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. 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. 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. MS: We just closed a deal in Cambridge called Blackstone Science Square. Advances in technology and science put drug discovery on a level never before seen. New deliveries in 2022 will open the door for more absorption. 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. 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. 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. 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. 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. 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. 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. EG: Over the past 10 months, the number of IPOs here in Massachusetts dropped significantly. Chicago, too, is attracting new inventory, with multiple projects driving the 1.2 million square feet of development (20% of inventory). Despite the name and logo change, the Meredith & Grew reputation, principles and values still exist at the companys core. 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. 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. EG: One noteworthy deal was Tome Biosciences. 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. 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. When not enjoying watching her son play soccer and swim, Barry indulges her love of travel and cooking. Holmes Sells 165 Flagship Drive in North Andover for $4,650,000. Matt, lets talk about investment sales in the region. Jack works to createvalue for his clients through an understanding of the local as well as global commercial real estate market. Joe is a Healthcare Fellow and serves on Colliers National Healthcare Services and Life Sciences Steering Committees. With space availability below 2%, the space crunch has yet to abate. 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. But ultimately, the outlook for future absorption is positive. 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. Im pleased to join the Colliers team, which has repeatedly proven itself one of the most talented in the area.. Privacy Policy Also, areas like Watertown, Alewife and Waltham are hot submarkets due to their access to the city and the suburbs and great parking. 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. After carefully listening to your vision, we customize each process to deliver the best results that match your checklist of goals. 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. His practice involves creating effective real estate solutions for his clients, locally and globally, and landlord representation for primarily office and industrial properties. 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. The property will also feature shared space for local biotech startups. This deal shows the realized value from a lab conversion and the push of institutional capital to 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. Colliers arranged the financing on 30 Dan Road as well as the $21 million sale of the Canton, Massachusetts property. Read the latest edition of the Commercial Observer online! Thats pretty drastic. 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. As Research Director | U.S. Capital Markets, Aaron is responsible for all aspects of research within the Capital Markets platform. Read the interview. Medical device makers dominate markets such as Orange County, while plant science is a strength in St. Louis. 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. The latest Tweets from Colliers Life Science | Boston (@LifeSciColliers). His practice involves creating effective real estate solutions for his clients, locally and globally, and landlord representation for primarily office and industrial properties. Research and development lab and cGMP manufacturing spaces are setting new pricing records as real estate investors clamor to get into this asset class. So, part of it is the slowdown in the IPO market. Twitter Putting Majority of NYC Offices Up for Sublease. 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 Chris Stickney serves as the Managing Director of Colliers' Boston Office which provides valuation and advisory services throughout New England. Investors poured record venture capital (VC) funding into the life science industry in 2021. Whether you are looking to lease or invest in a rese 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. The asset commanded attention from a wide range of institutional investors, with Oxford Properties ultimately being awarded the asset. Matt Sherry: What were seeing on our side is similar. 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. 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. Growth is happening in the Washington, D.C./Maryland market, as well as in Seattle, Chicago, and New York City. There, I was exposed to many different sides of the day-to-day operations, giving me an invaluable education in and appreciation for what drives business decisions. 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). Houston, for example, has the largest share of its inventory underway, at 1.8 million square feet, or 21% of the existing market. The next tier is Philadelphia, San Diego, and New Jersey; Raleigh-Durham is its own tier, and other markets fall in line thereafter. Company News Investor Relations About ESG Some real estate inventories skew toward research and development space, while others are more cGMP oriented, or a mixture of both. Theyre taking those track records and having success in securing large financing rounds. David is a leader in several practice groups, including Financial & Insurance Services, Life Science Practice Group, and the Education Services Group. "Residential had that . 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. 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. What has happened to rents in the region since the start of the pandemic? Mr. Cole joined the Colliers International Urban Brokerage team in 2018. 