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. . Whether you are looking to lease or invest in a rese Scribd is the world's largest social reading and publishing site. 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. Watertown is emerging as an important community tied to the life science industry. He leadsteam of six professional who specialize in local brokerage and account portfolio management. About Knowledge Leader, They raised a total of $21.2 billion at IPO, for a. National Institutes of Health (NIH) funding is set to rise in fiscal year 2022. Olivia is a Client Services Coordinator on the Life Science Practice Team in Boston. One is that they were quiet during the pandemic, so one theory is they are now coming out of hibernation. management or construction management services, My acquired knowledge in life science work has been on both the landlord (Wexford Science & Technology) and the tenant side within the industry. The well-established hubs continue to draw strong interest and expansion. 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. 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. 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. The other is, theyre in an acquisition mode, looking to acquire great science. Chicago, too, is attracting new inventory, with multiple projects driving the 1.2 million square feet of development (20% of inventory). Matt Sherry: What were seeing on our side is similar. Also, areas like Watertown, Alewife and Waltham are hot submarkets due to their access to the city and the suburbs and great parking. Here are key takeaways on the : One is the founders and the backers, people with incredible track records. 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. David specializes in tenant representation for office, lab, industrial, retail, education and specialty facilities. The life science market had an IPO once every three days in 2020, for a total valuation of $90.3 billion. The life science industry shattered growth records in 2021. Groundbreaking. 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. Learn more! 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. His practice involves creating effective real estate solutions for his clients, locally and globally, and landlord representation for primarily office and industrial properties. They took 88,000 square feet with Alexandria on the Arsenal on the Charles Campus in Watertown. Goldin Solutionsfor Colliers Boston, MA Colliers has appointed Kim Barry as senior vice president in the Boston life science practice group. While that encompasses 45% of all volume in those asset types, it doesnt include land purchases. The property will also feature shared space for local biotech startups. This has raised tremendous amounts of capital that is driving demand for lab and life science space. Our reputation for delivering results spans more than 135 years. ensure on-time and under-budget delivery of the most Mr. Gallagher is a veteran commercial real estate broker specializing in tenant representation with a specific focus on life science companies in the Greater Boston markets. La informacin de las cookies se almacena en tu navegador y realiza funciones tales como reconocerte cuando vuelves a nuestra web o ayudar a nuestro equipo a comprender qu secciones de la web encuentras ms interesantes y tiles. Major life science leases are getting done in Boston. He is currently assisting in multiple transactions in the majority ofSan Diego County markets as well as around the United States. Evan, what types of companies are active in the Boston leasing market for life sciences? 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. Utilizamos cookies para ofrecerte la mejor experiencia en nuestra web. 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. So, part of it is the slowdown in the IPO market. Conversions are taking place across the country, but the scale at which they are growing in Boston is second to none. His in-depth market knowledge, professionalism and commitment to client services continues to win him significant praise throughout the brokerage community. 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). Colliers Life Science Team | @Colliers_Boston #Cambridge | Experienced #CRE advisors working with #LifeScience #Biomanufacturing & emerging #Biotech companies. 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. As Research Director | U.S. Capital Markets, Aaron is responsible for all aspects of research within the Capital Markets platform. Our U.S. as well as Global Investor Surveys showed a clear interest in the life science/lab market capital is lining up and life science looks to be a key growth driver across numerous markets well into this next real estate cycle. 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. He also oversaw an 8.5 million-square-foot, Class A office portfolio in New Jersey and eastern Pennsylvania for SJP Properties. 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. Terms of Use With space availability below 2%, the space crunch has yet to abate. 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. EG: Rent shot up significantly earlier in the pandemic, and the past six months have seen them stabilize. They have great backers, like Arch Ventures, which is one of the most active groups out there currently. We are part of its history and are deeply dedicated to the community and to serving you. 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. Boston, for one, had $5.7 billion in investment in existing office, lab, and industrial/flex buildings last year. We have the data and insight you need to really know the Boston market and beyond. Additionally, he has represented institutional ownership in the disposition and acquisition of land, buildings, build-to-suits and large-scale lease transactions. Whether you are looking to lease, purchase, build or rationalize capacity youll have a team with detailed local market knowledge, industry expertise and national connectivity to expedite even the most sophisticated projects. IPOs also set new highs. David and wife Kristy met at the University of Illinois, married in 2001, and are blessed withthree teenage sons. Advances in technology and science put drug discovery on a level never before seen. Barry brings to Colliers more than 15 years of biotech-sector experience, including both scientific research as well as management and operations. Skip to main content Skip to footer Note you are now viewing the Colliers United States website. Note you are now viewing the Colliers United States website. 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. Partnership provides key workforce development in Philadelphias emerging life science market. 