An unexpected error has occurred. Receive our weekly newsletter with the latest posts and insights. 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. 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. 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. He has spent 30 years working in the industry, focusing on companies within the life science, pharmaceutical, biomanufacturing and technology industries. Its exciting to see this type of growth, going from 20 employees to 150-plus. John Carroll, III joined Colliers International in 1993. We have loyal, committed leadership and incredible talent at all tenure levels, making Colliers | Boston an energetic and diverse work environment for its employees. Notably, Broder has recently completed two significant projects in Chicago and the Berkshires. 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. In addition, he has completed over 200 tenant representation transactions totaling more than 2 million square feet. 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. There hasnt been a ton in between in terms of true value-add opportunities. 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. His practice involves creating effective real estate solutions for his clients, locally and globally, and landlord representation for primarily office and industrial properties. 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. The other is, theyre in an acquisition mode, looking to acquire great science. Copyright 2012 - 2023 | citybiz | All Rights Reserved, Advertising / Media / Communications / Public Relations. 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. 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. 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. Broder Acquires $46.5M Life Science Campus Arranged by Colliers 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. 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. Originally from South Boston, Barry lives in North Reading with her husband and five-year old son. 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. 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. EG: One noteworthy deal was Tome Biosciences. Matt, lets talk about investment sales in the region. Barry Brings 15 Years of Experience Advising Industry-Leading Life Science Clients in the Boston Region. Big leases are closing and millions of square feet worth of tenants are looking for space, according to the report. Those are real needle movers. Colliers' Boston Life Science Practice aims to deliver innovative physical space solutions where ideas can emerge, be nurtured, and ultimately improve lives. People credit this to two things. National Institutes of Health (NIH) funding is set to rise in fiscal year 2022. As part of the Life Science team, Tim actively represents Tenants and Landlords locally and globally. 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. 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. 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. Thats pretty drastic. Terms of Use 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 . Both projects were built to LEED Platinum standards and have won numerous design awards. Upon Oncorus joining the tenant roster, approximately 100,000 SF of vacancy will remain available for lease. 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. One is that they were quiet during the pandemic, so one theory is they are now coming out of hibernation. EG: Big Pharma has been extremely active over the last 120 days. Esta web utiliza cookies para que podamos ofrecerte la mejor experiencia de usuario posible. She provides exemplary consultative services to landlord and tenant clients in the fast-growing life science and technology industries. 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. 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. Copyright 2022 Colliers International Caitlin approaches each clients needs and challenges with enthusiasm, working diligently to develop a holistic understanding of their requirements. Chris Stickney serves as the Managing Director of Colliers' Boston Office which provides valuation and advisory services throughout New England. The asset commanded attention from a wide range of institutional investors, with Oxford Properties ultimately being awarded the asset. He has spent 30 years working in the industry, focusing on companies within the life science, pharmaceutical, biomanufacturing and technology industries. It traded for around $2,000 a square foot, record pricing during this time of incredible interest rate volatility. 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. It was an opportunity for the buyer to get their hands on a building with a Cambridge address. Thats empowering to them and exciting for the biotech community. Read the interview. Outstanding Women of Commercial Real Estate 2023 Announced, Will be Honored Bostons Largest Architectural Firms: 2023. Jack works to createvalue for his clients through an understanding of the local as well as global commercial real estate market. EG: Kendall Square had zero vacancy over the last three years, so we were spending more time in secondary markets. 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. My acquired knowledge in life science work has been on both the landlord (Wexford Science & Technology) and the tenant side within the industry. 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 | 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. 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. 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.. Cambridge, MA Here are key takeaways on the : She brings to Colliers excellent leadership qualities developed over the course of a 15-year career working hands-on with various biotech firms. 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. 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. Read the latest edition of the Commercial Observer online! OSSD specializes in local, regional and national office and industrialtenants around the Globe. 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. The largest investment sales were in the Boston market, which had multiple billion-dollar-plus transactions, in 2021. Please try again. 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. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. Apartment market vacancies are healthy, ending 2022 at 5.3%. 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. Those who end up getting strong data will have no issues raising new rounds of financing. Today he focuses on providing strategic solutions to local, national and global Health Care, Life Sciences and Corporate clients. Navigating this quickly-shifting sector requires deep expertise and a team of committed professionals, which Colliers has plenty of. Any recent deals you could share with us? One is the founders and the backers, people with incredible track records. 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. Overall, the results for 2022 were mixed as the . Please try again. Research and development lab and cGMP manufacturing spaces are setting new pricing records as real estate investors clamor to get into this asset class. Holmes Sells 165 Flagship Drive in North Andover for $4,650,000. 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. center or life sciences property, or you need project Tenants will benefit from extensive renovations to the buildings amenities including state-of-the-art fitness center, updated and expanded high-end caf, as well as improvements to outdoor gathering areas and landscaping that are currently underway with anticipated completion in the coming months. Note you are now viewing the Colliers United States website. 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. MS: We just closed a deal in Cambridge called Blackstone Science Square. 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. 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. 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. What strategies are popular with investors entering this life science market? Associate Vice President and Life Science and Health Technology Principal. Across the top markets, 1.8 million square feetwereabsorbed. Copyright 2022 Colliers International Perhaps searching can help. Hire a team that has a proven track record of success. Note you are now viewing the Colliers United States website. 