

Ascension Advisory Arranges Sale-Leaseback of 59,720 SF Life Sciences Facility in Webster, Texas

by Taylor Williams September 12, 2024

WEBSTER, TEXAS — Ascension Advisory has arranged the sale-leaseback of a 59,720-square-foot life sciences facility in Webster, a southeastern suburb of Houston. The property was originally built in 1984. The acquisition of the facility comes as part of the buyer, mission-critical materials and chemicals manufacturer VION Biosciences, purchasing both the business operations and physical real estate of the tenant, Ansh Labs, including the Webster facility. The sales price and lease details were not disclosed.

September 12, 2024

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