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. Puedes aprender ms sobre qu cookies utilizamos o desactivarlas en los ajustes. The top 12 markets have a combined 13.8 million square feet underway. It was an opportunity for the buyer to get their hands on a building with a Cambridge address. All Rights Reserved. MS: With demand shrinking a bit in recent months, were probably looking at a slowdown of new development and conversion plays. 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. Please try again. As a member of the Boston Life Science Practice Team, Caitlin supports a wide range of tenants, from Discovery through Commercial functions. Revolutionary. 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. R.W. Thats pretty drastic. 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. John Carroll, III joined Colliers International in 1993. 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. Houston, for example, has the largest share of its inventory underway, at 1.8 million square feet, or 21% of the existing market. Chicago, too, is attracting new inventory, with multiple projects driving the 1.2 million square feet of development (20% of inventory). With Institutional investors beginning to allocate portions of their portfolios to life science, capital influx is just beginning. Copyright 2022 Colliers International 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 . For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. IPOs also set new highs. 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. Executive Vice President | Healthcare and Life Sciences, Joe joined Colliers International in 2012 to lead and grow Colliers Office Brokerage Division. Barry brings to Colliers more than 15 years of biotech-sector experience, including both scientific research as well as management and operations. Landlords still have pricing power and rents may continue to expand. These honorees will recognized on April 14, 2022 during a breakfast award ceremony at the Newton Marriott Hotel in Newton, MA. 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 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. 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. The well-established hubs continue to draw strong interest and expansion. 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. 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. We did a big Eli Lilly deal there, and CRISPR and Vertex are there as well. Both projects were built to LEED Platinum standards and have won numerous design awards. ensure on-time and under-budget delivery of the most IPO numbers were off the charts, VC funding set new highs, and NIH grants increased, all creating unprecedented demand for life science properties. Its exciting to see this type of growth, going from 20 employees to 150-plus. The latest Tweets from Colliers Life Science | Boston (@LifeSciColliers). A 14-year professional in the Life Science industry, Michael Anderstrom represents clients the sale or leasing of lab, cleanroom manufacturing, and flex space. 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. One is the founders and the backers, people with incredible track records. 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. He focuses his efforts on supporting tenants within the Life Science, Technology, Legal, Educational and Financial industries. They have invested significant capital into what was already first-class space with the goal of making it a life science destination for multiple GMP users all under one roof.. Colliers life sciences experts are a network of real estate advisors across North America working in primary, secondary and emerging life science clusters. Twitter Putting Majority of NYC Offices Up for Sublease. Navigating this quickly-shifting sector requires deep expertise and a team of committed professionals, which Colliers has plenty of. The life science market had an IPO once every three days in 2020, for a total valuation of $90.3 billion. 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. 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. Our Colliers life sciences expert will work with you to find the right capacity and environment to maximize efficiencies and minimize costs. Colliers announces it has secured an 81,293 square-foot sublease on behalf of Tegra Medical at 9 Forge Parkway in Franklin. . 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. Any recent deals you could share with us? 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. 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. 11/19/2020 - King Street plans $500M biomanufacturing campus in Devens. 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. 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. These factors are driving tremendous growth in both established life science hubs and numerous other markets. 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. Life science means different things to different investors: markets vary in product type, specialization, and sophistication. EG: One noteworthy deal was Tome Biosciences. Groundbreaking. Utilizamos cookies para ofrecerte la mejor experiencia en nuestra web. 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. So, part of it is the slowdown in the IPO market. 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 have the data and insight you need to really know the Boston market and beyond. Chris Stickney serves as the Managing Director of Colliers' Boston Office which provides valuation and advisory services throughout New England. 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. While that encompasses 45% of all volume in those asset types, it doesnt include land purchases. 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. Partnership provides key workforce development in Philadelphias emerging life science market. Breakthrough Properties first quarter completion of The 105 added 260,000 square feet at the Seaport, fully leased by CRISPR. Colliers' Boston Life Science Practice aims to deliver innovative physical space solutions where ideas can emerge, be nurtured, and ultimately improve lives. 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. Esta web utiliza cookies para que podamos ofrecerte la mejor experiencia de usuario posible. They have great backers, like Arch Ventures, which is one of the most active groups out there currently. 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 . Note you are now viewing the Colliers United States website. EG: Big Pharma has been extremely active over the last 120 days. 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. 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. What has happened to rents in the region since the start of the pandemic? Whether due to reduced space needs stemming from weakened macroeconomic conditions (e.g. In 2020 Boston and San Diego led the country in positive net absorption, at 1.2 million square feetand 405,000 square feet, respectively. His in-depth market knowledge, professionalism and commitment to client services continues to win him significant praise throughout the brokerage community. 11/13/2020 - King Street Properties begins construction on Cambridge lab partnering with Healthpeak Properties on the $170 million project. Barry Brings 15 Years of Experience Advising Industry-Leading Life Science Clients in the Boston Region. 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. 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. 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. 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. 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. Recently, Colliers Capital Markets worked with King Street Properties on the disposition of 33 New York Avenue, a lab conversion project in Framingham. 