Commercial Observer: Please give us a brief overview of where Boston life sciences stand today. He is an executivevice president and shareholder in the firm. Recently, Colliers Capital Markets worked with King Street Properties on the disposition of 33 New York Avenue, a lab conversion project in . He also oversaw an 8.5 million-square-foot, Class A office portfolio in New Jersey and eastern Pennsylvania for SJP Properties. Theyre taking those track records and having success in securing large financing rounds. 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. IQHQ acquired the 211,940-SF life science campus from owner-occupier, Eisai, Inc., back in early 2020, and in partnership withColliershas completed leases to UMASS and Ora Clinical in addition to this latest signing. From research and development lab product to cGMP manufacturing spaces, tenant and investor demand has soared, mostly in the nations largest and most well-established life science hubs. While that encompasses 45% of all volume in those asset types, it doesnt include land purchases. Hear from Matthew Hewitt, Executive Director at Charles Rivers Labs on Philadelphia's cell and gene therapy life sciences, and the Multiply Labs consortium. Charlie has more than 29years of experience in commercial real estate and related fields, and has worked with a broad range of clients/tenants including Merrill Lynch, Integra LifeSciences, Deutsche Bank AG, BASF, Biomet, Kohlberg Kravis Roberts (KKR), KKR/Capstone, John Wiley and Sons, Maher Terminals, AIG, Marsh & McLennan, Mobil, Sprint, Siemens, AON, Fidelity Investments, Lehman Brothers, PNC Bank, Prudential, Sanofi-Aventis, Coca-Cola and Aetna/US Healthcare, Celgene, Celularity, Cellectis. Caitlin approaches each clients needs and challenges with enthusiasm, working diligently to develop a holistic understanding of their requirements. He has spent 30 years working in the industry, focusing on companies within the life science, pharmaceutical, biomanufacturing and technology industries. So back to my barbell comment earlier, it has been core or development. Its exciting to see this type of growth, going from 20 employees to 150-plus. 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. We know real estate and we know Boston. Perhaps searching can help. MS: With demand shrinking a bit in recent months, were probably looking at a slowdown of new development and conversion plays. Copyright 2022 Colliers International Joe is a Healthcare Fellow and serves on Colliers National Healthcare Services and Life Sciences Steering Committees. Prior to joining Colliers, Barry also held roles as a scientist at several local biotech companies with experience at the bench in both R&D and GMP laboratories. People credit this to two things. 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. Thats pretty drastic. Jackunderstands his client'sexact needs regarding theiroverall business strategy so that he may help them reduce costs,drive revenue, and enhance recruitment & retention through their office environment. Companies that go public need to hire a significant amount of people and grow rapidly. They took 88,000 square feet with Alexandria on the Arsenal on the Charles Campus in Watertown. We have found continued success in life science sale transactions with buyers who are able to be flexible in executing transactions without full entitlements in-place. We know real estate and we know Boston. EG: Rent shot up significantly earlier in the pandemic, and the past six months have seen them stabilize. 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. Apartment market vacancies are healthy, ending 2022 at 5.3%. Oncorus, whose R&D headquarters will remain in Cambridge, will occupy Innovation Park at 4 Corporate Drive as an additional location for high-quality GMP clinical manufacturing space. These factors are driving tremendous growth in both established life science hubs and numerous other markets. It was an opportunity for the buyer to get their hands on a building with a Cambridge address. Conversions are taking place across the country, but the scale at which they are growing in Boston is second to none. 11/13/2020 - King Street Properties begins construction on Cambridge lab partnering with Healthpeak Properties on the $170 million project. The future pipeline of new development is concentrated in Boston and the San Francisco Bay Area, suggesting that capital will continue to target the biggest markets in the U.S. These qualities will allow the company to deliver optimal solutions to its valued clients by challenging how its employees think and work on a daily basis. She brings to Colliers excellent leadership qualities developed over the course of a 15-year career working hands-on with various biotech firms. Founded in 2006, Broder has covered mostly an array of real estate property types but has focused primarily on luxury residential and hospitality development and acquisitions. 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. As the National Leader of Colliers Global Life Science Practice Group, I bring 43 years of commercial real estate experience and 22 years of experience focusing on life science real estate. Kim is an innovative problem-solver with a proven track record of success, said Evan Gallagher, Executive Vice President of Colliers Life Science Practice. 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. 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. Executive Vice President | Healthcare and Life Sciences, Joe joined Colliers International in 2012 to lead and grow Colliers Office Brokerage Division. A strong advisor and negotiator on behalf of his clients both locally and nationally, Mr. Gallagher works with a balanced level of both patience and persistence. From a scale perspective, the San Francisco Bay Area and Boston rank first and second, respectively. 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. 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. Those are real needle movers. Research and development lab and cGMP manufacturing spaces are setting new pricing records as real estate investors clamor to get into this asset class. Barry moved from the bench, focusing on laboratory and facility management ,which is where her interest in the commercial real estate side of the Life Science industry blossomed. 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. Cambridge, MA For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. 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. Colliers Life Sciences Review - Boston - Free download as PDF File (.pdf), Text File (.txt) or read online for free. 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. There hasnt been a ton in between in terms of true value-add opportunities. 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. Company News Investor Relations About ESG Alongside my partners on the Southwest Brokerage team, I helped clients make highly informed decisions in an increasingly dynamic investment and leasing market. We are part of its history and are deeply dedicated to the community and to serving you. 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. BOSTON - Colliers International announced that it represented client, IQHQ, in a 15-year, 88,184-SF lease at Innovation Park, Andover, MA to growing Cambridge-based life science company, Oncorus. 