BOSTON – JLL announced that the firm led the full leasing of a 109,500 square-feet at Burlington Bio Center to three different companies.
The tenants reflect the diversity of greater Boston’s life sciences infrastructure: Ultivue, a biotechnology firm, leased 56,000 square-feet, Protagene, leased 26,00 square-feet both represented by Kevin Malloy at Avison Young and CANbridge, a biopharmaceutical company, leased 27,000 square-feet represented by Matt Daniels at JLL.
The Burlington property is owned by the Gutierrez Companies, a Burlington based firm that includes lab and office space in their area of expertise alongside their institutional real estate partner.
The complex is located within a fast-growing cluster of life science and technology companies and is easily accessible from Route 3 and Route 128/Interstate 95. The property offers high value to the tenants, including access to a talented life sciences employee base, onsite amenities, and close proximity to restaurants, hotels and entertainment. The building’s research and development spaces were fully customizable, making each leased space unique for the tenant and their needs.
“The continued growth of life sciences in the Greater Boston area has spurred the development of new and converted lab space for tenants,” said Matt Daniels, Executive Managing Director at JLL. “We are now seeing companies looking for mid-size space, with the desire to expand into the region’s growing life science clusters.”
“Areas like Burlington provides the opportunity to build out spaces that fit the need for mid-size companies that require lab space,” said Doug Fainelli of Gutierrez Company. “We built BioCenter with innovation and creativity at the forefront, blending tenant customization and openness with high performing lab infrastructure.”
Massachusetts life sciences companies span a range of type and sizes, from entrepreneurial new ventures to mature companies continuing their growth. This unique mix of established pharmas and maturing biotechs frequently requires spaces that are greater than 100,000 s.f. However, newer and growing ventures that are looking for spaces under the 100,000 s.f. threshold comprise more than 40% of the current demand for life sciences related space.
According to JLL market research, 58% of the 14 million square-feet of life sciences development due to be completed by 2023 is already leased or committed. Developers continue to build space to meet demand, with 22.8 million square-feet in the pipeline for completion by December 2024.
The tenants will start to move into the property, located at 4 Burlington Woods in Burlington, in 2022.
The JLL team consisted of Brokerage Lead/Executive Managing Director Matt Daniels, Managing Director Chris Decembrele, and Andrew Whipple, Senior Vice President.