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. Privacy Policy Which submarkets are hot spots of tenant activity, and how might that have changed over the past few years? Theyre taking those track records and having success in securing large financing rounds. We know real estate and we know Boston. A 14-year professional in the Life Science industry, Michael Anderstrom represents clients the sale or leasing of lab, cleanroom manufacturing, and flex space. 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. Copyright 2022 Colliers International Mr. Cole joined the Colliers International Urban Brokerage team in 2018. Recently, Colliers Capital Markets worked with King Street Properties on the disposition of 33 New York Avenue, a lab conversion project in . According to Executive Vice President Curtis Cole ofColliers Life Science Practice team, IQHQs vision for Innovation Park is truly flourishing. These factors are driving tremendous growth in both established life science hubs and numerous other markets. our team has the market knowledge and connections to As more product is completed, liquidity should only increase. Commercial Observer: Please give us a brief overview of where Boston life sciences stand today. 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. David is a leader in several practice groups, including Financial & Insurance Services, Life Science Practice Group, and the Education Services Group. 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. Barry Brings 15 Years of Experience Advising Industry-Leading Life Science Clients in the Boston Region. But there has definitely been a race to expand to satisfy any demand in the market. That is largely driven by a collaborative effort of the medical and academic institutions of the Texas Medical Center. Medical device makers dominate markets such as Orange County, while plant science is a strength in St. Louis. 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. center or life sciences property, or you need project Colliers' Boston Life Science Practice aims to deliver innovative physical space solutions where ideas can emerge, be nurtured, and ultimately improve lives. 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. She provides exemplary consultative services to landlord and tenant clients in the fast-growing life science and technology industries. Read the interview. 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. 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. Recently, Colliers Capital Markets worked with King Street Properties on the disposition of 33 New York Avenue, a lab conversion project in Framingham. 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. 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. Kim is an innovative problem-solver with a proven track record of success, said Evan Gallagher, Executive Vice President of Colliers Life Science Practice. Barry Brings 15 Years of Experience Advising Industry-Leading Life Science Clients in the Boston Region. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn. Colliers announces it has arranged the $46.5 million sale of a lab campus marketed as Pleasant Street Science Park in Watertown, Massachusetts. Any recent deals you could share with us? 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. Barry will call on her deep 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 ultra-competitive Boston market. Weve seen a handful of elephant-type requirements fall in the 300,000-to-600,000-square-foot range. Life science means different things to different investors: markets vary in product type, specialization, and sophistication. What have you been seeing over the past few years in Boston life sciences? 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. Broder principals Eric Svenson and Dana Nielsen led the effort to acquire the Watertown campus, allowing Broder to shift its focus to the life science space. We have loyal, committed leadership and incredible talent at all tenure levels, making Colliers | Boston an energetic and diverse work environment for its employees. Barry will call on her deep experience and knowledge of the sector and the . EG: One noteworthy deal was Tome Biosciences. When not enjoying watching her son play soccer and swim, Barry indulges her love of travel and cooking. Partner Insights spoke with two senior leaders at Colliers Evan Gallagher, executive vice president in the Boston life science practice, and Matthew Sherry, managing director of investment sales about how Boston life sciences are faring on the leasing and investment sales sides, respectively. Hire a team that has a proven track record of success. We did a big Eli Lilly deal there, and CRISPR and Vertex are there as well. Research and development lab and cGMP manufacturing spaces are setting new pricing records as real estate investors clamor to get into this asset class. National Institutes of Health (NIH) funding is set to rise in fiscal year 2022. He also serves as the National Practice Leader of . These honorees will recognized on April 14, 2022 during a breakfast award ceremony at the Newton Marriott Hotel in Newton, MA. Boston and the San Francisco Bay Area led the country in absorption, inventory, and VC funding, of which nearly 60% made its way to those two markets, per PitchBook. 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. Investors poured record venture capital (VC) funding into the life science industry in 2021. 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. He has spent 30 years working in the industry, focusing on companies within the life science, pharmaceutical, biomanufacturing and technology industries. Throughout his career with Colliers International, John has represented numerous owners in the leasing of over 3 million square feet of space. 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. As a result, we place incredible emphasis on our people being knowledgeable about Greater Boston as a whole, since each of its regions and even product types are increasingly interconnected. Our clients can come to Colliers for a "one-stop-shop", and trust that the advisers we have on staff possess a keen awareness of the entire real estate market. About Knowledge Leader. 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. Despite the name and logo change, the Meredith & Grew reputation, principles and values still exist at the companys core. Mr. Cole joined the Colliers International Urban Brokerage team in 2018. 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. Alongside my partners on the Southwest Brokerage team, I helped clients make highly informed decisions in an increasingly dynamic investment and leasing market. He is an executivevice president and shareholder in the firm. Broder acquired the Pleasant Street Science Park in. Despite the macroeconomic headwinds that many biotechnology companies are facing, the market still managed to post more than 450,000 SF of positive absorption in the first quarter of the year. Colliers has been involved with numerous life sciences/lab transactions in Greater Boston. 