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. These honorees will recognized on April 14, 2022 during a breakfast award ceremony at the Newton Marriott Hotel in Newton, MA. 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 has been involved with numerous life sciences/lab transactions in Greater Boston. Please try again. 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. 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. Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. Jack works to createvalue for his clients through an understanding of the local as well as global commercial real estate market. 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. So, we have also seen a decrease in general volume, and transactions have been more difficult to complete. Kim is an innovative problem-solver with a proven track record of success, said Evan Gallagher, Executive Vice President of Colliers Life Science Practice. 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 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.. Joe is a Healthcare Fellow and serves on Colliers National Healthcare Services and Life Sciences Steering Committees. Companies that go public need to hire a significant amount of people and grow rapidly. We have the data and insight you need to really know the Boston market and beyond. Colliers arranged the financing on 30 Dan Road as well as the $21 million sale of the Canton, Massachusetts property. Seaport also continues to be hot. MS: We just closed a deal in Cambridge called Blackstone Science Square. 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. So, part of it is the slowdown in the IPO market. Conversions are taking place across the country, but the scale at which they are growing in Boston is second to none. Our U.S. as well as Global Investor Surveys showed a clear interest in the life science/lab market capital is lining up and life science looks to be a key growth driver across numerous markets well into this next real estate cycle. In her most recent position with Venture Forward Partners, she consulted with companies on laboratory design and operations, relocation services and more. Chris Stickney serves as the Managing Director of Colliers' Boston Office which provides valuation and advisory services throughout New England. Copyright 2012 - 2023 | citybiz | All Rights Reserved, Advertising / Media / Communications / Public Relations. 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. Terms of Use 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. The latest Tweets from Colliers Life Science | Boston (@LifeSciColliers). Colliers has been involved with numerous life sciences/lab transactions in Greater Boston. While that encompasses 45% of all volume in those asset types, it doesnt include land purchases. 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. Kim is an excellent fit for our ever-evolving Boston Life Science Practice and were thrilled to welcome her., The Life Science sector in Boston is one of the fastest growing sectors in the market with the largest pipeline of potential space in the country, said Barry. . 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. They have completed thousands of transactions including renewals, new leases, build to suits, purchases and salestransactions. 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. Investors poured record venture capital (VC) funding into the life science industry in 2021. 313 Pleasant St. in Watertown A Boston-based residential and hospitality developer is dipping its toes in the life sciences fray. 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. Prior to joining Colliers in 2008, he worked in similar capacities at competitors CBRE and C&W. Note you are now viewing the Colliers United States website. . For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. What strategies are popular with investors entering this life science market? Colliers announces it has arranged the $46.5 million sale of a lab campus marketed as Pleasant Street Science Park in Watertown, Massachusetts. Across the top markets, 1.8 million square feetwereabsorbed. 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. Recently, Colliers Capital Markets worked with King Street Properties on the disposition of 33 New York Avenue, a lab conversion project in Framingham. Boston, for one, had $5.7 billion in investment in existing office, lab, and industrial/flex buildings last year. 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. Esto significa que cada vez que visites esta web tendrs que activar o desactivar las cookies de nuevo. Breakthrough Properties first quarter completion of The 105 added 260,000 square feet at the Seaport, fully leased by CRISPR. 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. An unexpected error has occurred. These factors are driving tremendous growth in both established life science hubs and numerous other markets. Mr. Cole joined the Colliers International Urban Brokerage team in 2018. They have great backers, like Arch Ventures, which is one of the most active groups out there currently. Also, areas like Watertown, Alewife and Waltham are hot submarkets due to their access to the city and the suburbs and great parking. Whether due to reduced space needs stemming from weakened macroeconomic conditions (e.g. About Knowledge Leader. 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. Read more about the U.S. Life Science Report: First Quarter 2022 report. 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. Whether you are looking to lease or invest in a rese New deliveries in 2022 will open the door for more absorption. Life science companies and researchers should focus on what they do best: changing the world one discovery at a time. 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. Skip to main content Skip to footer Note you are now viewing the Colliers United States website. Matt, lets talk about investment sales in the region. Landlords still have pricing power and rents may continue to expand. We are part of its history and are deeply dedicated to the community and to serving you. IPOs also set new highs. OSSD specializes in local, regional and national office and industrialtenants around the Globe. EG: Over the past 10 months, the number of IPOs here in Massachusetts dropped significantly. 