Life sciences developer IQHQ began construction in April of 2021 on the $1 billion Fenway Center in Boston. Created in collaboration with Meredith Management, the biomedical research hub will be situated over the Massachusetts Turnpike on an air rights deck. The amenity-rich campus will include two towers offering 960,000 sf of leasable lab and office space, 10,000 sf of ground-floor retail, and an automated parking garage.
Arizona State University and Wexford Science+Technology opened the PBC Innovation Center on the Phoenix Biomedical Campus in March of 2021. Strategically collocating academic investigators with private companies to foster collaboration and discovery, the 225,000-sf facility provides wet and dry lab environments, offices, meeting spaces, and retail amenities.
The Olivia Business Centre was awarded the highest WELL Health-Safety Rating in March of 2021 by the International WELL Building Institute. Located in Gdańsk, Poland, the eight-building corporate park offers 2.5 million sf of world-class office space and accommodates over 200 companies. Achieving 25 out of 25 available points in all WELL Health-Safety categories, the complex leverages advanced infrastructure to continue operations safely during the COVID-19 pandemic. Features include:
Foghorn Therapeutics completed construction in March of 2021 on its 60,000-sf headquarters in Kendall Square in Cambridge, Mass. Spanning three renovated floors in the 500 Technology Square building, the collaborative facility provides leading-edge environments to support crucial biomedical research including chemistry and biology labs, open offices, conference rooms, and huddle rooms. TRIA designed the fast-track project, which was built by Wise Construction with R.W.
Brandywine Realty Trust began construction in March of 2021 on the $287 million West Tower at Schuylkill Yards in Philadelphia. The 28-story, 570,000-sf structure will provide 200,000 sf of laboratory and office space for biomedical and life sciences companies, as well as 9,000 sf of retail space and 326 luxury apartments. On the ninth floor, a 29,000-sf lifestyle club will offer a sophisticated fitness center, a swimming pool, lounges, conference rooms, and co-working venues.
Vermeulens has released its market outlook report for the fourth quarter of 2020. Key points include:
Construction Prices: Remain flat through Q4 of 2020, with one in ten projects showing cost reductions with strong contractor coverage across the board.
Fed Watch: The Federal Reserve continued monetary stimulus.
Architectural Billings: Q4 has returned to growth in inquiries; however, three quarters of billing declines in 2020 will result in a lower volume for the first half of 2021.
Boylston Properties and J.P. Morgan Asset Management began construction in January of 2021 on a 165,600-sf life sciences facility in Watertown, Mass. Located in the Arsenal Yards district, 100 Forge will be the first purpose-built laboratory building in the city. The joint venture development team has secured a $100.1 million construction loan for the project.
BioMed Realty is planning to create a life sciences innovation campus in Somerville, Mass. The project includes the renovation of an existing 162,000-sf office building and the construction of new facilities on an adjacent 7.5-acre parcel. Offering leasable environments for biomedical, pharmaceutical, and technology companies, the Assembly Square complex will provide 1.3 million sf of research, corporate, and retail space. The mixed-use development will feature multiple roof terraces and a one-acre public park. BioMed Realty acquired the property in early 2021.
Canadian developer Oxford Properties has expanded its real estate portfolio in the United States with the acquisition of four new assets. Representing an investment of $276 million in the burgeoning life sciences industry, the purchase included a total of 415,000 sf of existing space and associated developable land. Oxford Properties plans to spend an additional $500 million to repurpose, renovate, and expand the four structures to create leading-edge lab and office environments for biomedical tenants.
Silverstein Properties & Cantor Fitzgerald are partnering with University Place Associates to create a biomedical innovation center in Philadelphia. Providing leading-edge lab and office facilities, 3.0 University Place is pre-certified as LEED Platinum v4 BD+C for core and shell, and will also target WELL Core v2 Platinum certification.
BioMed Realty is creating a 482,000-sf life sciences hub in Boston's Seaport District. Previously serving as the corporate headquarters of John Hancock, the building was acquired by BioMed Realty in late 2020. Featuring robust mechanical and electrical systems, the existing structure has attained LEED Platinum sustainable design certification and includes a variety of collaborative meeting areas. The facility will be renovated to provide sophisticated lab and office environments for biomedical companies. Occupancy is expected in the second half of 2022.
Millennium Partners and Beacon Capital Partners will begin construction in late 2021 on a 380,000-sf life sciences facility in Boston. Designed by Handel Architects in collaboration with STUDIO ENÉE, the mixed-use development will provide leading-edge laboratories, offices, and R&D suites clustered around a collaborative open space. Located on 4.6 acres in the Raymond L. Flynn Marine Park, the eight-story project will feature a central core of corrugated metal to celebrate the area's industrial heritage.
Matrix Innovation Center broke ground in December of 2020 on the Matrix 1 lab and office complex in Amsterdam. Designed by MVRDV to attain BREEAM Excellent certification, the six-story, 140,000-sf project will utilize demountable construction techniques so that the steel supports and concrete floors can be disassembled at the end of the structure's lifespan, enabling 89 percent of the materials to be reused.
Alexandria Real Estate Equities has attained the world's first WELL Health-Safety Rating for laboratory space at Alexandria LaunchLabs in New York City. Augmenting the center’s existing WELL certification for building design, the WELL Health-Safety Rating for Facilities Operations and Management includes further measures to protect the health of tenants, employees, visitors, and service personnel. Protocols at Alexandria LaunchLabs include:
Lincoln Property Company is creating a mixed-use campus in Lexington, Mass. Designed by DiMella Shaffer, the development will include a laboratory building providing 95,000 sf of Class A research space linked by a central promenade to a 125,000-sf office facility. Strategically sited in the burgeoning life sciences district along the Route 128 corridor, the complex will include a community hub with a café to encourage interaction and collaboration between tenants, as well as a 502-space parking garage.
