We did a big Eli Lilly deal there, and CRISPR and Vertex are there as well. Commercial Observer: Please give us a brief overview of where Boston life sciences stand today. The Shifting Nature of Boston Life Sciences: Shifting Demand, New Dominant Submarkets By Colliers October 11, 2022 8:00 am reprints gmcnicholl Throughout the pandemic, the life sciences sector has been the Superman of commercial real estate, growing far beyond the sector's pre-COVID performance. Colliers announces it has secured an 81,293 square-foot sublease on behalf of Tegra Medical at 9 Forge Parkway in Franklin. 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). Kim is an excellent fit for our ever-evolving Boston Life Science Practice and were thrilled to welcome her., The Life Science sector in Boston is one of the fastest growing sectors in the market with the largest pipeline of potential space in the country, said Barry. The only real option for new entrants over the past few years has been to convert or build new, and thats not for everybody. The life science market had an IPO once every three days in 2020, for a total valuation of $90.3 billion. Read the interview. I am passionate about my mission to to champion a Colliers Boston that is grounded in integrity, teamwork, open communication, diversity and inclusion, and a client first approach. These are the words that come to mind when describing the current life sciences landscape. ensure on-time and under-budget delivery of the most The asset commanded attention from a wide range of institutional investors, with Oxford Properties ultimately being awarded the asset. And growth is spreading beyond the most established markets. Si desactivas esta cookie no podremos guardar tus preferencias. 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. 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. 11/19/2020 - King Street plans $500M biomanufacturing campus in Devens. One is that they were quiet during the pandemic, so one theory is they are now coming out of hibernation. Receive our weekly newsletter with the latest posts and insights. 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. 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. Originally from South Boston, Barry lives in North Reading with her husband and five-year old son. Prior to joining Colliers, Charlie spent time at competitor firms where he was responsible for oversight and transaction management as the point person for transactions globally. Our team is entrenched in the life science landscape, with deep connections across biotech companies, industry organizations, venture capital sources, and the owners/developers who deliver physical environments for these solutions. IPO numbers were off the charts, VC funding set new highs, and NIH grants increased, all creating unprecedented demand for life science properties. . Throughout the pandemic, the life sciences sector has been the Superman of commercial real estate, growing far beyond the sectors pre-COVID performance. MS: The last few years have seen a barbell effect. For the early- and mid-stage companies, whether theyre private or public, it comes down to two things. management or construction management services, 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 Colliers arranged the financing on 30 Dan Road as well as the $21 million sale of the Canton, Massachusetts property. Cambridge, MA Those are real needle movers. As a member of the Boston Life Science Practice Team, Caitlin supports a wide range of tenants, from Discovery through Commercial functions. Barry Brings 15 Years of Experience Advising Industry-Leading Life Science Clients in the Boston Region. Scribd is the world's largest social reading and publishing site. Any recent deals you could share with us? Puedes aprender ms sobre qu cookies utilizamos o desactivarlas en los ajustes. Please try again. 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. With recessionary pressures still in the macroeconomy, the Greater Boston industrial market softened slightly, but industrial fundamentals remain healthy. EG: Rent shot up significantly earlier in the pandemic, and the past six months have seen them stabilize. 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. 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. Some real estate inventories skew toward research and development space, while others are more cGMP oriented, or a mixture of both. Across the top markets, 1.8 million square feetwereabsorbed. MS: We just closed a deal in Cambridge called Blackstone Science Square. The life science industry shattered growth records in 2021. 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. The Arsenal Yards campus will boast close to 400,000 sf of life science space when all is said and done, including 108,000 sf at 200 Arsenal Yards Blvd., currently home to SQZ Biotechnologies,. Weve seen a handful of elephant-type requirements fall in the 300,000-to-600,000-square-foot range. One is the founders and the backers, people with incredible track records. Those who end up getting strong data will have no issues raising new rounds of financing. Boston, MA Colliers has appointed Kim Barry as senior vice president in the Boston life science practice group. She brings to Colliers excellent leadership qualities developed over the course of a 15-year career working hands-on with various biotech firms. 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. An unexpected error has occurred. What has happened to rents in the region since the start of the pandemic? National Institutes of Health (NIH) funding is set to rise in fiscal year 2022. What have you been seeing over the past few years in Boston life sciences? 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. This industry is still in the early stages of growth in most markets. 12/03/2020 - Despite development slowdown, the state's life science industry keeps on building. Note you are now viewing the Colliers United States website. Oncorus was represented by JLLs Peter Bekerian in the transaction. 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. 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. 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. Its a capital markets issue where borrowing costs have changed, which is impacting underwriting and has translated into, in many instances, a pretty significant bid-ask spread between buyers and sellers. That is largely driven by a collaborative effort of the medical and academic institutions of the Texas Medical Center. 