Whether due to reduced space needs stemming from weakened macroeconomic conditions (e.g. 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. Revolutionary. Watertown is emerging as an important community tied to the life science industry. We are part of its history and are deeply dedicated to the community and to serving you. 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. Learn more! Jake Klein John has represented developers, institutions and companies in the leasing, sale, disposition and acquisition of real estate in the Greater Boston Metropolitan area. Landlords still have pricing power and rents may continue to expand. So back to my barbell comment earlier, it has been core or development. With a net of more than two million square feet of additional occupied space in 2022, the metros life sciences sector expanded for the ninth consecutive year. 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. He focuses his efforts on supporting tenants within the Life Science, Technology, Legal, Educational and Financial industries. Theyre taking those track records and having success in securing large financing rounds. Big leases are closing and millions of square feet worth of tenants are looking for space, according to the report. National Institutes of Health (NIH) funding is set to rise in fiscal year 2022. We have loyal, committed leadership and incredible talent at all tenure levels, making Colliers | Boston an energetic and diverse work environment for its employees. She is an Emmanuel College graduate with a concentration in biology. Commercial Observer: Please give us a brief overview of where Boston life sciences stand today. 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 Note you are now viewing the Colliers United States website. Here are key takeaways on the : EG: Big Pharma has been extremely active over the last 120 days. His team provides aone stop solutions for account management, lease administration, workplace strategy, labor analytics, capital markets, project management, andincentives procurement services. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. Holmes Named Leasing Agent for 58,500-SF Flex Manufacturing/Warehouse in Haverhill. Note you are now viewing the Colliers United States website. EG: Rent shot up significantly earlier in the pandemic, and the past six months have seen them stabilize. They have great backers, like Arch Ventures, which is one of the most active groups out there currently. ensure on-time and under-budget delivery of the most People credit this to two things. Hire a team that has a proven track record of success. IPOs also set new highs. 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. But ultimately, the outlook for future absorption is positive. Please try again. 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. 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. 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. Life science means different things to different investors: markets vary in product type, specialization, and sophistication. But now, with everyday life struggling to return to something resembling normal, life sciences is showing that every Superman has a kryptonite in this case, a potentially saturated level of demand. 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. 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. My acquired knowledge in life science work has been on both the landlord (Wexford Science & Technology) and the tenant side within the industry. Oncorus was represented by JLLs Peter Bekerian in the transaction. He also serves as the National Practice Leader of . 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. From research and development lab product to cGMP manufacturing spaces, tenant and investor demand has soared, mostly in the nations largest and most well-established life science hubs. The next tier is Philadelphia, San Diego, and New Jersey; Raleigh-Durham is its own tier, and other markets fall in line thereafter. Holmes Sells 165 Flagship Drive in North Andover for $4,650,000. For further information, please contact: He leadsteam of six professional who specialize in local brokerage and account portfolio management. Joe is a Healthcare Fellow and serves on Colliers National Healthcare Services and Life Sciences Steering Committees. An unexpected error has occurred. She provides exemplary consultative services to landlord and tenant clients in the fast-growing life science and technology industries. Weve seen a handful of elephant-type requirements fall in the 300,000-to-600,000-square-foot range. There hasnt been a ton in between in terms of true value-add opportunities. our team has the market knowledge and connections to 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. Hear from Matthew Hewitt, Executive Director at Charles Rivers Labs on Philadelphia's cell and gene therapy life sciences, and the Multiply Labs consortium. He is currently assisting in multiple transactions in the majority ofSan Diego County markets as well as around the United States. We know real estate and we know Boston. While that encompasses 45% of all volume in those asset types, it doesnt include land purchases. MS: The last few years have seen a barbell effect. Receive our weekly newsletter with the latest posts and insights. Stay ahead with industry-leading research. 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. Copyright 2022 Colliers International Overall, the results for 2022 were mixed as the . One is the founders and the backers, people with incredible track records. What has happened to rents in the region since the start of the pandemic? As Research Director | U.S. Capital Markets, Aaron is responsible for all aspects of research within the Capital Markets platform. Advances in technology and science put drug discovery on a level never before seen. What strategies are popular with investors entering this life science market? 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 Carroll, III joined Colliers International in 1993. 