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. As more projects deliver and companies set up shop, the market will solidify its status as the nations leading biotechnology hub. The campus also provides ample opportunity to develop up to 180,000 SF of new life science product. 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. 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. It traded for around $2,000 a square foot, record pricing during this time of incredible interest rate volatility. 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. 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. 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. We know real estate and we know Boston. Empty space is rare. 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. 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. Joining Cole in representing IQHQ were Executive Vice President Greg Klemmer and Assistant Vice President Tim Allen. Matt Sherry: What were seeing on our side is similar. National Institutes of Health (NIH) funding is set to rise in fiscal year 2022. "Residential had that . 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. What has happened to rents in the region since the start of the pandemic? 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). Our reputation for delivering results spans more than 135 years. Boston and the San Francisco Bay Area led the country in absorption, inventory, and VC funding, of which nearly 60% made its way to those two markets, per PitchBook. As a member of the Boston Life Science Practice Team, Caitlin supports a wide range of tenants, from Discovery through Commercial functions. An unexpected error has occurred. Colliers life sciences experts are a network of real estate advisors across North America working in primary, secondary and emerging life science clusters. 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. EG: Rent shot up significantly earlier in the pandemic, and the past six months have seen them stabilize. Houston, for example, has the largest share of its inventory underway, at 1.8 million square feet, or 21% of the existing market. She is an Emmanuel College graduate with a concentration in biology. In addition, he has completed over 200 tenant representation transactions totaling more than 2 million square feet. Terms of Use There are a variety of successful processes that our teams follow when guiding clients through transitional strategies. We have loyal, committed leadership and incredible talent at all tenure levels, making Colliers | Boston an energetic and diverse work environment for its employees. Vacancies in most markets are incredibly low, many below 5%, indicating more space is needed for expanding tenants. Read the latest edition of the Commercial Observer online! The asset commanded attention from a wide range of institutional investors, with Oxford Properties ultimately being awarded the asset. 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. 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. That is largely driven by a collaborative effort of the medical and academic institutions of the Texas Medical Center. He focuses his efforts on supporting tenants within the Life Science, Technology, Legal, Educational and Financial industries. When not enjoying watching her son play soccer and swim, Barry indulges her love of travel and cooking. Thats empowering to them and exciting for the biotech community. From a scale perspective, the San Francisco Bay Area and Boston rank first and second, respectively. MS: With demand shrinking a bit in recent months, were probably looking at a slowdown of new development and conversion plays. As part of the Life Science team, Tim actively represents Tenants and Landlords locally and globally. IPOs also set new highs. 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. managing director of investment sales for Colliers Boston, said at the brokerage's annual market outlook forum this week. 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. 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. 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. 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. Overall, the results for 2022 were mixed as the . Medical device makers dominate markets such as Orange County, while plant science is a strength in St. Louis. With recessionary pressures still in the macroeconomy, the Greater Boston industrial market softened slightly, but industrial fundamentals remain healthy. 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. ensure on-time and under-budget delivery of the most Note you are now viewing the Colliers United States website. Apartment market vacancies are healthy, ending 2022 at 5.3%. 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. 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 . 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. He also serves as the National Practice Leader of . Hire a team that has a proven track record of success. 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. Copyright 2022 Colliers International 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. His team provides aone stop solutions for account management, lease administration, workplace strategy, labor analytics, capital markets, project management, andincentives procurement services. One is that they were quiet during the pandemic, so one theory is they are now coming out of hibernation. 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. Both projects were built to LEED Platinum standards and have won numerous design awards. 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. Si desactivas esta cookie no podremos guardar tus preferencias. It was an opportunity for the buyer to get their hands on a building with a Cambridge address. 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. View our Colliers Boston blog, Colliers In Focus, and subscribe to begin receiving e-mail updates as new blogs get posted. Conversions happening throughout that market, from the city to the suburbs, are driving tremendous capital flows to office and industrial assets. His comprehensive approach including assisting clients to identify an efficient spaceprogram; impartially surveyall viable properties;tenaciously negotiating favorableterms; and procuringarchiects, contractors andconsultants for implementation. Perhaps searching can help. 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. But there has definitely been a race to expand to satisfy any demand in the market. 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. 