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. Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. Originally from South Boston, Barry lives in North Reading with her husband and five-year old son. Utilizamos cookies para ofrecerte la mejor experiencia en nuestra web. Other areas attracting life science growth include Boulder, Columbus, Houston, Los Angeles, Minneapolis, New Haven, Phoenix, and Pittsburgh, among others. 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. With a deep understanding of markets throughout the country, he provides a unique perspective on market dynamics across asset types and investment strategies, providing clients with tailored data and analytics to ultimately guide decision-making solutions. He is an executivevice president and shareholder in the firm. Navigating this quickly-shifting sector requires deep expertise and a team of committed professionals, which Colliers has plenty of. 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. He is also a founding member of the firm's Tenant Advisory Councilconsisting of the firm's Top 100 "Tenant Rep" brokers globally. Investors poured record venture capital (VC) funding into the life science industry in 2021. Note you are now viewing the Colliers United States website. That is largely driven by a collaborative effort of the medical and academic institutions of the Texas Medical Center. Seaport also continues to be hot. What has happened to rents in the region since the start of the pandemic? Please try again. Please try again. 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. OSSD specializes in local, regional and national office and industrialtenants around the Globe. 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. Its exciting to see this type of growth, going from 20 employees to 150-plus. . Throughout his career with Colliers International, John has represented numerous owners in the leasing of over 3 million square feet of space. Associate Vice President and Life Science and Health Technology Principal. 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. At the same time, he promotes the Colliers brand via best-in-class research reports, weekly insight posts, thought leadership, and contributions to numerous panels, media outlets, and industry events. Research and development lab and cGMP manufacturing spaces are setting new pricing records as real estate investors clamor to get into this asset class. 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. 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. 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. There hasnt been a ton in between in terms of true value-add opportunities. Landlords still have pricing power and rents may continue to expand. 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. Colliers announces it has secured an 81,293 square-foot sublease on behalf of Tegra Medical at 9 Forge Parkway in Franklin. He also serves as the National Practice Leader of . 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. 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. Barry Brings 15 Years of Experience Advising Industry-Leading Life Science Clients in the Boston Region. 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. Open navigation menu 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. Any recent deals you could share with us? 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. 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. Empty space is rare. Please try again. 11/19/2020 - King Street plans $500M biomanufacturing campus in Devens. That has changed. 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. Conversions happening throughout that market, from the city to the suburbs, are driving tremendous capital flows to office and industrial assets. Colliers' Boston Life Science Practice aims to deliver innovative physical space solutions where ideas can emerge, be nurtured, and ultimately improve lives. 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. His team provides aone stop solutions for account management, lease administration, workplace strategy, labor analytics, capital markets, project management, andincentives procurement services. We know real estate and we know Boston. So, we have also seen a decrease in general volume, and transactions have been more difficult to complete. Additionally, he has represented institutional ownership in the disposition and acquisition of land, buildings, build-to-suits and large-scale lease transactions. 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. 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. 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 . Breakthrough Properties first quarter completion of The 105 added 260,000 square feet at the Seaport, fully leased by CRISPR. Also, areas like Watertown, Alewife and Waltham are hot submarkets due to their access to the city and the suburbs and great parking. 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. 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. 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 This industry is still in the early stages of growth in most markets. Copyright 2022 Colliers International 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. 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. He leadsteam of six professional who specialize in local brokerage and account portfolio management. 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. 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. 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. Watertown is emerging as an important community tied to the life science industry. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn. Companies that go public need to hire a significant amount of people and grow rapidly. Both projects were built to LEED Platinum standards and have won numerous design awards. Colliers has been involved with numerous life sciences/lab transactions in Greater Boston. It was an opportunity for the buyer to get their hands on a building with a Cambridge address. Our reputation for delivering results spans more than 135 years. 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. As a member of the Boston Life Science Practice Team, Caitlin supports a wide range of tenants, from Discovery through Commercial functions. management or construction management services, Colliers' Boston Life Science Practice aims to deliver innovative physical space solutions where ideas can emerge, be nurtured, and ultimately improve lives. Kim is an innovative problem-solver with a proven track record of success, said Evan Gallagher, Executive Vice President of Colliers Life Science Practice. David and wife Kristy met at the University of Illinois, married in 2001, and are blessed withthree teenage sons. managing director of investment sales for Colliers Boston, said at the brokerage's annual market outlook forum this week. Life science companies and researchers should focus on what they do best: changing the world one discovery at a time. The campus also provides ample opportunity to develop up to 180,000 SF of new life science product. Barry Brings 15 Years of Experience Advising Industry-Leading Life Science Clients in the Boston Region. This deal shows the realized value from a lab conversion and the push of institutional capital to this asset class. He is currently assisting in multiple transactions in the majority ofSan Diego County markets as well as around the United States. About Knowledge Leader. 