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. 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. Houston, for example, has the largest share of its inventory underway, at 1.8 million square feet, or 21% of the existing market. Groundbreaking. MS: We just closed a deal in Cambridge called Blackstone Science Square. 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. An unexpected error has occurred. 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. Additionally, he has represented institutional ownership in the disposition and acquisition of land, buildings, build-to-suits and large-scale lease transactions. Recently, Colliers Capital Markets worked with King Street Properties on the disposition of 33 New York Avenue, a lab conversion project in Framingham. Evan, what types of companies are active in the Boston leasing market for life sciences? 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. 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. With Institutional investors beginning to allocate portions of their portfolios to life science, capital influx is just beginning. Notably, Broder has recently completed two significant projects in Chicago and the Berkshires. Scribd is the world's largest social reading and publishing site. 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. Broder Acquires $46.5M Life Science Campus Arranged by Colliers His practice involves creating effective real estate solutions for his clients, locally and globally, and landlord representation for primarily office and industrial properties. Throughout the pandemic, the life sciences sector has been the Superman of commercial real estate, growing far beyond the sectors pre-COVID performance. Boston, for one, had $5.7 billion in investment in existing office, lab, and industrial/flex buildings last year. Chicago, too, is attracting new inventory, with multiple projects driving the 1.2 million square feet of development (20% of inventory). 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. 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. One is that they were quiet during the pandemic, so one theory is they are now coming out of hibernation. Chris Stickney serves as the Managing Director of Colliers' Boston Office which provides valuation and advisory services throughout New England. Goldin Solutionsfor Colliers 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,. Barry brings to Colliers more than 15 years of biotech-sector experience, including both scientific research as well as management and operations. 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. 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. And growth is spreading beyond the most established markets. Im pleased to join the Colliers team, which has repeatedly proven itself one of the most talented in the area.. Matt, lets talk about investment sales in the region. Thats empowering to them and exciting for the biotech community. Cambridge, MA 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. 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. That is largely driven by a collaborative effort of the medical and academic institutions of the Texas Medical Center. 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. Vacancies in most markets are incredibly low, many below 5%, indicating more space is needed for expanding tenants. Read the interview. Direct space is coming to market, and were spending a lot more time in Kendall Square. 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. Receive our weekly newsletter with the latest posts and insights. In addition, he has completed over 200 tenant representation transactions totaling more than 2 million square feet. 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. Caitlin joined Colliers in 2021, serving as an Advisor on the Boston Life Science Practice Team. EG: Over the past 10 months, the number of IPOs here in Massachusetts dropped significantly. David and wife Kristy met at the University of Illinois, married in 2001, and are blessed withthree teenage sons. 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. The largest investment sales were in the Boston market, which had multiple billion-dollar-plus transactions, in 2021. We know real estate and we know Boston. 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. 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. Early-to-mid-stage companies are scaling up and seeking bigger real estate footprints. Other areas attracting life science growth include Boulder, Columbus, Houston, Los Angeles, Minneapolis, New Haven, Phoenix, and Pittsburgh, among others. It seems we cant find what youre looking for. Phone: 646.660.8644 As a member of the Boston Life Science Practice Team, Caitlin supports a wide range of tenants, from Discovery through Commercial functions. 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. He has spent 30 years working in the industry, focusing on companies within the life science, pharmaceutical, biomanufacturing and technology industries. 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.. Esto significa que cada vez que visites esta web tendrs que activar o desactivar las cookies de nuevo. Read more about the U.S. Life Science Report: First Quarter 2022 report. The life science industry shattered growth records in 2021. Those are real needle movers. From a scale perspective, the San Francisco Bay Area and Boston rank first and second, respectively. 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. Companies that go public need to hire a significant amount of people and grow rapidly. The top 12 markets have a combined 13.8 million square feet underway. Growth is happening in the Washington, D.C./Maryland market, as well as in Seattle, Chicago, and New York City. In 2020 Boston and San Diego led the country in positive net absorption, at 1.2 million square feetand 405,000 square feet, respectively. Prior to joining Colliers in 2008, he worked in similar capacities at competitors CBRE and C&W. 