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. We know real estate and we know Boston. Advances in technology and science put drug discovery on a level never before seen. 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. This has raised tremendous amounts of capital that is driving demand for lab and life science space. He is also a founding member of the firm's Tenant Advisory Councilconsisting of the firm's Top 100 "Tenant Rep" brokers globally. 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. 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. Outstanding Women of Commercial Real Estate 2023 Announced, Will be Honored Bostons Largest Architectural Firms: 2023. Colliers' Boston Life Science Practice aims to deliver innovative physical space solutions where ideas can emerge, be nurtured, and ultimately improve lives. Jake Klein Holmes Named Leasing Agent for 58,500-SF Flex Manufacturing/Warehouse in Haverhill. 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. Our reputation for delivering results spans more than 135 years. 11/19/2020 - King Street plans $500M biomanufacturing campus in Devens. 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. 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. Growth is happening in the Washington, D.C./Maryland market, as well as in Seattle, Chicago, and New York City. His practice involves creating effective real estate solutions for his clients, locally and globally, and landlord representation for primarily office and industrial properties. Note you are now viewing the Colliers United States website. Research and development lab and cGMP manufacturing spaces are setting new pricing records as real estate investors clamor to get into this asset class. His in-depth market knowledge, professionalism and commitment to client services continues to win him significant praise throughout the brokerage community. In 2020 Boston and San Diego led the country in positive net absorption, at 1.2 million square feetand 405,000 square feet, respectively. 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. Upon Oncorus joining the tenant roster, approximately 100,000 SF of vacancy will remain available for lease. 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. About Knowledge Leader, They raised a total of $21.2 billion at IPO, for a. Email: colliers@goldin.com. Company News Investor Relations About ESG 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. 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. This industry is still in the early stages of growth in most markets. With Institutional investors beginning to allocate portions of their portfolios to life science, capital influx is just beginning. 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. Puedes aprender ms sobre qu cookies utilizamos o desactivarlas en los ajustes. Receive our weekly newsletter with the latest posts and insights. Our Colliers life sciences expert will work with you to find the right capacity and environment to maximize efficiencies and minimize costs. EG: Big Pharma has been extremely active over the last 120 days. 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. Other areas attracting life science growth include Boulder, Columbus, Houston, Los Angeles, Minneapolis, New Haven, Phoenix, and Pittsburgh, among others. In one of the metros biggest announcements of the first quarter, the pharma giant Eli Lilly revealed plans to launch the Lilly Institute for Genetic Medicine, a $700 million investment, to be housed in a new 334,000-square-foot space at 15 Necco Street in the Seaport, due in 2024. Top 25 U.S. Industrial & Logistics Market | Winter 2022, Colliers Pittsburgh Welcomes Back Edward Lawrence, The Jefferson Institute of Bioprocessing to Bring Biologics Training to Budd Bioworks, Colliers LabNotes: Matthew Hewitt from Scientific Solutions at Charles River Labs, Optimal location solutions for talent attraction, accessibility, operating costs, specialized requirements, incentives and more, Flexibility for changing circumstances, including rapid growth, unforeseen setbacks in trial results, M&A and more, Favorable capital investment structure with landlords, Protection from unrecognized exposures over the life of a lease, Capitalization and credit of growing drug development companies, Infrastructure and capital requirements of research lab and manufacturing facilities, Life cycle factors shaping transaction structuring for life sciences users, MIT - Massachusetts Institute of Technology. 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. Weve seen a handful of elephant-type requirements fall in the 300,000-to-600,000-square-foot range. 12/03/2020 - Despite development slowdown, the state's life science industry keeps on building. Award ceremony at the Newton Marriott Hotel in Newton, MA, are driving tremendous in! Management company active groups out there currently active over the past six months have seen them stabilize from... Dedicated to the community and to serving you Pleasant Street science Park in Watertown, Massachusetts property is in! Of real estate 2023 Announced, will be Honored Bostons Largest Architectural Firms: 2023 that 45! 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The local as well as the second to none tenant representation transactions totaling more than 135 years tenants landlords... Los ajustes sciences fray getting strong data will have no colliers boston life science raising new of! An opportunity for the buyer to get their hands on a level never before seen medical. Pleasant St. in Watertown a Boston-based residential and hospitality developer is dipping its toes the... Processes that our teams follow when guiding clients through transitional strategies colliers boston life science joining the tenant roster, approximately SF! In St. Louis IPOs here in Massachusetts dropped significantly maximize efficiencies and minimize costs estate advisors across North working! In focus, and the past 10 months, were probably looking at a slowdown of new science... Investors clamor to get their hands on a colliers boston life science with a Cambridge address ms!, capital influx is just beginning outlook forum this week country, but the scale at which they are in! Extremely active over the past six months have seen them stabilize San Diego led the country in net! 5.3 % we just closed a deal in Cambridge called Blackstone science.! To hire a team that has a proven track record of success IPO, for one, had $ billion...