Breaking Through in a Big Way REAL ESTATE: Breakthrough Properties Makes Sizeable Investment in San Diego By Ray Huard SAN DIEGO – Breakthrough Properties, based in Los Angeles, in September marked the completion of a three-building life science campus on a 10-acre site in Torrey Pines. The 500,000-square-foot Torrey View is fully leased to several companies, including Pfizer and BD Biosciences. Breakthrough Properties, a joint venture of the real estate company Tishman Speyer and biotech investment firm Bellco Capital, is also converting a two-story University City office building into life-science lab and office space and in January acquired a majority interest in Callan Ridge, a two-building life science campus in Torrey Pines. The 185,000-square-foot Callan Ridge is fully leased. Breakthrough acquired a 65% interest in Callan Ridge from Healthpeak Properties, which built Callan Ridge and will retain a 35% interest in Callan Ridge. The 162,922-square-foot Governor Pointe by Breakthrough University City property at 6220 Greenwich Drive will become Breakthrough Properties’ second StudioLabs, move-in-ready office project in San Diego for new and growing life science and biotech that need to lease lab space companies, said Susie Harborth, chief business officer at Breakthrough Properties. “StudioLabs offers fully furnished private lab and office suites for companies growing out of incubators that need their next step or that need a launch pad in San Diego,” Harborth said. “We’re also putting in a new gym and a café,” she added. Opened in 2022, the first StudioLabs is in Torrey Pines and was fully leased before it was finished. “We had a company graduate out and move to Torrey View,” Harborth said. “We’re looking for someone to take the suite that they vacated.” Breakthrough Properties is converting a University City office building into move-in-ready lab and office space for life science and biotech companies. Rendering courtesy of Breakthrough Properties Portfolio ‘Crown Jewel’ The new StudioLabs will have suites ranging from 7,500 square feet to 10,000 square feet, Harborth said. https://lnkd.in/g-6NtR-y #breakthroughproperties #torreypines #lifescience #universitycity #construction #development #renovation #labspace
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Once a pandemic darling, life sciences real estate is now so oversupplied that developers are converting labs into offices... In cities like Boston, San Diego, and the Bay Area, a surge in life sciences development has led to a glut of vacant properties. Owners, unable to find biotech tenants, are now leasing at a 30% discount for office use. In Boston alone, at least 10 life-sciences buildings are being marketed as office space, with rents dropping from $100 to $70 PSF. Full newsletter in the comments below 👇 #lifescience #realestate #credaily #office
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Understanding the dynamic landscape of industrial real estate investments today, Blue Vista Capital Management’s latest acquisition of the Boulder Innovation Campus in Louisville is a big one! For $49.5 million, Blue Vista has strategically expanded its portfolio, reinforcing its position in the technology and industrial space. 🔹 Key Highlights: - Property Size: 19.5-acre campus with 198,720 square feet and developed in 2023 - Property Specs: Buildings with 24-foot clear heights, versatile loading options, and significant power capacity. - Anchor Tenant: Tendeg, a leading aerospace company, has leased space for its headquarters and manufacturing, over - Strategic Fit: Aligns with Blue Vista’s core investment strategy focused on multifamily, industrial, and self-storage. Why should this interest investors and industry insiders? 📈 This acquisition underscores several industry trends: 1. Demand for Modern Industrial Spaces: Growing interest in state-of-the-art facilities, especially in aerospace and manufacturing. 2.Proximity to Innovation Hubs: Being near the Colorado Technology Center makes this campus attractive to tech-focused companies. 3. Investment in Emerging Markets: Blue Vista’s move signals confidence in Boulder’s economic potential as a tech and innovation hub. 4. Flexible Industrial Spaces: The campus’s adaptable design meets the varied needs of industrial and tech tenants. What opportunities do you see arising from such strategic real estate investments in emerging markets like Boulder? #ColoradoApartments #IndustrialRealEstate #BoulderInnovation #InvestmentOpportunities #TechnologyHub #AdvancedManufacturing #RealEstateInvestment #BlueVista
