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Life Sciences

222-Fifth-Seattle-WA
DevelopmentLife SciencesWashingtonWestern

LPC, Intercontinental Top Out 10-Story Life Sciences Project in Seattle’s South Lake Union

by Amy Works

SEATTLE — Lincoln Property Co. (LPC) and Intercontinental Real Estate Corp., along with MEP as general contractor, have topped out 222 Fifth, a 10-story life sciences building under construction in Seattle’s South Lake Union neighborhood. The Class A property is on scheduled for completion in August 2024. Situated adjacent to the Seattle Space Needle, the 197,919-square-foot building will have three floors of move-in-ready Class A laboratory suites ranging in size from 11,222 square feet to 26,696 square feet. The suites can be combined for a total of 73,663 square feet of contiguous built-out lab space. Each lab suite will feature lab benches, shelving, built-in case work and a BSC and fume hood to allow immediate occupancy for tenants, as well as directly adjacent office workspace. 222 Fifth will feature robust lab amenities, including a common glass wash and autoclave/air and vacuum system/fume exhaust system/emergency power, lab-specialized loading dock with dockmaster for lab deliveries, freight elevator to all floors and lab storage. Additionally, the building will offer a 9,000-square-foot rooftop deck with views of Lake Union, Elliott Bay and the Olympic Mountains for group meetings, lunches or events. Other amenities will include a conference room, on-site retail space, on-site bike parking …

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IllinoisLeasing ActivityLife SciencesMidwest

Four Biotech Tenants Sign Leases at Sterling Bay-Owned Property in Chicago

by Kristin Harlow

CHICAGO — Four biotech tenants have signed leases at 2430 N Halsted, a recently revamped scientific research facility owned by Sterling Bay in Chicago’s Lincoln Park. • Seq Biomarque is establishing its first location in Chicago. The company is developing a cost-effective, blood-based screening and diagnostic test for Alzheimer’s disease. • CeGaT Corp. is making its debut in the United States. Parent company CeGaT GmbH is based in Germany and works in genomics and personalized medicine. • EVOQ Therapeutics, spun out of the University of Michigan’s on-campus lab spaces, is working to reform autoimmune disease treatment with novel immunotherapies. • Cyclopure specializes in water purification and water treatment technologies. The firm has relocated and expanded its headquarters from the Illinois Science + Technology Park. Dave Gloor and Daniella Hemsley negotiated the leases for Sterling Bay on an internal basis. Jonathan Metzl and Jack Deroche of Cushman & Wakefield represented Cyclopure.

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77-Corporate-Drive-Bridgewater-New-Jersey
DevelopmentFeaturesLife SciencesMultifamilyOfficeWestern Feature Archive

Converting Office to Life Sciences Offers Lucrative Alternative to Residential Reuse Projects

by Jeff Shaw

— By Julian Freeman, Dave Wensley and Gabe Pitassi — With steep vacancy rates impacting traditional office markets due to the headwinds of higher interest rates, short-term economic uncertainty and long-term remote/hybrid work uncertainties, underutilized traditional office buildings may become liabilities before the end of their anticipated economic life. Owners of these properties may consider a conversion — an adaptive reuse or repurposing — to access higher rents and occupancy rates.  In view of nationwide housing shortages, especially in California, converting office to multifamily has received much attention as a logical move. However, such a conversion is not always viable from a financial, structural, legal or location perspective. An alternative option may be to repurpose an office building for life sciences use. Such a conversion, while posing its own unique challenges, may provide more realistic options than a conversion to residential use for many owners and properties. Challenges in converting to residential Converting an office building to residential use presents challenges on multiple fronts. Zoning laws vary based on property location and usage, and the property may need to be rezoned to a different classification to allow multifamily uses. Rezoning requires local government approval and public hearings, which can take months …

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AcquisitionsLife SciencesMassachusettsNortheastTop Stories

Norges Bank Investment Management to Acquire Interest in Two Metro Boston Life Sciences Properties for $746.4M

by Kristin Harlow

CAMBRIDGE, MASS. — Norges Bank Investment Management has signed an agreement to acquire a 45 percent interest in two life sciences properties in Cambridge’s Kendall Square neighborhood, just across the Charles River from Boston. BXP (NYSE: BXP) was the seller. The transaction includes 290 Binney Street, a 16-story, 570,000-square-foot property currently under construction. It is fully preleased to AstraZeneca, which expects to take occupancy in April 2026. The other property is 300 Binney Street, a six-story facility undergoing redevelopment. The Broad Institute has preleased the 240,000-square-foot building and plans to take occupancy in January 2025. Norges acquired the interest for an initial payment of $212.9 million and has committed to a total project cost of $746.4 million. Upon completion, the total value of the two buildings is projected to be $1.6 billion. The assets are unencumbered by debt, and no financing was involved in the transaction. BXP will retain the remaining 55 percent interest in the assets and will manage the properties on behalf of the partnership. Cambridge is among the largest hub of life sciences properties in the United States. The home of both Harvard University and Massachusetts Institute of Technology (MIT), the city hosts a slew of major …

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Life SciencesLoansMassachusettsNortheastOffice

EagleBridge Capital Arranges $30M Loan for Refinancing of Metro Boston Flex Property

by Taylor Williams

WILMINGTON, MASS. — Boston-based mortgage banking firm EagleBridge Capital has arranged a $30 million loan for the refinancing of a 211,400-square-foot flex property in Wilmington, about 15 miles north of the state capital. The two-story buildings at 181 and 187 Ballardvale St. sit on a combined 15.4 acres and house a mix of office and research and development space. Ted Sidel of EagleBridge arranged the debt. The borrower and direct lender were not disclosed. The complex was 95 percent leased to 17 tenants at the time of the loan closing.

