His background in ISO 13485, cGMP, cleanrooms, and FDA Regulatory and Quality requirements has proved valuable expertise for both Medical Device and Pharma business leaders seeking a flexible and compliant real estate footprint, and Landlords requiring specialized knowledge to list and market Life Science properties to the industry. What strategies are popular with investors entering this life science market? Please try again. Copyright 2012 - 2023 | citybiz | All Rights Reserved, Advertising / Media / Communications / Public Relations. Whether you are looking to lease or invest in a rese 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. 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). Whether due to reduced space needs stemming from weakened macroeconomic conditions (e.g. 313 Pleasant St. in Watertown A Boston-based residential and hospitality developer is dipping its toes in the life sciences fray. 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. One is that they were quiet during the pandemic, so one theory is they are now coming out of hibernation. Conversions are taking place across the country, but the scale at which they are growing in Boston is second to none. All Rights Reserved. Empty space is rare. 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. 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. But there has definitely been a race to expand to satisfy any demand in the market. Outstanding Women of Commercial Real Estate 2023 Announced, Will be Honored Bostons Largest Architectural Firms: 2023. While that encompasses 45% of all volume in those asset types, it doesnt include land purchases. 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. 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. Perhaps searching can help. We have been looking to thoughtfully enter the Watertown life science market for some time and, with this purchase, I believe we found the perfect fit. 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. 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. 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. We are part of its history and are deeply dedicated to the community and to serving you. 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. Landlords still have pricing power and rents may continue to expand. Those are real needle movers. He leadsteam of six professional who specialize in local brokerage and account portfolio management. These factors are driving tremendous growth in both established life science hubs and numerous other markets. He has spent 30 years working in the industry, focusing on companies within the life science, pharmaceutical, biomanufacturing and technology industries. That is largely driven by a collaborative effort of the medical and academic institutions of the Texas Medical Center. His practice involves creating effective real estate solutions for his clients, locally and globally, and landlord representation for primarily office and industrial properties. EG: Over the past 10 months, the number of IPOs here in Massachusetts dropped significantly. The asset commanded attention from a wide range of institutional investors, with Oxford Properties ultimately being awarded the asset. Joe is a Healthcare Fellow and serves on Colliers National Healthcare Services and Life Sciences Steering Committees. Matt Sherry Joins Colliers as Managing Director, Investment Sales, Kendin Carr joins Colliers as Vice President in Boston office. The other is, theyre in an acquisition mode, looking to acquire great science. These honorees will recognized on April 14, 2022 during a breakfast award ceremony at the Newton Marriott Hotel in Newton, MA. Privacy Policy Research and development lab and cGMP manufacturing spaces are setting new pricing records as real estate investors clamor to get into this asset class. 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. Recently, Colliers Capital Markets worked with King Street Properties on the disposition of 33 New York Avenue, a lab conversion project in Framingham. Barry Brings 15 Years of Experience Advising Industry-Leading Life Science Clients in the Boston Region. 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. So, we have also seen a decrease in general volume, and transactions have been more difficult to complete. As part of the Life Science team, Tim actively represents Tenants and Landlords locally and globally. 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. After carefully listening to your vision, we customize each process to deliver the best results that match your checklist of goals. 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. But ultimately, the outlook for future absorption is positive. Caitlin joined Colliers in 2021, serving as an Advisor on the Boston Life Science Practice Team. Receive our weekly newsletter with the latest posts and insights. Big leases are closing and millions of square feet worth of tenants are looking for space, according to the report. Alongside my partners on the Southwest Brokerage team, I helped clients make highly informed decisions in an increasingly dynamic investment and leasing market. Thats pretty drastic. 