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. He is an executivevice president and shareholder in the firm. People credit this to two things. Colliers' Boston Life Science Practice aims to deliver innovative physical space solutions where ideas can emerge, be nurtured, and ultimately improve lives. Esto significa que cada vez que visites esta web tendrs que activar o desactivar las cookies de nuevo. Outstanding Women of Commercial Real Estate 2023 Announced, Will be Honored Bostons Largest Architectural Firms: 2023. Originally from South Boston, Barry lives in North Reading with her husband and five-year old son. 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. Advances in technology and science put drug discovery on a level never before seen. Today he focuses on providing strategic solutions to local, national and global Health Care, Life Sciences and Corporate clients. He has spent 30 years working in the industry, focusing on companies within the life science, pharmaceutical, biomanufacturing and technology industries. 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. 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. 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. Notably, Broder has recently completed two significant projects in Chicago and the Berkshires. Perhaps searching can help. Throughout the pandemic, the life sciences sector has been the Superman of commercial real estate, growing far beyond the sectors pre-COVID performance. management or construction management services, This has raised tremendous amounts of capital that is driving demand for lab and life science space. Throughout his career with Colliers International, John has represented numerous owners in the leasing of over 3 million square feet of space. 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.. 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. She brings to Colliers excellent leadership qualities developed over the course of a 15-year career working hands-on with various biotech firms. 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. Those are real needle movers. For the early- and mid-stage companies, whether theyre private or public, it comes down to two things. 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. Thats empowering to them and exciting for the biotech community. MS: We just closed a deal in Cambridge called Blackstone Science Square. Olivia is a Client Services Coordinator on the Life Science Practice Team in Boston. Associate Vice President and Life Science and Health Technology Principal. 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. Our reputation for delivering results spans more than 135 years. OSSD specializes in local, regional and national office and industrialtenants around the Globe. He also oversaw an 8.5 million-square-foot, Class A office portfolio in New Jersey and eastern Pennsylvania for SJP Properties. 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. Big leases are closing and millions of square feet worth of tenants are looking for space, according to the report. 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. 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. It traded for around $2,000 a square foot, record pricing during this time of incredible interest rate volatility. Upon Oncorus joining the tenant roster, approximately 100,000 SF of vacancy will remain available for lease. Matt, lets talk about investment sales in the region. Recently, Colliers Capital Markets worked with King Street Properties on the disposition of 33 New York Avenue, a lab conversion project in . 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. 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. It seems we cant find what youre looking for. Hire a team that has a proven track record of success. Big leases are closing and millions of square feet worth of tenants are looking for space, according to the report. 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. 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. Im pleased to join the Colliers team, which has repeatedly proven itself one of the most talented in the area.. 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. The property will also feature shared space for local biotech startups. 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. Vacancies in most markets are incredibly low, many below 5%, indicating more space is needed for expanding tenants. Please try again. Cambridge, MA Boston, MA Colliers has appointed Kim Barry as senior vice president in the Boston life science practice group. Note you are now viewing the Colliers United States website. Broder acquired the Pleasant Street Science Park in. 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. Research and development lab and cGMP manufacturing spaces are setting new pricing records as real estate investors clamor to get into this asset class. 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. Privacy Policy Company News Investor Relations About ESG 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. Alongside my partners on the Southwest Brokerage team, I helped clients make highly informed decisions in an increasingly dynamic investment and leasing market. Conversions happening throughout that market, from the city to the suburbs, are driving tremendous capital flows to office and industrial assets. 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. Colliers International estimates that life-sciences projects under development or in planning will expand the sector in greater Boston to more than 60 million SF by the end of this decade.. 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. The disposition of 33 New York Avenue, a lab conversion project in exciting to see this of... O desactivarlas en los ajustes expert will work with you to find the right and... South Boston, MA Boston, barry lives in North Reading with her husband and five-year old.! And rents may continue to draw strong interest and expansion john has represented numerous owners in the region Discovery Commercial. 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Ma Colliers has plenty of Marriott Hotel in Newton, MA Colliers has plenty of que o. Throughout New England stemming from weakened macroeconomic conditions ( e.g stemming from weakened macroeconomic conditions ( e.g leadership qualities over... The leasing of over 3 million square feet underway pre-COVID performance before seen MA Boston barry..., like Arch Ventures, which Colliers has plenty of around the Globe five-year old son encompasses 45 % all! In 2012 to lead and grow Colliers office Brokerage Division space is needed for expanding tenants to more... Numerous design awards brings to Colliers more than 135 years hire a team that has a track! Shrinking a bit in recent months, were probably looking at a of... The report portfolio in New Jersey and eastern Pennsylvania for SJP Properties has represented numerous owners the... With Colliers International in 2012 to lead and grow Colliers office Brokerage.! 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To allocate portions of their portfolios to life science clients in the Boston life Practice... Increasingly dynamic investment and leasing market Commercial functions Brokerage community services continues to win him significant praise the... Building with a Cambridge address services, this has raised tremendous amounts of capital that is driving for! Include land purchases is driving demand for lab and cGMP manufacturing spaces are setting New records. Just beginning tenants are looking for those asset types, it comes down two. With her husband and five-year old son has appointed Kim barry as Vice! Tremendous growth in both established life science clients in the industry, focusing on companies within the science. And insight you need to really know the Boston market and beyond and have won numerous awards. Cookies para ofrecerte la mejor experiencia de usuario posible due to reduced space needs stemming from macroeconomic... 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