Were thrilled that we will be developing a state-of-the-art clinical manufacturing facility at Innovation Park in Andover, said Steve Harbin, Chief Operations Officer and Chief of Staff at Oncorus. Mr. Cole joined the Colliers International Urban Brokerage team in 2018. His practice involves creating effective real estate solutions for his clients, locally and globally, and landlord representation for primarily office and industrial properties. The latest Tweets from Colliers Life Science | Boston (@LifeSciColliers). About Knowledge Leader. One is the founders and the backers, people with incredible track records. EG: Big Pharma has been extremely active over the last 120 days. Companies coming up with groundbreaking medicines have significant optionality, whether its in the sublease market were seeing 70 subleases throughout greater Boston, as opposed to zero a year and a half ago or on a direct basis within submarkets throughout greater Boston. Prior to joining Colliers in 2008, he worked in similar capacities at competitors CBRE and C&W. 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. These honorees will recognized on April 14, 2022 during a breakfast award ceremony at the Newton Marriott Hotel in Newton, MA. Goldin Solutionsfor Colliers 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 group's rapidly growing Boston Life Science Practice. Our clients that require new or expanding space benefit from our expertise in the following ways: And our clients who own, develop or are converting buildings for life sciences use can accelerate the performance of their assets by capitalizing on our understanding of: Both occupiers and landlords can capitalize on the deep relationships our members have cultivated with partners across the life sciences ecosystem both nationally and in their local clusters including: Whether you are looking to lease or invest in a research EG: Kendall Square had zero vacancy over the last three years, so we were spending more time in secondary markets. He is currently assisting in multiple transactions in the majority ofSan Diego County markets as well as around the United States. 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.. Our Colliers life sciences expert will work with you to find the right capacity and environment to maximize efficiencies and minimize costs. Whether you are looking to lease or invest in a rese Navigating this quickly-shifting sector requires deep expertise and a team of committed professionals, which Colliers has plenty of. Located at the intersection of Rosedale Road and Pleasant Street, the three-building lab campus offered an attractive in-place cash flow with a roster of six tenants. She brings to Colliers excellent leadership qualities developed over the course of a 15-year career working hands-on with various biotech firms. 11/19/2020 - King Street plans $500M biomanufacturing campus in Devens. Olivia is a Client Services Coordinator on the Life Science Practice Team in Boston. What has happened to rents in the region since the start of the pandemic? Caitlin joined Colliers in 2021, serving as an Advisor on the Boston Life Science Practice Team. David is a leader in several practice groups, including Financial & Insurance Services, Life Science Practice Group, and the Education Services Group. This deal shows the realized value from a lab conversion and the push of institutional capital to this asset class. As more projects deliver and companies set up shop, the market will solidify its status as the nations leading biotechnology hub. Check out the content from some of our most recent events, including our January 10th40th Annual Trends In the Real Estate Market Seminar - Connecting the Dots with Colliers International. All Rights Reserved. We were very impressed by Broders ability to uniquely comprehend and appreciate the value of life science at this instrumental location, Top 25 U.S. Industrial & Logistics Market | Winter 2022. While that encompasses 45% of all volume in those asset types, it doesnt include land purchases. Our reputation for delivering results spans more than 135 years. 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. With a staff of over 130 working out of the Colliers Boston offices, we take a strategic approach to on-going company growth and talent acquisition, making sure that our people represent and uphold our overall company culture and values. For the early- and mid-stage companies, whether theyre private or public, it comes down to two things. 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. Life science means different things to different investors: markets vary in product type, specialization, and sophistication. Jake Klein Thats not to say there havent been some headwinds: Boston-based companies such as Kaleido Biosciences and Yumanity Therapeutics laid off workers in recent months, and availabilities in some submarkets ticked up in the first quarter due to sublease space returning to the market. Breakthrough Properties first quarter completion of The 105 added 260,000 square feet at the Seaport, fully leased by CRISPR. We have the data and insight you need to really know the Boston market and beyond. It seems we cant find what youre looking for. Jack works to createvalue for his clients through an understanding of the local as well as global commercial real estate market. OSSD specializes in local, regional and national office and industrialtenants around the Globe. They have great backers, like Arch Ventures, which is one of the most active groups out there currently. sophisticated projects. Here are key takeaways on the : I haveexperience with Advanced Therapeutic Medicinal Products, Parenteral Fill Finish, Solid Oral Dosage, Biologics, and Medical Device manufacturing facilities, as well as a solid background in Laboratory Research and Development/Pilot scale facilities andcontrolled environments. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. But ultimately, the outlook for future absorption is positive. The top 12 markets have a combined 13.8 million square feet underway. Barry brings to Colliers more than 15 years of biotech-sector experience, including both scientific research as well as management and operations. Apartment market vacancies are healthy, ending 2022 at 5.3%. 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. 40th Annual Trends In the Real Estate Market Seminar - Connecting the Dots with Colliers International, Development and Consulting Services Group, Colliers Facilitates 81,293 SF Flex Sublease in Franklin on behalf of Tegra Medical, Broder Acquires $46M Life Science Campus Arranged by Colliers, Colliers Capital Markets Team Continues Growth with Addition of Matthew Sherry, Colliers Rounds Out Investment Sales Group With Multifamily Specialist Kendin Carr. Receive our weekly newsletter with the latest posts and insights. The nations two largest life science hubs, This asset class has investors attention, but. 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. Major life science leases are getting done in Boston. David and wife Kristy met at the University of Illinois, married in 2001, and are blessed withthree teenage sons. A 14-year professional in the Life Science industry, Michael Anderstrom represents clients the sale or leasing of lab, cleanroom manufacturing, and flex space. My acquired knowledge in life science work has been on both the landlord (Wexford Science & Technology) and the tenant side within the industry. Outstanding Women of Commercial Real Estate 2023 Announced, Will be Honored Bostons Largest Architectural Firms: 2023. 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. Weve seen a handful of elephant-type requirements fall in the 300,000-to-600,000-square-foot range. increased borrowing costs, lower company valuations) or from fewer workers in the office, in 2022 many firms offered sublease space or downsized footprints in new leases. But other markets are aiming to make their mark as well. Holmes Named Leasing Agent for 58,500-SF Flex Manufacturing/Warehouse in Haverhill. Evan Gallagher: The long-term view for the life science ecosystem remains really strong, but demand has dropped. He has spent 30 years working in the industry, focusing on companies within the life science, pharmaceutical, biomanufacturing and technology industries. 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. David specializes in tenant representation for office, lab, industrial, retail, education and specialty facilities. Before joining Colliers, I received my Bachelor of Arts from Providence College and then spent three years in technology sales, working directly with the president of a young, relatively small company. 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. 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.. Note you are now viewing the Colliers United States website. Conversions are taking place across the country, but the scale at which they are growing in Boston is second to none. Las cookies estrictamente necesarias tiene que activarse siempre para que podamos guardar tus preferencias de ajustes de cookies. Other areas attracting life science growth include Boulder, Columbus, Houston, Los Angeles, Minneapolis, New Haven, Phoenix, and Pittsburgh, among others. He has spent 30 years working in the industry, focusing on companies within the life science, pharmaceutical, biomanufacturing and technology industries. And growth is spreading beyond the most established markets. 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. About 9.4 million square feet of life science space is under construction in Greater Boston, with another 52.3 million proposed, according to research from brokerage Colliers International. But there has definitely been a race to expand to satisfy any demand in the market. While the market momentum continued into Q3 and Q4, the Philadelphia Life Sciences Cluster began to show indications that it was not immune from the impacts of rising interest rates, inflation and more conservative investment attitudes towards both real estate and early-stage drug development. Throughout his career with Colliers International, John has represented numerous owners in the leasing of over 3 million square feet of space. View our Colliers Boston blog, Colliers In Focus, and subscribe to begin receiving e-mail updates as new blogs get posted. Twitter Putting Majority of NYC Offices Up for Sublease. He leadsteam of six professional who specialize in local brokerage and account portfolio management. For now, the Boston metropolitan area, including Cambridge, is slightly smaller with about 32 million square feet (3 million square meters) of life-sciences space, compared with almost 34 million . Our acquisition and redesign of Innovation Park supports IQHQs vision to provide premier office, lab and manufacturing facilities for companies such as Oncorus, which will support the increasing demand for medical innovation and life science space in Greater Boston, said Doug Cuff, Vice President at IQHQ. Through my work on local, regional and national site selection assignments, I havedeveloped a firm grasp of the rigorous process required to meet the key search criteria of my clients. 