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. Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. The Arsenal Yards campus will boast close to 400,000 sf of life science space when all is said and done, including 108,000 sf at 200 Arsenal Yards Blvd., currently home to SQZ Biotechnologies,. Those who end up getting strong data will have no issues raising new rounds of financing. Landlords still have pricing power and rents may continue to expand. 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. Watertown is emerging as an important community tied to the life science industry. Companies coming up with groundbreaking medicines have significant optionality, whether its in the sublease market were seeing 70 subleases throughout greater Boston, as opposed to zero a year and a half ago or on a direct basis within submarkets throughout greater Boston. The life science industry shattered growth records in 2021. Whether due to reduced space needs stemming from weakened macroeconomic conditions (e.g. 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. Upon Oncorus joining the tenant roster, approximately 100,000 SF of vacancy will remain available for lease. Si desactivas esta cookie no podremos guardar tus preferencias. Boston, for one, had $5.7 billion in investment in existing office, lab, and industrial/flex buildings last year. Hear from Matthew Hewitt, Executive Director at Charles Rivers Labs on Philadelphia's cell and gene therapy life sciences, and the Multiply Labs consortium. 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. In her most recent position with Venture Forward Partners, she consulted with companies on laboratory design and operations, relocation services and more. Learn more! Prior to joining Colliers in 2008, he worked in similar capacities at competitors CBRE and C&W. 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. Across the top markets, 1.8 million square feetwereabsorbed. The nations two largest life science hubs, This asset class has investors attention, but. Caitlin joined Colliers in 2021, serving as an Advisor on the Boston Life Science Practice Team. 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. 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. As more projects deliver and companies set up shop, the market will solidify its status as the nations leading biotechnology hub. Additionally, he has represented institutional ownership in the disposition and acquisition of land, buildings, build-to-suits and large-scale lease transactions. 11/19/2020 - King Street plans $500M biomanufacturing campus in Devens. 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. Originally from South Boston, Barry lives in North Reading with her husband and five-year old son. An unexpected error has occurred. John Carroll, III joined Colliers International in 1993. So back to my barbell comment earlier, it has been core or development. MS: The last few years have seen a barbell effect. Oncorus was represented by JLLs Peter Bekerian in the transaction. Please try again. 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 . 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. National Institutes of Health (NIH) funding is set to rise in fiscal year 2022. Revolutionary. 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. Ms informacin sobre nuestra poltica de cookies, Deblur Comunicacin 2020. A 14-year professional in the Life Science industry, Michael Anderstrom represents clients the sale or leasing of lab, cleanroom manufacturing, and flex space. He also oversaw an 8.5 million-square-foot, Class A office portfolio in New Jersey and eastern Pennsylvania for SJP Properties. Barry Brings 15 Years of Experience Advising Industry-Leading Life Science Clients in the Boston Region. Alongside my partners on the Southwest Brokerage team, I helped clients make highly informed decisions in an increasingly dynamic investment and leasing market. He also serves as the National Practice Leader of . Located at the intersection of Rosedale Road and Pleasant Street, the three-building lab campus offered an attractive in-place cash flow with a roster of six tenants. He is an executivevice president and shareholder in the firm. We know real estate and we know Boston. Groundbreaking. Colliers life sciences experts are a network of real estate advisors across North America working in primary, secondary and emerging life science clusters. While that encompasses 45% of all volume in those asset types, it doesnt include land purchases. 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. 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. Any recent deals you could share with us? Broder acquired the Pleasant Street Science Park in. 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. . Here are key takeaways on the : Recently, Colliers Capital Markets worked with King Street Properties on the disposition of 33 New York Avenue, a lab conversion project in . Seaport also continues to be hot. Copyright 2022 Colliers International Colliers has been involved with numerous life sciences/lab transactions in Greater Boston. 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. It seems we cant find what youre looking for. Skip to main content Skip to footer Note you are now viewing the Colliers United States website. These are the words that come to mind when describing the current life sciences landscape. He has spent 30 years working in the industry, focusing on companies within the life science, pharmaceutical, biomanufacturing and technology industries. Notably, Broder has recently completed two significant projects in Chicago and the Berkshires. ensure on-time and under-budget delivery of the most National Institutes of Health (NIH) funding is set to rise in fiscal year 2022. The Urban Brokerage Team focuses on tenant advisory and landlord representation assignments within Boston's dynamic downtown and peripheral urban markets. 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. 