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IllinoisLeasing ActivityLife SciencesMidwest

Illinois Tech Leases 34,295 SF at Fulton Labs in Chicago

by Kristin Harlow

CHICAGO — Illinois Institute of Technology (Illinois Tech) has leased 34,295 square feet at Fulton Labs in Chicago. Trammell Crow Co. (TCC) is the owner and developer of the property. Illinois Tech will occupy the entire seventh floor of the wet lab facility at 400 N. Aberdeen St. The facility will serve as the university’s first off-campus move to a commercial research hub. Illinois Tech expects to take occupancy by late summer 2024. Illinois Tech researchers will focus on biomedical and biological engineering, including sensors, separation science and electrochemical energy materials along with more biology-focused research such as therapeutics development. Dan Lyne of CBRE represented TCC, while Max Zwolan and Scott Brandwein of JLL represented Illinois Tech. Perkins & Will designed the new space for Illinois Tech. Power Construction will serve as general contractor for the build-out. Fulton Labs totals 725,000 square feet across two buildings.

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10-World-Trade-Boston
DevelopmentLife SciencesMassachusettsNortheastOffice

Boston Global Investors Tops Out 17-Story Life Sciences, Office Building in Seaport District

by Taylor Williams

BOSTON — Boston Global Investors, in partnership with Cogsville Capital Group and Bastion Cos., has topped out 10 World Trade, a 17-story, 555,250-square-foot life sciences and office building in Boston’s Seaport District. The development team is targeting LEED Gold certification for the building and will also introduce other eco-friendly and wellness-based features, such as VIEW Smart Windows and a rooftop solar field. Other project partners include Suffolk Construction and H.J. Russell & Co. Construction began in March 2022 and is expected to be complete in late 2024.

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707-Eleventh-Ave.-Manhattan
DevelopmentLife SciencesNew YorkNortheast

Georgetown Co., Beacon Capital to Develop 185,000 SF Life Sciences Facility in Manhattan

by Taylor Williams

NEW YORK CITY — A partnership between The Georgetown Co. and Beacon Capital Partners will develop a 185,000-square-foot life sciences facility at 707 Eleventh Ave. on Manhattan’s Far West Side. Designed by Elkus Manfredi Architects, the seven-story facility will house lab, research and office space, as well as private terraces, conference facilities and a lobby with a café and wine bar. Additional eco-friendly and wellness features will include bike storage and locker rooms, LEED Gold certification and rooftop solar panels. Completion is slated for 2026. JLL will market the facility for lease.

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New-York-Blood-Center-Rye
DevelopmentLife SciencesNew YorkNortheastOffice

New York Blood Center to Open 187,000 SF Office, Life Sciences Facility in Rye, New York

by Taylor Williams

RYE, N.Y. — The New York Blood Center will open a 187,000-square-foot office and life sciences facility in Rye, a northern suburb of New York City. The 14.8-acre site at 601 Midland Ave. formerly housed an office and data center facility for cosmetics giant Avon, that has now been vacant for about four years. The Westchester County Local Development Corp. has approved a $52 million, tax-exempt bond for the redevelopment, which will include new HVAC, electrical systems, windows and roofing. The façade and landscaping will also be upgraded, and new clinical and research laboratories will be added. The $108 million project is estimated to take 12 to 18 months to complete.

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DevelopmentLife SciencesMixed-UseTexasTop Stories

Texas Medical Center Opens First Building at 37-Acre Helix Park Life Sciences Campus in Houston

by Jeff Shaw

HOUSTON — Texas Medical Center, The University of Texas MD Anderson Cancer Center (MD Anderson), Texas A&M University Health Science Center and The University of Texas Health Science Center at Houston have opened the TMC3 Collaborative Building in Houston. The building is the first project completed within Helix Park, a life sciences campus spanning 37 acres and approximately 5 million square feet of planned development. At full build-out, the Helix Park campus will also offer a 700,000-square-foot industry research building called Dynamic One, six future industry and institutional research buildings, a hotel, a residential tower and a mixed-use building with retail space. Helix Park will also include 18.7 acres of green space across six public parks, which will link together in a double helix configuration. Each park will comprise approximately 55,000-square feet. The parks will offer gathering space, water features, cafes, retail shops and other public spaces. Individual gardens will be available as event spaces. The TMC3 Collaborative Building comprises 250,000 square feet at the heart of Helix Park. According to the Texas Medical Center, the property was designed to foster collaboration between academic institutions and industry partners. The building offers purpose-built wet laboratories, as well as office and co-working space. The building will …

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