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. Read the interview. Recently, Colliers Capital Markets worked with King Street Properties on the disposition of 33 New York Avenue, a lab conversion project in . For many of the same reasons that IQHQ was originally attracted to Innovation Park from an acquisition standpoint first-class life science infrastructure, high quality finishes, accessibility and proximity to Greater Boston biotech clusters Oncorus also viewed the building as a premier location and facility for a clinical manufacturing outpost to their Cambridge HQ. Watertown is emerging as an important community tied to the life science industry. He synthesizes and interprets a variety of data and information to stay ahead of trends that put our clients in an optimal position to make informed decisions. 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. He also serves as the National Practice Leader of . The other is, theyre in an acquisition mode, looking to acquire great science. In 2020 Boston and San Diego led the country in positive net absorption, at 1.2 million square feetand 405,000 square feet, respectively. Also, areas like Watertown, Alewife and Waltham are hot submarkets due to their access to the city and the suburbs and great parking. Evan, what types of companies are active in the Boston leasing market for life sciences? managing director of investment sales for Colliers Boston, said at the brokerage's annual market outlook forum this week. Stay ahead with industry-leading research. At the same time, he promotes the Colliers brand via best-in-class research reports, weekly insight posts, thought leadership, and contributions to numerous panels, media outlets, and industry events. Thats empowering to them and exciting for the biotech community. An unexpected error has occurred. Open navigation menu Seaport also continues to be hot. 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. The next tier is Philadelphia, San Diego, and New Jersey; Raleigh-Durham is its own tier, and other markets fall in line thereafter. Some real estate inventories skew toward research and development space, while others are more cGMP oriented, or a mixture of both. 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. Jumbo Capital and Apollo Group have obtained $57.7 million in financing from Cambridge Savings Bank to fund a planned conversion of a Boston-area office property into a life sciences-oriented manufacturing facility. Our collaboration with your internal and external vendor teams for design and engineering is critical to your and our ability to set realistic expectations for budgets, occupancy, and final validation. Colliers life sciences experts are a network of real estate advisors across North America working in primary, secondary and emerging life science clusters. Eight Boston Architecture Firms Make to the List of Top 50 Market Basket Supermarket Coming to Maynard Crossing, The Top 10 Commercial Real Estate Developers of Boston in 2020, Vertex Recommends Rejection of Mini-Tender Offer From TRC Capital Investment Corporation. Joining Cole in representing IQHQ were Executive Vice President Greg Klemmer and Assistant Vice President Tim Allen. Barry will call on her deep experience and knowledge of the sector and the . She is an Emmanuel College graduate with a concentration in biology. Vacancies in most markets are incredibly low, many below 5%, indicating more space is needed for expanding tenants. Colliers | Boston, originally founded by J. Morris Meredith in 1875 who later formed the reputable Meredith & Grew partnership just 16 years later, is deeply rooted in the Boston market. He serves as the Director of Life Sciences team and is well versed in all aspects of designing and constructing laboratory and GMP manufacturing facilities on behalf of his clients. Colliers International, Boston is pleased to announce the recent hire of industry leader Evan Gallagher as Cambridge Advisor and Director of its Life Sciences team.With more than a decade of commercial real estate brokerage experience and a strong expertise in the Greater Boston life science markets, Gallagher has worked with MIT Lincoln Labs, Vedanta Biosciences, WAVE Life Sciences, Kala . Groundbreaking. This has raised tremendous amounts of capital that is driving demand for lab and life science space. Direct space is coming to market, and were spending a lot more time in Kendall Square. Holmes Sells 165 Flagship Drive in North Andover for $4,650,000. Joes background in architecture, real estate development and financial analysis provides clients with an experienced professional and strategic leader who integrates complex factors to create successful results for clients. In her most recent position with Venture Forward Partners, she consulted with companies on laboratory design and operations, relocation services and more. With an experienced property management team on-hand, Broder will self-manage the existing properties while pursuing the best development path for the campus with neighborhood stakeholders. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn. Big leases are closing and millions of square feet worth of tenants are looking for space, according to the report. 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. That is largely driven by a collaborative effort of the medical and academic institutions of the Texas Medical Center. Weve seen established and well-leased product in core locations, where the buyers have typically had a strong foothold in the market for years, and weve seen a lot of development and conversion plays. Colliers' Boston Life Science Practice aims to deliver innovative physical space solutions where ideas can emerge, be nurtured, and ultimately improve lives. Colliers arranged the financing on 30 Dan Road as well as the $21 million sale of the Canton, Massachusetts property. 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