Big leases are closing and millions of square feet worth of tenants are looking for space, according to the report. Broder acquired the Pleasant Street Science Park in. IPO numbers were off the charts, VC funding set new highs, and NIH grants increased, all creating unprecedented demand for life science properties. Note you are now viewing the Colliers United States website. Caitlin joined Colliers in 2021, serving as an Advisor on the Boston Life Science Practice Team. As a member of the Boston Life Science Practice Team, Caitlin supports a wide range of tenants, from Discovery through Commercial functions. Colliers announces it has secured an 81,293 square-foot sublease on behalf of Tegra Medical at 9 Forge Parkway in Franklin. His practice involves creating effective real estate solutions for his clients, locally and globally, and landlord representation for primarily office and industrial properties. Thats pretty drastic. As more product is completed, liquidity should only increase. According to Executive Vice President Curtis Cole ofColliers Life Science Practice team, IQHQs vision for Innovation Park is truly flourishing. Im pleased to join the Colliers team, which has repeatedly proven itself one of the most talented in the area.. 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. We know real estate and we know Boston. 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. Please try again. Mr. Cole joined the Colliers International Urban Brokerage team in 2018. 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. This deal shows the realized value from a lab conversion and the push of institutional capital to this asset class. Holmes 2022 4th Quarter Office and Industrial Highlights, Margulies Perruzzi Completes Lab/Office Space for Strand Therapeutics, 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, Lauren Gauthier Joins SGA As Director Of Architecture, R.W. Its exciting to see this type of growth, going from 20 employees to 150-plus. Following a 132-year period operating as Meredith & Grew, the company embraced a new chapter when Colliers International purchased an 80% interest in the company, allowing the remaining 20% to be locally owned and managed. 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 . 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. Life science companies and researchers should focus on what they do best: changing the world one discovery at a time. WATERTOWN, MA, October 8, 2021 Colliers (NASDAQ and TSX: CIGI) announces it has arranged the $46.5 million sale of a lab campus marketed as Pleasant Street Science Park in Watertown, Massachusetts. 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. Scribd is the world's largest social reading and publishing site. Caitlin approaches each clients needs and challenges with enthusiasm, working diligently to develop a holistic understanding of their requirements. 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. Those who end up getting strong data will have no issues raising new rounds of financing. Throughout the pandemic, the life sciences sector has been the Superman of commercial real estate, growing far beyond the sectors pre-COVID performance. 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. These are the words that come to mind when describing the current life sciences landscape. 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. 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. Dynamic. 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. He is also a founding member of the firm's Tenant Advisory Councilconsisting of the firm's Top 100 "Tenant Rep" brokers globally. With Institutional investors beginning to allocate portions of their portfolios to life science, capital influx is just beginning. 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. Kim is an innovative problem-solver with a proven track record of success, said Evan Gallagher, Executive Vice President of Colliers Life Science Practice. It seems we cant find what youre looking for. Throughout his career with Colliers International, John has represented numerous owners in the leasing of over 3 million square feet of space. EG: One noteworthy deal was Tome Biosciences. 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. sophisticated projects. 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. With space availability below 2%, the space crunch has yet to abate. 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. In a world of constant news and a sea of information, Colliers International | Boston's team of market experts develops and hones the insight, actionable analysis and market intelligence you need to navigate the constantly changing dynamics of the Greater Boston market. Thats empowering to them and exciting for the biotech community. 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. There hasnt been a ton in between in terms of true value-add opportunities. 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. 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. Puedes aprender ms sobre qu cookies utilizamos o desactivarlas en los ajustes. 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. Privacy Policy Colliers arranged the financing on 30 Dan Road as well as the $21 million sale of the Canton, Massachusetts property. This facility will play a central role in enabling us to advance our mission to realize the full promise of viral immunotherapy for cancer patients.. As Research Director | U.S. Capital Markets, Aaron is responsible for all aspects of research within the Capital Markets platform. 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. Matt, lets talk about investment sales in the region. 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. 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. An unexpected error has occurred. Conversions are taking place across the country, but the scale at which they are growing in Boston is second to none. Colliers' Boston Life Science Practice aims to deliver innovative physical space solutions where ideas can emerge, be nurtured, and ultimately improve lives. 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. 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. 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. People credit this to two things. His in-depth market knowledge, professionalism and commitment to client services continues to win him significant praise throughout the brokerage community. Both projects were built to LEED Platinum standards and have won numerous design awards. Our acquisition and redesign of Innovation Park supports IQHQs vision to provide premier office, lab and manufacturing facilities for companies such as Oncorus, which will support the increasing demand for medical innovation and life science space in Greater Boston, said Doug Cuff, Vice President at IQHQ. Copyright 2022 Colliers International Terms of Use 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. With recessionary pressures still in the macroeconomy, the Greater Boston industrial market softened slightly, but industrial fundamentals remain healthy. 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. It was an opportunity for the buyer to get their hands on a building with a Cambridge address. Las cookies estrictamente necesarias tiene que activarse siempre para que podamos guardar tus preferencias de ajustes de cookies. We are part of its history and are deeply dedicated to the community and to serving you. Here are key takeaways on the : 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 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. EG: We do a fair amount of tenant representation. One is the founders and the backers, people with incredible track records. 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. The only real option for new entrants over the past few years has been to convert or build new, and thats not for everybody. 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. The other is, theyre in an acquisition mode, looking to acquire great science. Jack works to createvalue for his clients through an understanding of the local as well as global commercial real estate market. An unexpected error has occurred. Colliers (NASDAQ and TSX: CIGI), the leading global commercial real estate services firm, announces it has appointed Kim Barry as Senior Vice President in the group's rapidly growing Boston Life Science Practice. The top 12 markets have a combined 13.8 million square feet underway. What has happened to rents in the region since the start of the pandemic? 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. 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 comprehensive approach including assisting clients to identify an efficient spaceprogram; impartially surveyall viable properties;tenaciously negotiating favorableterms; and procuringarchiects, contractors andconsultants for implementation. 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. 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. We know real estate and we know Boston. We have loyal, committed leadership and incredible talent at all tenure levels, making Colliers | Boston an energetic and diverse work environment for its employees. When were putting surveys together for clients who need anywhere from 20,000 to 100,000 square feet, they have a choice now. MS: With demand shrinking a bit in recent months, were probably looking at a slowdown of new development and conversion plays. 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. Which submarkets are hot spots of tenant activity, and how might that have changed over the past few years? 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. 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 honorees will recognized on April 14, 2022 during a breakfast award ceremony at the Newton Marriott Hotel in Newton, MA. Need anywhere from 20,000 to 100,000 square feet of space we are part of its history and deeply... International, John has represented numerous owners in the leasing of over 3 million square feet of. Big leases are closing and millions of square feet of space global commercial estate. 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