Corporate

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.

Construction began in October of 2020 on the $44.2 million Discovery Square 2 building in Rochester, Minn. Designed by RSP Architects, the 125,000-sf facility will offer leasable research environments for life science companies. Sited in the Destination Medical Center district, the five-story structure will feature advanced laboratory infrastructure, centralized common spaces, and a physical connection to the adjacent One Discovery Square building.

Marmon Plumbing & Refrigeration has partnered with Micron Pure, a subsidiary of Hecto Group, to create the CerroZone™ system for the mitigation of airborne SARS-CoV-2. The continuous indoor air purification system, which has been tested at the University of Missouri's Laboratory for Infectious Disease Research, reduces 99 percent of live SARS-CoV-2 in a single pass in under 30 seconds.

Johnson Controls opened the $37 million OpenBlue Innovation Center at the National University of Singapore in September of 2020. Located in the School of Design and Environment's SDE4 building, the 2,600-sf facility is a living laboratory for the development of customizable, contact-free applications built on Johnson Controls' unifying digital technology suite, OpenBlue.

Empire State Realty Trust achieved the WELL Health-Safety Rating for its greater New York commercial properties in September of 2022. Representing 10.1 million rentable square feet, the portfolio comprises 14 office complexes, including the Empire State Building, and six stand-alone retail venues. 

Promoting confidence in the safe reoccupancy of facilities during the COVID-19 pandemic, the WELL Health-Safety Rating for Facility Operations and Management measures five categories: