Throughout the pandemic, the life sciences sector has been the Superman of commercial real estate, growing far beyond the sectors pre-COVID performance. Big leases are closing and millions of square feet worth of tenants are looking for space, according to the report. 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. These are the words that come to mind when describing the current life sciences landscape. R.W. Matt, lets talk about investment sales in the region. Learn more! 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. Mr. Cole joined the Colliers International Urban Brokerage team in 2018. 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. Empty space is rare. Please try again. Life science means different things to different investors: markets vary in product type, specialization, and sophistication. 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. Esto significa que cada vez que visites esta web tendrs que activar o desactivar las cookies de nuevo. Esta web utiliza cookies para que podamos ofrecerte la mejor experiencia de usuario posible. Also, areas like Watertown, Alewife and Waltham are hot submarkets due to their access to the city and the suburbs and great parking. Groundbreaking. So back to my barbell comment earlier, it has been core or development. Having played an integral role in landmark transactions across the city, Massachusetts and New England as a whole, Meredith & Grew is ultimately the foundation of the companys long-term success, built upon exceptional service, unrivaled market knowledge, business acumen and a deep dedication to the community. Colliers Life Sciences Review - Boston - Free download as PDF File (.pdf), Text File (.txt) or read online for free. National Institutes of Health (NIH) funding is set to rise in fiscal year 2022. Colliers announces it has arranged the $46.5 million sale of a lab campus marketed as Pleasant Street Science Park in Watertown, Massachusetts. Barry Brings 15 Years of Experience Advising Industry-Leading Life Science Clients in the Boston Region. Colliers announces it has secured an 81,293 square-foot sublease on behalf of Tegra Medical at 9 Forge Parkway in Franklin. 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 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. They took 88,000 square feet with Alexandria on the Arsenal on the Charles Campus in Watertown. Upon Oncorus joining the tenant roster, approximately 100,000 SF of vacancy will remain available for lease. Read the latest edition of the Commercial Observer online! Associate Vice President and Life Science and Health Technology Principal. They have completed thousands of transactions including renewals, new leases, build to suits, purchases and salestransactions. The inventory in Cambridge is mostly controlled by long-term holders, so the buyers saw this as an opportunity to plant a flag in the most core life science market in the world. As Research Director | U.S. Capital Markets, Aaron is responsible for all aspects of research within the Capital Markets platform. Our Colliers life sciences expert will work with you to find the right capacity and environment to maximize efficiencies and minimize costs. Navigating this quickly-shifting sector requires deep expertise and a team of committed professionals, which Colliers has plenty of. Executive Vice President | Healthcare and Life Sciences, Joe joined Colliers International in 2012 to lead and grow Colliers Office Brokerage Division. 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. In her new role, Barry will provide life science clients with various critical services including site selection assistance, vendor procurement, budgeting and timeline management assistance and more. My network of a wide variety of trusted advisors within the industry facilitates a regular flow of information about life science real estate trends, pricing, and comparable data for leasing and sales transactions. 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. Growth is happening in the Washington, D.C./Maryland market, as well as in Seattle, Chicago, and New York City. Evan Gallagher: The long-term view for the life science ecosystem remains really strong, but demand has dropped. 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. Our reputation for delivering results spans more than 135 years. Prior to stepping into the Market Leader position, I devoted the prior 15 years of my professional career to providing landlords and tenants with thoughtful and honest advice about Bostons 128 South and 495 South markets. Apartment market vacancies are healthy, ending 2022 at 5.3%. Boston and San Francisco, the top two markets in the country, are, unsurprisingly, leading the U.S. in construction today, with 5.1 million square feet and 2.1 million square feet underway, respectively. Barry Brings 15 Years of Experience Advising Industry-Leading Life Science Clients in the Boston Region. She is an Emmanuel College graduate with a concentration in biology. John Carroll, III joined Colliers International in 1993. All Rights Reserved. EG: Kendall Square had zero vacancy over the last three years, so we were spending more time in secondary markets. 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. Those who end up getting strong data will have no issues raising new rounds of financing. Houston, for example, has the largest share of its inventory underway, at 1.8 million square feet, or 21% of the existing market. Scribd is the world's largest social reading and publishing site. 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. Broder acquired the Pleasant Street Science Park in. 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. 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. 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. We are part of its history and are deeply dedicated to the community and to serving you. He also oversaw an 8.5 million-square-foot, Class A office portfolio in New Jersey and eastern Pennsylvania for SJP Properties. Receive our weekly newsletter with the latest posts and insights. 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 We did a big Eli Lilly deal there, and CRISPR and Vertex are there as well. 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. 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. 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 . 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. 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. 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. Oncorus was represented by JLLs Peter Bekerian in the transaction. For the early- and mid-stage companies, whether theyre private or public, it comes down to two things. Conversions happening throughout that market, from the city to the suburbs, are driving tremendous capital flows to office and industrial assets. In my role as Executive Managing Director and Market Leader of Colliers Boston, I am responsible for the strategic direction and performance of Colliers Internationals Boston office, comprising more than 130 real estate professionals who provide clients with best-in-class service for landlord representation, tenant advisory, corporate solutions, capital markets, development and consulting, real estate management, valuation and appraisal, and marketing and research. 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. 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. Big leases are closing and millions of square feet worth of tenants are looking for space, according to the report. He has spent 30 years working in the industry, focusing on companies within the life science, pharmaceutical, biomanufacturing and technology industries. Our reputation for delivering results spans more than 135 years. Kim is an innovative problem-solver with a proven track record of success, said Evan Gallagher, Executive Vice President of Colliers Life Science Practice. These factors are driving tremendous growth in both established life science hubs and numerous other markets. 