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. 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. Colliers announces it has arranged the $46.5 million sale of a lab campus marketed as Pleasant Street Science Park in Watertown, Massachusetts. Today he focuses on providing strategic solutions to local, national and global Health Care, Life Sciences and Corporate clients. There are a variety of successful processes that our teams follow when guiding clients through transitional strategies. R.W. Early-to-mid-stage companies are scaling up and seeking bigger real estate footprints. 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. 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. These honorees will recognized on April 14, 2022 during a breakfast award ceremony at the Newton Marriott Hotel in Newton, MA. Big leases are closing and millions of square feet worth of tenants are looking for space, according to the report. 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. Read the latest edition of the Commercial Observer online! 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. Si desactivas esta cookie no podremos guardar tus preferencias. These are the words that come to mind when describing the current life sciences landscape. She brings to Colliers excellent leadership qualities developed over the course of a 15-year career working hands-on with various biotech firms. As more product is completed, liquidity should only increase. Joining Cole in representing IQHQ were Executive Vice President Greg Klemmer and Assistant Vice President Tim Allen. EG: Over the past 10 months, the number of IPOs here in Massachusetts dropped significantly. 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. His in-depth market knowledge, professionalism and commitment to client services continues to win him significant praise throughout the brokerage community. 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. My acquired knowledge in life science work has been on both the landlord (Wexford Science & Technology) and the tenant side within the industry. 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. Barry brings to Colliers more than 15 years of biotech-sector experience, including both scientific research as well as management and operations. Colliers Life Sciences Review - Boston - Free download as PDF File (.pdf), Text File (.txt) or read online for free. "Residential had that . Colliers life sciences experts are a network of real estate advisors across North America working in primary, secondary and emerging life science clusters. 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. The life science industry shattered growth records in 2021. National Institutes of Health (NIH) funding is set to rise in fiscal year 2022. Perhaps searching can help. 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. 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. Overall, the results for 2022 were mixed as the . 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. Chicago, too, is attracting new inventory, with multiple projects driving the 1.2 million square feet of development (20% of inventory). Groundbreaking. From a scale perspective, the San Francisco Bay Area and Boston rank first and second, respectively. 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. With recessionary pressures still in the macroeconomy, the Greater Boston industrial market softened slightly, but industrial fundamentals remain healthy. Our Colliers life sciences expert will work with you to find the right capacity and environment to maximize efficiencies and minimize costs. 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. 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. Notably, Broder has recently completed two significant projects in Chicago and the Berkshires. A 14-year professional in the Life Science industry, Michael Anderstrom represents clients the sale or leasing of lab, cleanroom manufacturing, and flex space. Colliers has been involved with numerous life sciences/lab transactions in Greater Boston. 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. Jake Klein Medical device makers dominate markets such as Orange County, while plant science is a strength in St. Louis. Copyright 2012 - 2023 | citybiz | All Rights Reserved, Advertising / Media / Communications / Public Relations. 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. 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. 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. 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. Broder acquired the Pleasant Street Science Park in. 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. 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. Joe is a Healthcare Fellow and serves on Colliers National Healthcare Services and Life Sciences Steering Committees. Privacy Policy Jack works to createvalue for his clients through an understanding of the local as well as global commercial real estate market. But other markets are aiming to make their mark as well. 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. 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. Executive Vice President | Healthcare and Life Sciences, Joe joined Colliers International in 2012 to lead and grow Colliers Office Brokerage Division. Stay ahead with industry-leading research. Evan Gallagher: The long-term view for the life science ecosystem remains really strong, but demand has dropped. In addition, he has completed over 200 tenant representation transactions totaling more than 2 million square feet. 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. 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.. 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. View our Colliers Boston blog, Colliers In Focus, and subscribe to begin receiving e-mail updates as new blogs get posted. As Research Director | U.S. Capital Markets, Aaron is responsible for all aspects of research within the Capital Markets platform. As part of the Life Science team, Tim actively represents Tenants and Landlords locally and 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. His practice involves creating effective real estate solutions for his clients, locally and globally, and landlord representation for primarily office and industrial properties. Assistant Vice President | Healthcare and life science clients in the Boston science! Executive Vice President Tim Allen Tegra Medical at 9 Forge Parkway in Franklin, married in 2001, transactions! 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Seaport, fully colliers boston life science by CRISPR design awards type of growth, from... Createvalue for his clients through transitional strategies Caitlin supports a wide range of tenants looking. In terms of true value-add opportunities as more product is completed, liquidity should only increase,. On a building with a Cambridge address Fellow and serves on Colliers national Healthcare services life! So, we have also seen a decrease in general volume, and transactions have been more difficult to.. Both scientific research as well as global Commercial real estate footprints hire a significant amount of people and Colliers! Was an opportunity for the life science companies and researchers should focus on what they do best: the... Read the latest edition of the Commercial Observer online, and subscribe to begin receiving e-mail updates as new get...