There, I was exposed to many different sides of the day-to-day operations, giving me an invaluable education in and appreciation for what drives business decisions. Tenants will benefit from extensive renovations to the buildings amenities including state-of-the-art fitness center, updated and expanded high-end caf, as well as improvements to outdoor gathering areas and landscaping that are currently underway with anticipated completion in the coming months. His practice involves creating effective real estate solutions for his clients, locally and globally, and landlord representation for primarily office and industrial properties. Boston Has the Largest Potential Pipeline of Life Science Space in the Vertex Pharmaceuticals to occupy Related Beals planned development of 22 Drydock Avenue, Boylston Properties Launches Property Management Arm, Cresa Publishes Data-Driven Insights & Predictions for Greater Boston Real Estate Markets, R.W. MS: The last few years have seen a barbell effect. Colliers (NASDAQ and TSX: CIGI), the leading global commercial real estate services firm, announces it has appointed Kim Barry as Senior Vice President in the groups rapidly growing Boston Life Science Practice. The overall availability rate in the metro ticked up to 2.4% in the first quarter due to tenants returning space to the market and some new space not yet being fully committed. Also, areas like Watertown, Alewife and Waltham are hot submarkets due to their access to the city and the suburbs and great parking. Top 25 U.S. Industrial & Logistics Market | Winter 2022, Colliers Pittsburgh Welcomes Back Edward Lawrence, The Jefferson Institute of Bioprocessing to Bring Biologics Training to Budd Bioworks, Colliers LabNotes: Matthew Hewitt from Scientific Solutions at Charles River Labs, Optimal location solutions for talent attraction, accessibility, operating costs, specialized requirements, incentives and more, Flexibility for changing circumstances, including rapid growth, unforeseen setbacks in trial results, M&A and more, Favorable capital investment structure with landlords, Protection from unrecognized exposures over the life of a lease, Capitalization and credit of growing drug development companies, Infrastructure and capital requirements of research lab and manufacturing facilities, Life cycle factors shaping transaction structuring for life sciences users, MIT - Massachusetts Institute of Technology. They took 88,000 square feet with Alexandria on the Arsenal on the Charles Campus in Watertown. Colliers Quick Hits | Life Science Opportunities Are Spreading by Aaron Jodka | 21 April 2022 Investors poured record venture capital (VC) funding into the life science industry in 2021. The other is, theyre in an acquisition mode, looking to acquire great science. His practice involves creating effective real estate solutions for his clients, locally and globally, and landlord representation for primarily office and industrial properties. sophisticated projects. Matt, lets talk about investment sales in the region. This industry is still in the early stages of growth in most markets. Barry will call on her experience and knowledge of the sector and the region to help industry-leading life science companies find and develop space that meets unique business and operational requirements in the competitive Boston market. 11/13/2020 - King Street Properties begins construction on Cambridge lab partnering with Healthpeak Properties on the $170 million project. Given the current scale of investment in Boston and the San Francisco Bay Area, along with their future development pipelines, they will continue to remain the most sought-after markets in the country. As more product is completed, liquidity should only increase. But other markets are aiming to make their mark as well. Colliers Life Sciences Review - Boston - Free download as PDF File (.pdf), Text File (.txt) or read online for free. So back to my barbell comment earlier, it has been core or development. Esto significa que cada vez que visites esta web tendrs que activar o desactivar las cookies de nuevo. Myknowledge of market conditions and influences in the life sciences supports my ability to be creative in structuring the financial details of both lease and purchase transactions. As a member of the Boston Life Science Practice Team, Caitlin supports a wide range of tenants, from Discovery through Commercial functions. Colliers announces it has secured an 81,293 square-foot sublease on behalf of Tegra Medical at 9 Forge Parkway in Franklin. With tens of millions of square feet in announced or underway projects, Boston easily has the largest potential pipeline of life science space in the nation. We did a big Eli Lilly deal there, and CRISPR and Vertex are there as well. Note you are now viewing the Colliers United States website. Perhaps searching can help. Scribd is the world's largest social reading and publishing site. His in-depth market knowledge, professionalism and commitment to client services continues to win him significant praise throughout the brokerage community. Jack Blumenfeld is an Associate specializing in Class A Office/Flex/Life Science tenant representation and investments inthe UTC San Diego office of Colliers International. Copyright 2022 Colliers International But now, with everyday life struggling to return to something resembling normal, life sciences is showing that every Superman has a kryptonite in this case, a potentially saturated level of demand. They have invested significant capital into what was already first-class space with the goal of making it a life science destination for multiple GMP users all under one roof.. Associate Vice President and Life Science and Health Technology Principal. Today he focuses on providing strategic solutions to local, national and global Health Care, Life Sciences and Corporate clients. Dynamic. National Debt & Equity Platform Leader, Colliers- Boston Joe Curtatone Former Mayor, City of Somerville, City of Somerville Ginger Desmond Senior Associate, Stantec Moderator Joseph Hanley. WATERTOWN, MA, October 8, 2021 Colliers (NASDAQ and TSX: CIGI) announces it has arranged the $46.5 million sale of a lab campus marketed as Pleasant Street Science Park in Watertown, Massachusetts. She is an Emmanuel College graduate with a concentration in biology. Apartment market vacancies are healthy, ending 2022 at 5.3%. His team provides aone stop solutions for account management, lease administration, workplace strategy, labor analytics, capital markets, project management, andincentives procurement services. The campus also provides ample opportunity to develop up to 180,000 SF of new life science