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. Those are real needle movers. It seems we cant find what youre looking for. What have you been seeing over the past few years in Boston life sciences? 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 . 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. Vacancies in most markets are incredibly low, many below 5%, indicating more space is needed for expanding tenants. Originally from South Boston, Barry lives in North Reading with her husband and five-year old son. Prior to joining Colliers in 2008, he worked in similar capacities at competitors CBRE and C&W. Goldin Solutionsfor Colliers Weve seen a handful of elephant-type requirements fall in the 300,000-to-600,000-square-foot range. 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. Boston, MA Colliers has appointed Kim Barry as senior vice president in the Boston life science practice group. Matt Sherry Joins Colliers as Managing Director, Investment Sales, Kendin Carr joins Colliers as Vice President in Boston office. We know real estate and we know Boston. 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. 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. Companies that go public need to hire a significant amount of people and grow rapidly. David specializes in tenant representation for office, lab, industrial, retail, education and specialty facilities. His team provides aone stop solutions for account management, lease administration, workplace strategy, labor analytics, capital markets, project management, andincentives procurement services. Other areas attracting life science growth include Boulder, Columbus, Houston, Los Angeles, Minneapolis, New Haven, Phoenix, and Pittsburgh, among others. The well-established hubs continue to draw strong interest and expansion. 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. John has represented developers, institutions and companies in the leasing, sale, disposition and acquisition of real estate in the Greater Boston Metropolitan area. About Knowledge Leader, They raised a total of $21.2 billion at IPO, for a. But there has definitely been a race to expand to satisfy any demand in the market. Recently, Colliers Capital Markets worked with King Street Properties on the disposition of 33 New York Avenue, a lab conversion project in . The property will also feature shared space for local biotech startups. One is the founders and the backers, people with incredible track records. EG: Over the past 10 months, the number of IPOs here in Massachusetts dropped significantly. Boston, MA (617) 330-8000 Website @ColliersIntl Overview COLLIERS INTERNATIONAL - COMPANY OVERVIEW Colliers International has been an active participant in the Life Science/Biotechology real estate markets since the early 1980s when the biotechnology industry started to take shape in Cambridge. Colliers Inks 88,184-SF Life Science Deal in Andover, Connolly Brothers Receives Silver Award from DBIA New England, SGA Celebrates 30 Years of Design Excellence, New England Ice Cream Corporation Leased a 15,571-SF Industrial Building. Colliers | 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. Outstanding Women of Commercial Real Estate 2023 Announced, Will be Honored Bostons Largest Architectural Firms: 2023. BOSTON- Basic fundamentals are healthy in the Boston life science market, which by far has the nation's largest pipeline of potential life science projects, according to a report by Colliers. 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. He is an executivevice president and shareholder in the firm. To make sure that our team can deliver insightful and thoughtful life science real estate strategies to our clients, regardless of company size and the challenges they may face in entering and exiting the clinic successfully. MS: The last few years have seen a barbell effect. 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. With Institutional investors beginning to allocate portions of their portfolios to life science, capital influx is just beginning. Hear from Matthew Hewitt, Executive Director at Charles Rivers Labs on Philadelphia's cell and gene therapy life sciences, and the Multiply Labs consortium. 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. 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. 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. Barry will call on her deep experience and knowledge of the sector and the . 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. 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. Early-to-mid-stage companies are scaling up and seeking bigger real estate footprints. 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. It traded for around $2,000 a square foot, record pricing during this time of incredible interest rate volatility. Here are key takeaways on the : Perhaps searching can help. An unexpected error has occurred. 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. 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. 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. Terms of Use He also serves as the National Practice Leader of . From a scale perspective, the San Francisco Bay Area and Boston rank first and second, respectively. With space availability below 2%, the space crunch has yet to abate. 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. 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. our team has the market knowledge and connections to Watertown is emerging as an important community tied to the life science industry. As part of the Life Science team, Tim actively represents Tenants and Landlords locally and globally. Read the interview. 12/03/2020 - Despite development slowdown, the state's life science industry keeps on building. She provides exemplary consultative services to landlord and tenant clients in the fast-growing life science and technology industries. While that encompasses 45% of all volume in those asset types, it doesnt include land purchases. 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. My acquired knowledge in life science work has been on both the landlord (Wexford Science & Technology) and the tenant side within the industry. 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 | 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. 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. Privacy Policy 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. Some real estate inventories skew toward research and development space, while others are more cGMP oriented, or a mixture of both. 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. 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Sciences, Joe joined Colliers International in 2012 to lead and grow rapidly what looking! Satisfy any demand in the Boston Region 5.3 % lab conversion project in education. All colliers boston life science in those asset types, it doesnt include land purchases public need hire! Also serves as the national practice Leader of space is needed for expanding.! In 1993 aspects of research within the life science, Capital influx just..., Chicago, and sophistication para que podamos ofrecerte la mejor experiencia de usuario.. Carr Joins Colliers as Vice President | Healthcare and life science team, Tim actively represents tenants and locally! Specialization, and sophistication that encompasses 45 % of all volume in those asset,...: over the last three years, so we were spending more time in secondary markets to life hubs... End up getting strong data will have no issues raising New rounds of financing closing and millions of square with... 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