Corporate

Winstanley Enterprises broke ground in June of 2021 on a $100 million bioscience research center in New Haven, Conn. Designed by Elkus Manfredi Architects, the 10-story, 525,000-sf facility will provide leasable laboratory and office environments for biomedical companies and academic institutions. Featuring a large public plaza, the collaborative structure will include a 48,000-sf business incubator operated by BioLabs, a conference center, and a STEM classroom for K-12 education programs.

Kilroy Realty Corporation broke ground in June of 2021 on the second phase of construction at Oyster Point in South San Francisco. Comprising three buildings offering 860,000 sf of space, the $940 million project will provide leading-edge lab and office environments for biomedical and pharmaceutical tenants. LEED Gold sustainable design certification will be sought for the structures, which will incorporate 40,000-sf open floor plates, 22' by 33' column spacing, 16' floor-to-floor heights, and a floor load capacity of 125 pounds per square foot.

Trammell Crow Company opened the 301,260-sf Fulton Labs facility in Chicago in May of 2021. Developed in partnership with Portal Innovations, the 14-story life sciences hub provides leasable wet and dry research environments with column-free spans for maximum lab module efficiency. Offering vivarium access and 22,000 sf of luxury amenity space, the project incorporates mobile lab casework, overhead service carriers, robust mechanical and electrical systems, and smart windows for the protection of sensitive materials and equipment.

Johnson Controls International (JCI) launched OpenBlue Buildings as a Service in April of 2021. Offering a comprehensive portfolio of advanced solutions, the program allows building owners to transfer the full lifecycle risk of operations to Johnson Controls, which can include upfront capital and decision-making processes; responsibility for design, construction, and maintenance; and energy efficiency and emissions management.

Vermeulens has released its market outlook report for the first quarter of 2021. Key points include:

Greatland Realty Partners began construction in April of 2021 on Revolution Labs in Lexington, Mass. Designed by SGA, the three-story, 180,000-sf life sciences building will provide leasable laboratory and office facilities for biomedical and pharmaceutical companies.

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.