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. Watertown is emerging as an important community tied to the life science industry. My primaryfocus is the Class Asubmarkets: UTC, Downtown CBD, Carmel Valley, Sorrento Mesa, Sorrento Valley, Del Mar, Torrey Pines, Solana Beach, Carlsbad, Kearny Mesa, andMission Valley. 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. EG: Over the past 10 months, the number of IPOs here in Massachusetts dropped significantly. Chicago, too, is attracting new inventory, with multiple projects driving the 1.2 million square feet of development (20% of inventory). In 2020 Boston and San Diego led the country in positive net absorption, at 1.2 million square feetand 405,000 square feet, respectively. Our reputation for delivering results spans more than 135 years. The top 12 markets have a combined 13.8 million square feet underway. David Burden is one of the leading corporate real estate services transaction advisors in the US, a four time finalist for Chicagos tenant rep broker of the year, and has achievedColliers Chicago top producer four times since 2010 in a company with over 100 leading commercial brokers in the market. As more projects deliver and companies set up shop, the market will solidify its status as the nations leading biotechnology hub. EG: Kendall Square had zero vacancy over the last three years, so we were spending more time in secondary markets. What has happened to rents in the region since the start of the pandemic? What have you been seeing over the past few years in Boston life sciences? With Institutional investors beginning to allocate portions of their portfolios to life science, capital influx is just beginning. They have completed thousands of transactions including renewals, new leases, build to suits, purchases and salestransactions. Big leases are closing and millions of square feet worth of tenants are looking for space, according to the report. Revolutionary. Holmes Sells 165 Flagship Drive in North Andover for $4,650,000. Boston, MA Colliers has appointed Kim Barry as senior vice president in the Boston life science practice group. Recently, Colliers Capital Markets worked with King Street Properties on the disposition of 33 New York Avenue, a lab conversion project in Framingham. Read the latest edition of the Commercial Observer online! The Colliers team led by Managing Directors Frank Petz, along with Managing Director Matt Sherry, Executive Vice President Jeanne Pinado, Senior Advisor John Nasca, and Financial Analyst Brooke Howard, exclusively marketed the property and completed the sale transaction to Broder, a Boston-based developer. 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. Originally from South Boston, Barry lives in North Reading with her husband and five-year old son. The life science market had an IPO once every three days in 2020, for a total valuation of $90.3 billion. 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. Conversions happening throughout that market, from the city to the suburbs, are driving tremendous capital flows to office and industrial assets. As compared to some other major metropolitan areas, geographically speaking, Boston and the surrounding suburban outposts make up a relatively small, densely populated, developed footprint with some of the most far-reaching suburban towns being less than 35 miles from CBD Boston. Skip to main content Skip to footer Note you are now viewing the Colliers United States website. The life science industry shattered growth records in 2021. Evan, what types of companies are active in the Boston leasing market for life sciences? Jack works to createvalue for his clients through an understanding of the local as well as global commercial real estate market. Life science developers are paying two to three times as much per square foot for development sites as apartment developers in the urban core, according to research by Colliers International. EG: Big Pharma has been extremely active over the last 120 days. He focuses his efforts on supporting tenants within the Life Science, Technology, Legal, Educational and Financial industries. Receive our weekly newsletter with the latest posts and insights. With a growing team of six dedicated specialists, we have the depth and drive to fully understand every moving piece of the evolving and ever-growing life science real estate market, providing our clients with real-time, superior insights along the way. Colliers Life Science Team | @Colliers_Boston #Cambridge | Experienced #CRE advisors working with #LifeScience #Biomanufacturing & emerging #Biotech companies. Twitter Putting Majority of NYC Offices Up for Sublease. Dynamic. 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.. Advances in technology and science put drug discovery on a level never before seen. 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. So, part of it is the slowdown in the IPO market. Here are key takeaways on the : As a member of the Boston Life Science Practice Team, Caitlin supports a wide range of tenants, from Discovery through Commercial functions. 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. Navigating this quickly-shifting sector requires deep expertise and a team of committed professionals, which Colliers has plenty of. Colliers announces it has arranged the $46.5 million sale of a lab campus marketed as Pleasant Street Science Park in Watertown, Massachusetts. Stay ahead with industry-leading research. His team provides aone stop solutions for account management, lease administration, workplace strategy, labor analytics, capital markets, project management, andincentives procurement services. Any recent deals you could share with us? EG: We do a fair amount of tenant representation. Throughout the pandemic, the life sciences sector has been the Superman of commercial real estate, growing far beyond the sectors pre-COVID performance. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn. Today he focuses on providing strategic solutions to local, national and global Health Care, Life Sciences and Corporate clients. Terms of Use But there has definitely been a race to expand to satisfy any demand in the market. 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. Life science means different things to different investors: markets vary in product type, specialization, and sophistication. The Urban Brokerage Team focuses on tenant advisory and landlord representation assignments within Boston's dynamic downtown and peripheral urban markets. Combined meetings between brokerage members as well as representatives from other service lines increases project transparency and results in opportunity for creative collaboration by all. And growth is spreading beyond the most established markets. 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. Seaport also continues to be hot. Colliers' Boston Life Science Practice aims to deliver innovative physical space solutions where ideas can emerge, be nurtured, and ultimately improve lives. Read the interview. Investors poured record venture capital (VC) funding into the life science industry in 2021. But other markets are aiming to make their mark as well. 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. 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