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. They have completed thousands of transactions including renewals, new leases, build to suits, purchases and salestransactions. IPO numbers were off the charts, VC funding set new highs, and NIH grants increased, all creating unprecedented demand for life science properties. Olivia is a Client Services Coordinator on the Life Science Practice Team in Boston. This deal shows the realized value from a lab conversion and the push of institutional capital to this asset class. 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. 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 . Colliers has been involved with numerous life sciences/lab transactions in Greater Boston. 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. 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.. Barry Brings 15 Years of Experience Advising Industry-Leading Life Science Clients in the Boston Region. The campus also provides ample opportunity to develop up to 180,000 SF of new life science product. 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. 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. 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. The well-established hubs continue to draw strong interest and expansion. Colliers has been involved with numerous life sciences/lab transactions in Greater Boston. Big leases are closing and millions of square feet worth of tenants are looking for space, according to the report. According to Executive Vice President Curtis Cole ofColliers Life Science Practice team, IQHQs vision for Innovation Park is truly flourishing. 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. Our reputation for delivering results spans more than 135 years. "Residential had that . Las cookies estrictamente necesarias tiene que activarse siempre para que podamos guardar tus preferencias de ajustes de cookies. Outstanding Women of Commercial Real Estate 2023 Announced, Will be Honored Bostons Largest Architectural Firms: 2023. As Research Director | U.S. Capital Markets, Aaron is responsible for all aspects of research within the Capital Markets platform. 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. Despite the name and logo change, the Meredith & Grew reputation, principles and values still exist at the companys core. 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. Upon Oncorus joining the tenant roster, approximately 100,000 SF of vacancy will remain available for lease. Mr. Cole joined the Colliers International Urban Brokerage team in 2018. Esta web utiliza cookies para que podamos ofrecerte la mejor experiencia de usuario posible. Both projects were built to LEED Platinum standards and have won numerous design awards. Skip to main content Skip to footer Note you are now viewing the Colliers United States website. He also oversaw an 8.5 million-square-foot, Class A office portfolio in New Jersey and eastern Pennsylvania for SJP Properties. It traded for around $2,000 a square foot, record pricing during this time of incredible interest rate volatility. As part of the Life Science team, Tim actively represents Tenants and Landlords locally and globally. Colliers Life Science Team | @Colliers_Boston #Cambridge | Experienced #CRE advisors working with #LifeScience #Biomanufacturing & emerging #Biotech companies. 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. About Knowledge Leader, They raised a total of $21.2 billion at IPO, for a. 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. Colliers Life Sciences Review - Boston - Free download as PDF File (.pdf), Text File (.txt) or read online for free. 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. Matt Sherry: What were seeing on our side is similar. This industry is still in the early stages of growth in most markets. Medical device makers dominate markets such as Orange County, while plant science is a strength in St. Louis. Across the top markets, 1.8 million square feetwereabsorbed. Joining Cole in representing IQHQ were Executive Vice President Greg Klemmer and Assistant Vice President Tim Allen. David specializes in tenant representation for office, lab, industrial, retail, education and specialty facilities. IPOs also set new highs. But there has definitely been a race to expand to satisfy any demand in the market. Seaport also continues to be hot. 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. Colliers arranged the financing on 30 Dan Road as well as the $21 million sale of the Canton, Massachusetts property. Its exciting to see this type of growth, going from 20 employees to 150-plus. With recessionary pressures still in the macroeconomy, the Greater Boston industrial market softened slightly, but industrial fundamentals remain healthy. 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. Twitter Putting Majority of NYC Offices Up for Sublease. Email: colliers@goldin.com. OSSD specializes in local, regional and national office and industrialtenants around the Globe. Terms of Use 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. 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. 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. Open navigation menu The Urban Brokerage Team focuses on tenant advisory and landlord representation assignments within Boston's dynamic downtown and peripheral urban markets. 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. 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. With space availability below 2%, the space crunch has yet to abate. Note you are now viewing the Colliers United States website. 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. 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. 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. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. National Institutes of Health (NIH) funding is set to rise in fiscal year 2022. 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