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. It traded for around $2,000 a square foot, record pricing during this time of incredible interest rate volatility. Las cookies estrictamente necesarias tiene que activarse siempre para que podamos guardar tus preferencias de ajustes de cookies. Partnership provides key workforce development in Philadelphias emerging life science market. Boston Has the Largest Potential Pipeline of Life Science Space in the Vertex Pharmaceuticals to occupy Related Beals planned development of 22 Drydock Avenue, Boylston Properties Launches Property Management Arm, Cresa Publishes Data-Driven Insights & Predictions for Greater Boston Real Estate Markets, R.W. Si desactivas esta cookie no podremos guardar tus preferencias. Overall, the results for 2022 were mixed as the . Scribd is the world's largest social reading and publishing site. For further information, please contact: Our reputation for delivering results spans more than 135 years. EG: Kendall Square had zero vacancy over the last three years, so we were spending more time in secondary markets. When were putting surveys together for clients who need anywhere from 20,000 to 100,000 square feet, they have a choice now. Skip to main content Skip to footer Note you are now viewing the Colliers United States website. Receive our weekly newsletter with the latest posts and insights. 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. 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. Executive Vice President | Healthcare and Life Sciences, Joe joined Colliers International in 2012 to lead and grow Colliers Office Brokerage Division. Despite the name and logo change, the Meredith & Grew reputation, principles and values still exist at the companys core. This industry is still in the early stages of growth in most markets. His in-depth market knowledge, professionalism and commitment to client services continues to win him significant praise throughout the brokerage community. 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. He focuses his efforts on supporting tenants within the Life Science, Technology, Legal, Educational and Financial industries. EG: Rent shot up significantly earlier in the pandemic, and the past six months have seen them stabilize. Additionally, he has represented institutional ownership in the disposition and acquisition of land, buildings, build-to-suits and large-scale lease transactions. They have completed thousands of transactions including renewals, new leases, build to suits, purchases and salestransactions. 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. Terms of Use Major life science leases are getting done in Boston. 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. Phone: 646.660.8644 As Research Director | U.S. Capital Markets, Aaron is responsible for all aspects of research within the Capital Markets platform. 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. 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. Matt Sherry: What were seeing on our side is similar. MS: The last few years have seen a barbell effect. 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.. 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. Stay ahead with industry-leading research. 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. She brings to Colliers excellent leadership qualities developed over the course of a 15-year career working hands-on with various biotech firms. Jack works to createvalue for his clients through an understanding of the local as well as global commercial real estate market. We know real estate and we know Boston. Evan Gallagher: The long-term view for the life science ecosystem remains really strong, but demand has dropped. She provides exemplary consultative services to landlord and tenant clients in the fast-growing life science and technology industries. Life science means different things to different investors: markets vary in product type, specialization, and sophistication. IPO numbers were off the charts, VC funding set new highs, and NIH grants increased, all creating unprecedented demand for life science properties. 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. Goldin Solutionsfor Colliers Mr. Cole joined the Colliers International Urban Brokerage team in 2018. Please try again. 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. 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. David specializes in tenant representation for office, lab, industrial, retail, education and specialty facilities. 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. Boston, for one, had $5.7 billion in investment in existing office, lab, and industrial/flex buildings last year. Email: colliers@goldin.com. He is currently assisting in multiple transactions in the majority ofSan Diego County markets as well as around the United States. An unexpected error has occurred. 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. 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. The top 12 markets have a combined 13.8 million square feet underway. The next tier is Philadelphia, San Diego, and New Jersey; Raleigh-Durham is its own tier, and other markets fall in line thereafter. One is the founders and the backers, people with incredible track records. People credit this 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 addition, he has completed over 200 tenant representation transactions totaling more than 2 million square feet. 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. MS: With demand shrinking a bit in recent months, were probably looking at a slowdown of new development and conversion plays. This deal shows the realized value from a lab conversion and the push of institutional capital to this asset class. An unexpected error has occurred. IPOs also set new highs. New deliveries in 2022 will open the door for more absorption. Terms of Use He also oversaw an 8.5 million-square-foot, Class A office portfolio in New Jersey and eastern Pennsylvania for SJP Properties. But there has definitely been a race to expand to satisfy any demand in the disposition and acquisition land! 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