Activity Blossoms in the Leading U.S. Biopharma Clusters: New Labs and New Funds

Activity Blossoms in the Leading U.S. Biopharma Clusters: New Labs and New Funds ...

In June, global commercial real estate firm Coldwell Banker Richard Ellis demonstrated the strength of the life sciences in the nations' top regional clusters and beyond.1 In between 2001 and 2021, the life sciences workforce increased by 79 percent to approximately 500,000 jobs, ten times the total employment growth rate of 8% in the United States.

While the life sciences business is experiencing lower stock prices for public companies and fewer financings for private firms, the industry continues to receive a wave of new work from research centers and venture capital (VC) funds.

In a GEN article entitled, Top 10 US Biopharma Clusters, lets look into life sciences regions that we briefly described and ranked in June.2 In this article, we add information and statistics that indicate that these areas are still booming.

Takeda has purchased a 600,000 square feet property for an R&D facility at BioMed Realtys 585 Third Street in Cambridge, Massachusetts, in June. AstraZeneca, a subsidiary of Beacon Capital Partners, has purchased a new 295,000 square-foot biotech facility in Boston, adjacent to the BEAT (Boston Exchange for Accelerated Technology) on Morrissey Boulevard. Eli Lilly also intends to lease the $700 million Institute for Genetic Medicine from Alexandria Real Estate Equi

Tenaya Therapeutics established a 295,000-square-foot genetic medicines manufacturing facility in Union City, CA, in May, and approved IQHQ's plans for a 295,000-square-foot R&D facility at the long-vacated 580 Dubuque Avenue. The new fully electric facility will accommodate 842 employees, while providing just 346 parking spaces (to facilitate public transit use). In downtown Redwood City, Tenaya Therapeutics has purchased the property.

The New York City Economic Development Corporation expects to have an additional ten million square feet of wet laboratory space available over the next 1015 years. This includes a 200,000-square-foot property owned by Nuveen Real Estate and Elevate Research Properties in June. Regeneron Pharmaceuticals in June opened its second Alexandria LaunchLabs in the New York City, based on a $1.8 billion expansion of its headquarters. Finally, the New Brunswick Development Corporation is building a $665 million, 550,000-square-foot New

Trammell Crow announced plans in May to build an initial 757,000-square-foot life sciences facility in Johns Hopkins University's Belward Campus in Montgomery County, the MD Shady Grove section, which had the potential to expand to approximately 1.6 million square feet across seven buildings. In Virginia, Thermo Fisher Scientific has received FDA approval to begin commercial production at a new 275,000-square-foot facility in Frederick, Maryland, and Virongy Biosciences plans to employ up to 70 new employees by expanding within the

Bristol Myers Squibb has agreed to acquire a $4.1 billion home-grown Turning Point Therapeutics facility in June, combining IQHQ's $1.6 billion, 1.7 million-square-foot Research and Development District (RaDD) and Guardant Health in April. At 10578 Science Center Drive in Torrey Pines, the company intends to double its regional staff from 55.

Breakthrough Properties, a LA-based joint venture founded by Tishman Speyer and Bellco Capital, closed in April the largest real estate fund ($3 billion) dedicated exclusively to life sciences. Also in April, Pasadena-based Arrowhead Pharmaceuticals launched Visirna Therapeutics with $60 million and plans to develop four Arrowhead RNAi cardiometabolic therapies in Greater China. Amgen later sold an 8.2-acre property where the company used to build a welcome center. The Latigo Group intends to revamp

Breakthrough Properties is planning a 200,000-plus square feet of best-in-class life sciences space at the 2300 Market Street block in Center City, according to a recent study. A permanent Exelixis East hub in close proximity is also on the way.

The 197,000-square-foot 222 Fifth in South Lake Union, built by Intercontinental Real Estate Corporation in June, is expected to make $100 million in savings. Second, Seagen's president, CEO, and chairman Clay Siegall, PhD, have announced their decision to leave after being arrested on a domestic violence charge. Third, a news report claimed that Seagen might be acquired by Merck & Co., which has already worked with Seagen on two development projects.

Amgen's CEO, Robert Bradway, NC Governor Roy Cooper, and Amgen's VP of site operations Robert Kenyon have broken ground in May. Kriya Therapeutics (partially in Research Triangle Park) completed a $270 million Series C financing. Earlier, Amgen broke ground on a $550 million manufacturing facility in Holly Springs, NC. Eli Lilly, a $1 billion-plus facility, has announced that it will build the company's second manufacturing facility in North Carolina.

Mark Goodman & Associates, a senior IT division, closed on acquiring the site of its planned 16-story, 500,000-plus-square-foot lab/office building in the Fulton Market neighborhood in June. GRIT Chicago, a venture capital firm, has opened a chapter on the 500,000 square-foot Bronzeville Innovation Center, which will house a life sciences accelerator built by Israel. Sterling Bay is now building the site of the 500,000-square-foot ALLY at the 1229 West Concord campus in October 20

References to Coldwell Banker Richard Ellis (CBRE) Life Sciences Research Talent 2022. Accessed July 12, 2022. 2. Philippidis A. Top 10 Biopharma Clusters in the United States. Genet. Eng. Biotechnol. News 2022; 42: 2021.

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