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. Companies that go public need to hire a significant amount of people and grow rapidly. 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. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn. 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. There are a variety of successful processes that our teams follow when guiding clients through transitional strategies. He is an executivevice president and shareholder in the firm. 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. 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. We were very impressed by Broders ability to uniquely comprehend and appreciate the value of life science at this instrumental location, stated Frank Petz,Managing Director, Colliers. Colliers life sciences experts are a network of real estate advisors across North America working in primary, secondary and emerging life science clusters. 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. 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. Mr. Cole joined the Colliers International Urban Brokerage team in 2018. Joe is a Healthcare Fellow and serves on Colliers National Healthcare Services and Life Sciences Steering Committees. The life science market had an IPO once every three days in 2020, setting a new record for IPO launches that easily surpassed the previous high-water mark of 73 in 2018. From a scale perspective, the San Francisco Bay Area and Boston rank first and second, respectively. Colliers has been involved with numerous life sciences/lab transactions in Greater Boston. He also serves as the National Practice Leader of . Colliers | Boston brings a world of resources to New England, offering a full array of integrated real estate services and backed by the most experienced executive team in the Greater Boston area. Apartment market vacancies are healthy, ending 2022 at 5.3%. EG: Over the past 10 months, the number of IPOs here in Massachusetts dropped significantly. 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. She is an Emmanuel College graduate with a concentration in biology. Associate Vice President and Life Science and Health Technology Principal. Early-to-mid-stage companies are scaling up and seeking bigger real estate footprints. Goldin Solutionsfor Colliers Note you are now viewing the Colliers United States website. As Research Director | U.S. Capital Markets, Aaron is responsible for all aspects of research within the Capital Markets platform. Im pleased to join the Colliers team, which has repeatedly proven itself one of the most talented in the area.. Colliers has a strong presence in each of the major biopharmaceutical clusters and emerging life sciences markets in the United States, Canada, Europe and Asia. 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. Terms of Use Colliers Life Science Team | @Colliers_Boston #Cambridge | Experienced #CRE advisors working with #LifeScience #Biomanufacturing & emerging #Biotech companies. Investors poured record venture capital (VC) funding into the life science industry in 2021. Phone: 646.660.8644 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. The other is, theyre in an acquisition mode, looking to acquire great science. But ultimately, the outlook for future absorption is positive. The Urban Brokerage Team focuses on tenant advisory and landlord representation assignments within Boston's dynamic downtown and peripheral urban markets. After carefully listening to your vision, we customize each process to deliver the best results that match your checklist of goals. Which submarkets are hot spots of tenant activity, and how might that have changed over the past few years? 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. Medical device makers dominate markets such as Orange County, while plant science is a strength in St. Louis. 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. It was an opportunity for the buyer to get their hands on a building with a Cambridge address. He is also a founding member of the firm's Tenant Advisory Councilconsisting of the firm's Top 100 "Tenant Rep" brokers globally. Copyright 2022 Colliers International 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, CBRE New England Brokers Three Leases, Totaling 75,695 SF in Chelmsford. According to Executive Vice President Curtis Cole ofColliers Life Science Practice team, IQHQs vision for Innovation Park is truly flourishing. Copyright 2022 Colliers International Its exciting to see this type of growth, going from 20 employees to 150-plus. An unexpected error has occurred. 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. 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. Jake Klein Esta web utiliza cookies para que podamos ofrecerte la mejor experiencia de usuario posible. Note you are now viewing the Colliers United States website. With space availability below 2%, the space crunch has yet to abate. So back to my barbell comment earlier, it has been core or development. Revolutionary. Life science means different things to different investors: markets vary in product type, specialization, and sophistication. 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. By nature, our people are highly collaborative, constantly striving to leverage the strengths of each of our in-house service lines be it leasing, investment sales, capital markets, property management, project management and consulting or appraisal. Recently, Colliers Capital Markets worked with King Street Properties on the disposition of 33 New York Avenue, a lab conversion project in Framingham. 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. 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. 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. 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. His practice involves creating effective real estate solutions for his clients, locally and globally, and landlord representation for primarily office and industrial properties. EG: One noteworthy deal was Tome Biosciences. About Knowledge Leader, They raised a total of $21.2 billion at IPO, for a. We have loyal, committed leadership and incredible talent at all tenure levels, making Colliers | Boston an energetic and diverse work environment for its employees. As Research Director | U.S. Capital Markets, Aaron is responsible for all aspects of research within the Capital Markets platform. 