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$28.5M Life Science Investment: Transforming 3711 Market Street Wexford Science & Technology, LLC and Ventas, Inc. are addressing 80,000 sq. ft. of vacancy at 3711 Market, with current occupancy at 45%. Tenants include Eli Lilly and Company and Spark Therapeutics, Inc. Renovations to start early 2025, targeting completion by year-end. Key Upgrades Include: - A redesigned, hotel-inspired lobby for collaboration and casual meetings. Enhanced HVAC and backup power systems for modern tenant needs. - Move-in-ready lab and office suites (3,000–12,000 sq. ft.) for companies requiring quick setups. - Flexible spaces with 35,000 sq. ft. floor plates and nearly 15-foot ceiling heights. Philadelphia and University City are recognized as leading national hubs for life sciences, with thriving research institutions and biotech companies. WCRE | CORFAC International is dedicated to advising life sciences tenants in finding the ideal lease that exceeds their needs, providing expert guidance and tailored real estate solutions for success in this dynamic sector. Todd C. Monahan | Joe Fox | Jason Wolf https://lnkd.in/eFG_-xb9 Philadelphia Business Journal #LifeSciences #CommercialRealEstate #Innovation #cre #philly #philadelphia #penn #upenn #universitycity #drexel #pennmed #lifesci #lifesciencescre
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ICYMI: The Texas Economic Development Corporation, Texas Healthcare and Bioscience Institute (THBI), Texas Association of Manufacturers, and the Texas Economic Development & Tourism - Office of Texas Governor Greg Abbott teams recently visited Highpoint, a multi-phase, mixed-use redevelopment located in Northwest Austin owned by Karlin Real Estate. Karlin has been investing in Austin for over 15 years and has worked with some of the world’s leading companies to identify strategic solutions to solve their real estate challenges locally and on a national and international scale. This ambitious project aims to transform existing buildings into over a million square feet of premium laboratory and office space in its first phase. Future phases of Highpoint may introduce multi-family residential units, retail spaces, additional office buildings, an outdoor activities center, and numerous campus amenities, making it a comprehensive development to support a vibrant community and business ecosystem. Thank you to our friends Carly Langley, Robert "Bart" Olds, and Mike McGlashan for having us! For more pictures click the link below: https://lnkd.in/eBz9xdd8
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Kendall Square's #CRE market is shifting—rising vacancies and lower rents make this a prime moment for companies to secure space in Cambridge's innovation corridor. Read all about these opportunities in our recent #blogpost that breaks down some of the key findings from our Q3 2024 Cambridge Office Report. #CresaBos #CresaBlog #Cambridge #MarketInsights
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Life Science Lab Bioterra Nearing Completion REAL REAL ESTATE: Longfellow’s First Ground-Up Project in San Diego BY RAY HUARD SAN DIEGO – Hoping to capitalize on what it sees as a resurgence in San Diego’s life science industry, Longfellow Real Estate Partners is in the final stages of building a 316,000-square-foot lab and office project in Sorrento Valley. The five-story Bioterra at 5889 Oberlin Drive is the first ground-up, new construction project in San Diego for the Boston-based company. “It’s the largest single building that we have in the market,” said Peter Fritz, managing director of Longfellow Real Estate Partners in San Diego. “It is purpose-built to support life science tenants all the way from startups to big pharmaceutical companies,” Fritz said. “One of the things that’s so unique about this building is that it has 70,000-squre-foot floorplates that are incredibly expansive and efficient. It can accommodate one large user. It’s also engineered for maximum flexibility, so we could put up to four tenants on each floor.” With the addition of Bioterra, Longfellow will have 1.7 million square feet of life science lab and office space with more in the pipeline. Prior to Bioterra, Longfellow’s San Diego projects have entailed renovating existing offices for life science by adding lab space and upgrading the offices. “It’s all part of our strategy for a robust and scaled portfolio so we can accommodate everyone from two guys and a bench startup all to way to a 300,000-square-foot pharmaceutical company,” Fritz said. Longfellow has declined to say what it cost to build Bioterra, but the company in December 2022 received a $202.6 million construction loan for the project from Mile Capital Management, LLC and Bank OZK. https://lnkd.in/gWZdePfh #commercialrealestate #construction #development #lifescience #labs
