GlobeSt.com – April 29
As demand for laboratory space from life science companies continues to escalate, developers are increasingly looking for a new category of construction to meet this ongoing need. Enter the conversion of offices into laboratories, which saw the strongest growth in construction over the past year. According to CBRE, such projects accounted for nearly 10 million square feet of new construction in the top 12 U.S. life sciences markets late last year, a 49% increase from early 2021. Boston led the quarter in terms of converted square footage, followed by San Diego, Raleigh-Durham, Los Angeles and Metro Washington DC-Baltimore.
Trade Observer – April 18th
According to a new national survey by CBRE, investors plan to allocate much more capital to healthcare properties in 2022, including life science spaces, medical office buildings and outpatient service centers. CBRE now estimates $25 billion in equity will be invested in the sector this year due to optimistic sentiment, the resilience of healthcare real estate during the pandemic and continued demand. This estimate is supported by 84% of survey respondents who indicated that they plan to be “net buyers” of healthcare real estate in 2022, with a primary focus on behavioral health centers and life science assets.
Commercial Property Management – April 14th
According to a recent report by Cushman and Wakefield, biotechnology investment grew 12.7% year over year in 2021, while private equity and public funding from the National Institutes of Health targeting life sciences assets rose $78 billion in the same year US dollars – a record for the sector. The current importance of the life sciences industry for real estate is undeniable. Matthew Fickett, Director at SGA, works on creating energy-efficient, net-zero labs. In a detailed interview with Commercial real estate agenthe shared industry insights on what energy efficiency means for laboratory buildings, and detailed market specifics, conversions and forecasts for the sector.
Connect CRE – April 29th
Breakthrough Properties, a joint venture between Tishman Speyer and Bellco Capital, has reached final closings for the Breakthrough Life Science Property Fund. The company raised $3 billion in direct capital and co-investments to scale a global portfolio of ecosystems for early-, mid- and late-stage life science companies. According to CBRE and JLL Research, it is considered the largest real estate fund exclusively focused on the life sciences sector, barring recapitalizations of existing portfolios.
The San Mateo Daily Journal – May 2nd
A massive new biotech campus proposed in Burlingame received rave reviews from City Council and the Planning Commission this week, offering a glimpse into the future of the Bayfront as a series of similar projects are expected to transform the area in the years to come . The DivcoWest development is for a 12 hectare site overlooking the bay. It is also among the first to meet the city’s new requirements aimed at managing projected sea level rise.
The Real Deal – April 25th
The state stem cell agency, the California Institute for Regenerative Medicine (CIRM), will be moving its headquarters from Oakland to South San Francisco. The move to 601 Gateway Blvd. brings CIRM squarely into the region’s original biopharmaceutical hub as it works to advance late-stage clinical trials and bring to market the medical technologies it has funded for nearly two decades. The 12-storey office tower is owned by a joint venture between the real estate funds Alexandria Real Estate Equities and Boston Properties.
The San Diego Union-Tribune – April 8
Neurocrine Biosciences has leased 535,000 square feet for a new headquarters campus in Aperture Del Mar, underscoring the continued demand for prime laboratory space in San Diego. The lease is one of the largest one-off transactions in recent history for the region’s life sciences sector. It follows Bristol Myers Squibb, which has committed to a 427,000-square-foot, yet to be constructed University City building being developed by Alexandria Real Estate Equities.
East Bay Times – April 7
A veteran developer has bought a dying mall in South Bay and plans to convert the center’s large retail buildings into spaces that will attract life science, biotech and technology companies. Presidio Bay Ventures has acquired Charleston Plaza in Mountain View and Palo Alto, according to documents filed with the Santa Clara County Recorder’s Office. The mall, which is prominently located near the intersection of US Highway 101 and Rengstorff Avenue, has suffered a series of departures from some of its key retailers in recent years.