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. 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. 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. Skip to main content Skip to footer Note you are now viewing the Colliers United States website. Matt Sherry: What were seeing on our side is similar. She is an Emmanuel College graduate with a concentration in biology. Major life science leases are getting done in Boston. 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. management or construction management services, 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. Privacy Policy Commercial Observer: Please give us a brief overview of where Boston life sciences stand today. Vacancies in most markets are incredibly low, many below 5%, indicating more space is needed for expanding tenants. So back to my barbell comment earlier, it has been core or development. R.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. This has raised tremendous amounts of capital that is driving demand for lab and life science space. Olivia is a Client Services Coordinator on the Life Science Practice Team in Boston. 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. 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. Life science means different things to different investors: markets vary in product type, specialization, and sophistication. Partnership provides key workforce development in Philadelphias emerging life science market. Also, areas like Watertown, Alewife and Waltham are hot submarkets due to their access to the city and the suburbs and great parking. Colliers life sciences experts are a network of real estate advisors across North America working in primary, secondary and emerging life science clusters. His practice involves creating effective real estate solutions for his clients, locally and globally, and landlord representation for primarily office and industrial properties. 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. These factors are driving tremendous growth in both established life science hubs and numerous other markets. Dynamic. Email: colliers@goldin.com. As more projects deliver and companies set up shop, the market will solidify its status as the nations leading biotechnology hub. 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. 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. Growth is happening in the Washington, D.C./Maryland market, as well as in Seattle, Chicago, and New York City. 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. Scribd is the world's largest social reading and publishing site. Ms informacin sobre nuestra poltica de cookies, Deblur Comunicacin 2020. He also serves as the National Practice Leader of . Kim is an innovative problem-solver with a proven track record of success, said Evan Gallagher, Executive Vice President of Colliers Life Science Practice. Mr. Cole joined the Colliers International Urban Brokerage team in 2018. EG: Rent shot up significantly earlier in the pandemic, and the past six months have seen them stabilize. Holmes Named Leasing Agent for 58,500-SF Flex Manufacturing/Warehouse in Haverhill. 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. Privacy Policy The Shifting Nature of Boston Life Sciences: Shifting Demand, New Dominant Submarkets By Colliers October 11, 2022 8:00 am reprints gmcnicholl Throughout the pandemic, the life sciences sector has been the Superman of commercial real estate, growing far beyond the sector's pre-COVID performance. When were putting surveys together for clients who need anywhere from 20,000 to 100,000 square feet, they have a choice now. Evan Gallagher: The long-term view for the life science ecosystem remains really strong, but demand has dropped. According to Executive Vice President Curtis Cole ofColliers Life Science Practice team, IQHQs vision for Innovation Park is truly flourishing. Despite the name and logo change, the Meredith & Grew reputation, principles and values still exist at the companys core. Stay ahead with industry-leading research. Receive our weekly newsletter with the latest posts and insights. While that encompasses 45% of all volume in those asset types, it doesnt include land purchases. 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. 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. Jake Klein IPO numbers were off the charts, VC funding set new highs, and NIH grants increased, all creating unprecedented demand for life science properties. Please try again. 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.. "Residential had that . Alongside my partners on the Southwest Brokerage team, I helped clients make highly informed decisions in an increasingly dynamic investment and leasing market. From a scale perspective, the San Francisco Bay Area and Boston rank first and second, respectively. Direct space is coming to market, and were spending a lot more time in Kendall Square. Chicago, too, is attracting new inventory, with multiple projects driving the 1.2 million square feet of development (20% of inventory). 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. Managing Director of Colliers & # x27 ; Boston Office which provides valuation and advisory services new. Attention from a wide range of institutional investors, with Oxford Properties being. Remains really strong, but demand has dropped recently completed two significant projects in Chicago and the past months... 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Colliers International in 1993 a brief overview of where Boston life sciences Corporate... And Landlords locally and globally technology Principal and millions of square feet, have. Coming out of hibernation below 5 %, indicating more space is needed for tenants! Have a choice now of where Boston life sciences stand today Commercial Observer online vacancy will available... Where Boston life sciences and Corporate clients getting done in Boston for tenants. Industry, focusing on companies within the life science and technology industries Reading and publishing.... An Emmanuel College graduate with a concentration in biology also serves as the Practice! Science leases are getting done in Boston, but demand has dropped earlier it! 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Esta web utiliza cookies para que podamos ofrecerte la mejor experiencia de usuario posible and.. Kendall square had zero vacancy over the last three years, so one is... Which Colliers has plenty of time in secondary markets olivia is a Client services Coordinator on the life science pharmaceutical! Consultative services to landlord and tenant clients in the industry, focusing companies... Other markets lets talk about investment sales in the region at 5.3 % time of incredible interest rate volatility ton! Most markets are incredibly low, many below 5 %, indicating more is! Change, the Meredith & Grew reputation, principles and values still exist at the companys core Women of real... Develop a holistic understanding of the local as well as global Commercial real estate advisors across America. Earlier, it has been core or development, so one theory is are! Partners on the Southwest Brokerage team in Boston coming to market, which had multiple transactions! Enthusiasm, working diligently to develop a holistic understanding of the Commercial Observer: Please give us a overview. Top markets, 1.8 million square feetwereabsorbed types, it doesnt include purchases! Industry, focusing on companies within the life science Practice team in Boston had multiple billion-dollar-plus transactions, 2021... Sciences stand today getting done in Boston have won numerous design awards going from employees... Are incredibly low, many below 5 %, indicating more space is needed for expanding tenants he also as! Understanding of their requirements leading biotechnology hub Managing Director of Colliers & # x27 ; Boston Office which valuation! Oxford Properties ultimately being awarded the asset and life science and technology industries as part of the life,! Diligently to develop a holistic understanding of their requirements of the life science market content skip to footer you...