product. In one of the metros biggest announcements of the first quarter, the pharma giant Eli Lilly revealed plans to launch the Lilly Institute for Genetic Medicine, a $700 million investment, to be housed in a new 334,000-square-foot space at 15 Necco Street in the Seaport, due in 2024. Twitter Putting Majority of NYC Offices Up for Sublease. Copyright 2022 Colliers International Read the interview. We were at 7 million square feet of active requirements in the marketplace about 18 months ago, and weve dropped to about 4 million square feet. In 2020 Boston and San Diego led the country in positive net absorption, at 1.2 million square feetand 405,000 square feet, respectively. Evan, what types of companies are active in the Boston leasing market for life sciences? Following a 132-year period operating as Meredith & Grew, the company embraced a new chapter when Colliers International purchased an 80% interest in the company, allowing the remaining 20% to be locally owned and managed. There are a variety of successful processes that our teams follow when guiding clients through transitional strategies. Notably, Broder has recently completed two significant projects in Chicago and the Berkshires. With a net of more than two million square feet of additional occupied space in 2022, the metros life sciences sector expanded for the ninth consecutive year. We identify sites, buildings and spaces for our research lab and drug manufacturing clients and assist building owners and developers to best position their assets to secure life sciences tenants. He is an executivevice president and shareholder in the firm. That has changed. But there has definitely been a race to expand to satisfy any demand in the market. Our team of dedicated life science real estate advisors understands that our clients need someone in their corner navigating real estate solutions in a supply-constrained market. He also serves as the National Practice Leader of . With space availability below 2%, the space crunch has yet to abate. After carefully listening to your vision, we customize each process to deliver the best results that match your checklist of goals. What have you been seeing over the past few years in Boston life sciences? Throughout his career with Colliers International, John has represented numerous owners in the leasing of over 3 million square feet of space. According to Executive Vice President Curtis Cole ofColliers Life Science Practice team, IQHQs vision for Innovation Park is truly flourishing. Colliers International estimates that life-sciences projects under development or in planning will expand the sector in greater Boston to more than 60 million SF by the end of this decade.. Las cookies estrictamente necesarias tiene que activarse siempre para que podamos guardar tus preferencias de ajustes de cookies. Earlier in his career, David also workedon Capitol Hill developing a specialty in economic incentives and later as a site selection consultant at Arthur Andersen LLP before earning his MBA and focusing on corporate real estate advisory and brokerage services. Chris Stickney serves as the Managing Director of Colliers' Boston Office which provides valuation and advisory services throughout New England. With a deep understanding of markets throughout the country, he provides a unique perspective on market dynamics across asset types and investment strategies, providing clients with tailored data and analytics to ultimately guide decision-making solutions. This deal shows the realized value from a lab conversion and the push of institutional capital to this asset class. We are incredibly excited about leasing momentum and the establishment of a growing cluster in Bostons northern suburbs., Although the campus was previously occupied by a single user with Eisai, its layout is highly conducive and versatile for multi-tenanting. Im pleased to join the Colliers team, which has repeatedly proven itself one of the most talented in the area.. This has raised tremendous amounts of capital that is driving demand for lab and life science space. Michael offers his clients a unique industry advantage, having gained his real-world Life Science experience in his roles at 3M, DonJoy Orthopedics, and The Regulatory and Clinical Research Institute (acquired by Covance/Labcorp). With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. Big leases are closing and millions of square feet worth of tenants are looking for space, according to the report. Recent research from Colliers found that with tens of millions of square feet in announced or underway projects, Boston has the largest potential pipeline of life science space in the nation. Colliers Inks 88,184-SF Life Science Deal in Andover, Connolly Brothers Receives Silver Award from DBIA New England, SGA Celebrates 30 Years of Design Excellence, New England Ice Cream Corporation Leased a 15,571-SF Industrial Building. Colliers announces it has arranged the $46.5 million sale of a lab campus marketed as Pleasant Street Science Park in Watertown, Massachusetts. Direct space is coming to market, and were spending a lot more time in Kendall Square. Please try again. Major life science leases are getting done in Boston. The largest investment sales were in the Boston market, which had multiple billion-dollar-plus transactions, in 2021. We are experts at structuring lease and purchase transactions that reflect the significant capital investment required to support research and manufacturing operations while addressing the life cycle of funding for these operations. Receive our weekly newsletter with the latest posts and insights. Holmes Named Leasing Agent for 58,500-SF Flex Manufacturing/Warehouse in Haverhill. Once Alexandria Real Estate Equities 500,000- square-foot 201 Brookline building finishes later this year, bio companies such as Tango Therapeutics and Verve Therapeutics will occupy space alongside the life science-focused venture capital firm Third Rock Ventures. People credit this to two things. OSSD specializes in local, regional and national office and industrialtenants around the Globe. Colliers & # x27 ; s largest social reading and publishing site the firm specializes! 88,000 square feet with Alexandria on the $ 46.5 million sale of a lab campus as! Worth of tenants are looking for space, according to Executive Vice President Curtis Cole ofColliers life Science.... Years have seen a barbell effect in most markets other is, theyre in acquisition... Has definitely been a race to expand to satisfy any demand in early. The push of institutional capital to this asset Class this has raised tremendous amounts capital. 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