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. MS: With demand shrinking a bit in recent months, were probably looking at a slowdown of new development and conversion plays. As part of the Life Science team, Tim actively represents Tenants and Landlords locally and globally. Colliers has been involved with numerous life sciences/lab transactions in Greater Boston. Read the latest edition of the Commercial Observer online! David and wife Kristy met at the University of Illinois, married in 2001, and are blessed withthree teenage sons. Ms informacin sobre nuestra poltica de cookies, Deblur Comunicacin 2020. 313 Pleasant St. in Watertown A Boston-based residential and hospitality developer is dipping its toes in the life sciences fray. 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. 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. He also oversaw an 8.5 million-square-foot, Class A office portfolio in New Jersey and eastern Pennsylvania for SJP Properties. 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 . Overall, the results for 2022 were mixed as the . Note you are now viewing the Colliers United States website. 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. 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. In addition, he has completed over 200 tenant representation transactions totaling more than 2 million square feet. Outstanding Women of Commercial Real Estate 2023 Announced, Will be Honored Bostons Largest Architectural Firms: 2023. Barry Brings 15 Years of Experience Advising Industry-Leading Life Science Clients in the Boston Region. Vacancies in most markets are incredibly low, many below 5%, indicating more space is needed for expanding tenants. OSSD specializes in local, regional and national office and industrialtenants around the Globe. About Knowledge Leader. BOSTON Basic fundamentals are healthy in the Boston life science market, which by far has the nations largest pipeline of potential life science projects, according to a report by Colliers. 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. National Institutes of Health (NIH) funding is set to rise in fiscal year 2022. His in-depth market knowledge, professionalism and commitment to client services continues to win him significant praise throughout the brokerage community. EG: We do a fair amount of tenant representation. Dynamic. Privacy Policy The next tier is Philadelphia, San Diego, and New Jersey; Raleigh-Durham is its own tier, and other markets fall in line thereafter. IPOs also set new highs. Jack works to createvalue for his clients through an understanding of the local as well as global commercial real estate market. In the past two years, nearly all reported Boston area office transactions are either lab/R&D space or earmarked for a future life science conversion. They took 88,000 square feet with Alexandria on the Arsenal on the Charles Campus in Watertown. 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. . Email: colliers@goldin.com. This has raised tremendous amounts of capital that is driving demand for lab and life science space. Conversions happening throughout that market, from the city to the suburbs, are driving tremendous capital flows to office and industrial assets. Mr. Cole joined the Colliers International Urban Brokerage team in 2018. Big leases are closing and millions of square feet worth of tenants are looking for space, according to the report. center or life sciences property, or you need project 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. 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. These factors are driving tremendous growth in both established life science hubs and numerous other markets. Big leases are closing and millions of square feet worth of tenants are looking for space, according to the report. 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. In her most recent position with Venture Forward Partners, she consulted with companies on laboratory design and operations, relocation services and more. Today he focuses on providing strategic solutions to local, national and global Health Care, Life Sciences and Corporate clients. We look forward to partnering with community stakeholders and neighboring owners to develop a thoughtful evolution of this campus, added Eric Svenson, Managing Partner, Broder. Esto significa que cada vez que visites esta web tendrs que activar o desactivar las cookies de nuevo. Wide range of tenants are looking for space, according to the suburbs, are driving growth... Regional and national office and industrial assets professionalism and commitment to client services continues to win significant... Learn more at corporate.colliers.com, Twitter @ Colliers or LinkedIn numerous life sciences/lab transactions in Boston! On behalf of Tegra Medical at 9 Forge Parkway in Franklin tenant activity, and sophistication copyright 2022 International. North America working in primary, secondary and emerging life science clusters estate Announced. Are healthy, ending 2022 at 5.3 % comes down to two.! A building with colliers boston life science Cambridge address is, theyre in an acquisition,! Mind when describing the current life sciences sector has been involved with life. Issues raising new rounds of financing, it has secured an 81,293 square-foot sublease on behalf of Tegra Medical 9... Such as Orange County, while plant science is a Healthcare Fellow and on! Companies set up shop, the San Francisco Bay Area and Boston rank first second! Sobre nuestra poltica de cookies, Deblur Comunicacin 2020 investors: markets in... Position with venture Forward Partners, she consulted with companies on laboratory design and operations, relocation services more... Shareholder in the Boston life science space to local, national and global Care. A Boston-based residential and hospitality developer is dipping its toes in the pandemic, and blessed..., he has completed over 200 tenant representation seeking bigger real estate market still in the pandemic elephant-type... Have no issues raising new rounds of financing, while others are more cGMP oriented, a. Remain healthy cookie no podremos guardar tus preferencias, he has completed over tenant... Great science are the words that come to mind when describing the current life sciences sector has involved. Cole joined the Colliers United States website locally and globally one theory is are... Note you are now viewing the Colliers United States website product type, specialization and. 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