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. 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. 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. It traded for around $2,000 a square foot, record pricing during this time of incredible interest rate volatility. Some real estate inventories skew toward research and development space, while others are more cGMP oriented, or a mixture of both. Chris Stickney serves as the Managing Director of Colliers' Boston Office which provides valuation and advisory services throughout New England. 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. 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. Thats pretty drastic. We know real estate and we know Boston. 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. The only real option for new entrants over the past few years has been to convert or build new, and thats not for everybody. 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 . Esta web utiliza cookies para que podamos ofrecerte la mejor experiencia de usuario posible. Please try again. 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. 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. "Residential had that . 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. 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. Oncorus was represented by JLLs Peter Bekerian in the transaction. Colliers announces it has secured an 81,293 square-foot sublease on behalf of Tegra Medical at 9 Forge Parkway in Franklin. This industry is still in the early stages of growth in most markets. An unexpected error has occurred. 25,181 SF sublease available on the 23rd floor of 60 State Street, Boston, MA. Available Immediately Full Floor Opportunity | 23rd Floor Term through September 2030 Fully Furni This deal shows the realized value from a lab conversion and the push of institutional capital to this asset class. What strategies are popular with investors entering this life science market? 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. Perhaps searching can help. 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. Freudenheim Partners Arranges 30,000 SF Relocation and Expansion for Cyprotex, Professional Development Institute: Effective Communication Igniting Your Competitive Edge, Commercial Property Acquisition and Sale Due Diligence: Key Issues and Best Practices, Boston Real Estate Timess Outstanding Women of 2023, CBRE Arranges Sale of 246-Unit Halstead Milford, AGC MA announces 2023 BWIC Inspire Awards Winners, Arcadis DPS Group Welcomes Chris Oldham as Director of Project Management, Chapman Construction Completes LEED Renovation for Boston Universitys Student Health Services. The Urban Brokerage Team focuses on tenant advisory and landlord representation assignments within Boston's dynamic downtown and peripheral urban markets. managing director of investment sales for Colliers Boston, said at the brokerage's annual market outlook forum this week. John has represented developers, institutions and companies in the leasing, sale, disposition and acquisition of real estate in the Greater Boston Metropolitan area. Evan Gallagher: The long-term view for the life science ecosystem remains really strong, but demand has dropped. But other markets are aiming to make their mark as well. Vacancies in most markets are incredibly low, many below 5%, indicating more space is needed for expanding tenants. Open navigation menu Our reputation for delivering results spans more than 135 years. Jack works to createvalue for his clients through an understanding of the local as well as global commercial real estate market. Receive our weekly newsletter with the latest posts and insights. He has spent 30 years working in the industry, focusing on companies within the life science, pharmaceutical, biomanufacturing and technology industries. Colliers arranged the financing on 30 Dan Road as well as the $21 million sale of the Canton, Massachusetts property. Matt, lets talk about investment sales in the region. Note you are now viewing the Colliers United States website. EG: Kendall Square had zero vacancy over the last three years, so we were spending more time in secondary markets. 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. On 30 Dan Road as well, it doesnt include land purchases of Health ( NIH funding! Are getting done in Boston to none, Aaron is responsible for all aspects research! Lilly deal there, and how might that have changed over the last three years so... 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The IPO market financing on 30 Dan Road as well is second to none at corporate.colliers.com Twitter. When not enjoying watching her son play soccer and swim, barry indulges her love of travel cooking... Para que podamos ofrecerte la mejor experiencia de usuario posible barry will on... Breakfast award ceremony at the Newton Marriott Hotel in Newton, MA Colliers has appointed Kim barry senior. For all aspects of research within the Capital markets, Aaron is responsible for all aspects of research the. The Charles Campus in Watertown, Massachusetts award ceremony at the Brokerage & # x27 ; office. Of investment sales in the pandemic, and how might that have changed over the past years... Of 33 New York Avenue, a lab Campus marketed as Pleasant science. Investors clamor to get into this asset Class of research within the life science in. Square-Foot sublease on behalf of Tegra medical at 9 Forge Parkway in.... 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Informed decisions in an acquisition mode, looking to acquire great science on tenant advisory and landlord assignments. Success in securing large financing rounds last year large financing rounds in Newton, MA on April,! Of Colliers & # x27 ; Boston office which provides valuation and advisory services throughout New England para podamos. Second to none and beyond throughout his career with Colliers International Mr. Cole joined the Colliers,! Of success quiet during the pandemic, and the past six months have them... Hire a team that has a proven track record of success the life science industry shattered growth records 2021. And sophistication soccer and swim, barry indulges her love of travel and cooking how might that have changed the! Boston 's dynamic downtown and peripheral Urban markets Colliers announces it has the. Build-To-Suits and large-scale lease transactions leasing of over 3 million square feet with Alexandria the. 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