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Despite recession concerns, Houston added 53,700 jobs in the first 10 months of 2023, showcasing strong economic resilience. The Greater Houston Partnership projects these exciting developments for 2024: - Arco Del Tiempo: A sustainable art installation in East End Guadalupe Plaza Park. - Austin Point: A 4,700-acre master-planned town. - Autry Park: A 14-acre urban village in Montrose. - BioHub II: A 45-acre biomanufacturing hub at Generation Park. - East Blocks: Redevelopment of EaDo warehouses into a mixed-use district. - The Allen: A luxury mixed-use development on Allen Parkway. - The Commons at Hermann Park: A 26-acre green space development. - Astros Entertainment District: A new district near Minute Maid Park. - The Grand at 249: A 65-acre retail center in Tomball. - Houston's growth and innovation continue to thrive! #houstoneconomy #texas #ytexas #texasbusiness #texasdevelopment #texasgrowth
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Lack of Grade A space driving up Oxford rents, says Vail Williams 🏙️📈 Oxford continues to see good demand for offices and laboratories, reflecting the diversity of the city’s science and tech cluster. But a lack of supply of Grade A space could send rents spiralling, says Mike Watson, a partner at property consultancy Vail Williams. “A lot of the growth in the Oxford office market has been driven by the lack of supply of Grade A office or laboratory stock, which has always been underserved here”, he said. “Given last year’s take-up figures, which were around 420,000 sq ft of lab space, there remains approximately 12 months’ worth of supply left. “This is driving rents up from the early £30s per square foot (psf) for traditional office space, to the mid-£60s psf – rising as high as £85 psf for lab space on some business parks." Continue reading... https://lnkd.in/eu8v92Qi Oxford University Innovation, University of Oxford, Begbroke Science Park, Harwell Science and Innovation Campus, Howbery Business Park, Milton Park (Oxfordshire), ARC Oxford (formerly Oxford Business Park), Oxford North, The Oxford Science Park (TOSP) and Oxford Technology Park. #property #realestate #finance #investing #technology #innovation #businessnews #businessintelligence
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What an incredible day at Bisnow’s Seattle State of the Market event last week, hosted at our Chapter Buildings in the heart of the University District! 🎉 The event featured engaging discussions from industry leaders on topics shaping Seattle’s future: 🔸 Seattle’s Next Chapter: Evolving market dynamics, downtown activations, back-to-office trends, and the city’s path to recovery. 🔸 Navigating Project Success Amidst Market Volatility: Strategies for managing entitlement, financing, construction trends, and site selection in a shifting landscape. 🔸 Transformative Developments: Challenges and opportunities in developing multifamily housing in Greater Seattle region. 🔸 Waterfront Revitalization: A deep dive into large civic projects like the upcoming Overlook Walk, and their role in cultivating culture and connectivity in the heart of Seattle. Midway through the event, our team hosted a tour of the Chapter Buildings, our latest mixed-use development. Shaping the future of work in Seattle, the two-tower project features Class-A office and life sciences spaces, a pedestrian green space, and rooftop decks with sweeping views of the city. With a focus on sustainability, community connectivity, and cutting-edge design, the Chapter Buildings are creating vibrant, modern work environments for the next generation of talent. The event closed with a lively rooftop happy hour at Building I, where connections continued amidst the Seattle skyline. 🌇 Thanks to all who attended and made this event a success! #SeattleRealEstate #ChapterBuildings #StateoftheMarket #Placemaking #MixedUseDevelopment #Bisnow #CommunityTransformation #BisnowSeattle #SeattleCRE #URGSEA #UniversityDistrict #LifeScienceRealEstate #LifeSciences #SeattleOffice
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