CBRE Arranges $180M Construction Loan for Life Sciences Development in New Haven, Connecticut
NEW HAVEN, CONN. — CBRE has arranged a $180 million construction loan for the development of a life sciences facility at 101 College Street in New Haven.
The project will total 525,000 square feet and include office and biomedical lab space. The property is already over 70 percent pre-leased to tenants including BioLabs and Arvinas, which will move its headquarters to the property. Yale University will serve as the anchor tenant, occupying 125,000 square feet of space in the building and three of its 10 floors, according to Yale News.
The lobby and first floor will include a combination of event space and retail offerings.
A commercial bank led the financing with participation from Webster Bank. Heather Brown, Robert Borden and Grace Keating of CBRE arranged the loan on behalf of the developers on the project, Harrison Street and Winstanley Enterprises.
“Arvinas’ exciting pipeline of therapies targeting oncology and neurodegeneration represents the type of groundbreaking research being done in Connecticut and New Haven, and we look forward to supporting their continued growth,” says Carter Winstanley, a principal at Winstanley Enterprises. “We are also honored that Yale has made a significant commitment within the building to continue its cutting-edge discovery and innovation work, and that BioLabs selected our building and New Haven for their next life sciences co-working space.”
Across the street from the life sciences project is 100 College Street, where Alexion Pharmaceuticals is a tenant. By the fall of 2022, Yale’s research facility, Wu Tsai Institute, will also reside in 100 College Street.
New Haven has become a hot spot for life sciences facilities. Since 2000, there have been around 75 startups related to Yale research in New Haven, according to Yale News. Additionally, 101 College Street represents the fourth large-scale life sciences project in New Haven for Winstanley, which has been investing in the city for more than two decades.
“The new facility at 101 College Street continues to build on the growing life sciences cluster in New Haven driven by the Yale ecosystem,” says Robert Borden, senior vice president with CBRE. “Winstanley’s continued commitment to the city and the significant investment by a world-class institutional investor such as Harrison Street, which has substantial life sciences expertise, are testaments to the quality of the project and the quality of New Haven as a growing and attractive life science destination.”
Construction started in June. The project is scheduled for completion by the middle of 2023.
Winstanley Enterprises LLC is a commercial real estate investment firm based in Concord, Mass. Harrison Street is a Chicago-based investment management firm, and has invested over $9.6 billion in life sciences and medical office space in North America and the United Kingdom.
— Julia Sanders