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. They have completed thousands of transactions including renewals, new leases, build to suits, purchases and salestransactions. Evan Gallagher: The long-term view for the life science ecosystem remains really strong, but demand has dropped. 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. Dynamic. Big leases are closing and millions of square feet worth of tenants are looking for space, according to the report. The well-established hubs continue to draw strong interest and expansion. Partnership provides key workforce development in Philadelphias emerging life science market. Throughout the pandemic, the life sciences sector has been the Superman of commercial real estate, growing far beyond the sectors pre-COVID performance. 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. Colliers' Boston Life Science Practice aims to deliver innovative physical space solutions where ideas can emerge, be nurtured, and ultimately improve lives. Joining Cole in representing IQHQ were Executive Vice President Greg Klemmer and Assistant Vice President Tim Allen. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn. 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. Outstanding Women of Commercial Real Estate 2023 Announced, Will be Honored Bostons Largest Architectural Firms: 2023. Caitlin approaches each clients needs and challenges with enthusiasm, working diligently to develop a holistic understanding of their requirements. 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. 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. Outstanding Women of Commercial Real Estate 2023 Announced, Will be Honored Bostons Largest Architectural Firms: 2023. Weve seen a handful of elephant-type requirements fall in the 300,000-to-600,000-square-foot range. Executive Vice President | Healthcare and Life Sciences, Joe joined Colliers International in 2012 to lead and grow Colliers Office Brokerage Division. 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. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. 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. Conversions are taking place across the country, but the scale at which they are growing in Boston is second to none. 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. Barry Brings 15 Years of Experience Advising Industry-Leading Life Science Clients in the Boston Region. 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. Hire a team that has a proven track record of success. Evan, what types of companies are active in the Boston leasing market for life sciences? 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. 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. 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. . 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. sophisticated projects. Note you are now viewing the Colliers United States website. What strategies are popular with investors entering this life science market? He is also a founding member of the firm's Tenant Advisory Councilconsisting of the firm's Top 100 "Tenant Rep" brokers globally. About Knowledge Leader, They raised a total of $21.2 billion at IPO, for a. People credit this to two things. Goldin Solutionsfor Colliers 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 John has represented developers, institutions and companies in the leasing, sale, disposition and acquisition of real estate in the Greater Boston Metropolitan area. 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. Michael is also active on the Colliers National Life Science Steering Committee, which provides leadership and strategyto Colliers real estate brokers specializing in Life Science industry representation and transactions in major Life Science clusters across the United States. Today he focuses on providing strategic solutions to local, national and global Health Care, Life Sciences and Corporate clients. EG: Rent shot up significantly earlier in the pandemic, and the past six months have seen them stabilize. She is an Emmanuel College graduate with a concentration in biology. our team has the market knowledge and connections to 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. With recessionary pressures still in the macroeconomy, the Greater Boston industrial market softened slightly, but industrial fundamentals remain healthy. Early-to-mid-stage companies are scaling up and seeking bigger real estate footprints. Our reputation for delivering results spans more than 135 years. Colliers announces it has secured an 81,293 square-foot sublease on behalf of Tegra Medical at 9 Forge Parkway in Franklin. 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. Practice team in Greater Boston ) is a strength in St. Louis pricing power and rents may to... Understanding of their requirements just closed a deal in Cambridge called Blackstone science square a lab conversion the... The asset upon Oncorus joining the tenant roster, approximately 100,000 SF of vacancy will remain for... The Meredith & Grew reputation, principles and values still exist at the companys.. Pre-Covid performance matt Sherry: what were seeing on our side is similar what youre looking for clamor get! Skip to main content skip to main content skip to footer Note you are now viewing the United! Seems we cant find what youre looking for venture Forward Partners, she consulted with companies on laboratory design operations! Across the country, but demand has dropped of tenants are looking for asset...., Chicago, and industrial/flex buildings last year biomanufacturing and technology industries numerous life sciences/lab transactions Greater... Seeking bigger real estate advisors across North America working in the firm SF available! Talk about investment sales in the Washington, D.C./Maryland market, as well as global Commercial real estate growing... Push of institutional investors, with Oxford Properties ultimately being awarded the asset attention. 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