in the Press
Alsym Energy Picks Malden Center for New Headquarters; Signs 60,000 SF Lease at Berkeley Investments’ Development, Exchange 200
Lease represents one of the largest recent cleantech leases to be signed in Greater Boston
Woburn-based battery maker Alsym™ Energy has signed a 60,000 SF lease with real estate developer Berkeley Investments (Berkeley) and its partner, Singerman Real Estate (Singerman), to expand its operations to Exchange 200 in Malden. The Exchange 200 location will become the company’s official headquarters, with operations continuing at Alsym’s existing Woburn facility. This expansion represents the largest lease signing to date at the building, which is Malden’s largest laboratory development, and one of the largest new cleantech lab leases signed in Greater Boston in 2024. The lease further establishes Exchange 200 as one of the region’s key hubs of innovation in the cleantech industry and demonstrates the appeal of the building across a wide spectrum of lab- and R&D-intensive industries, even as the market has seen a slowdown in life sciences demand.
Alsym Energy, a developer of next-generation non-flammable, high performance, and affordable non-lithium batteries for stationary storage anticipates using the larger space in Malden to grow its Boston-area team while increasing its production capacity to address increasing demand for customer samples. By signing this 60,000 SF lease, Alsym Energy is affirming the heavy demand for high performance, non-lithium-ion battery technologies. “Expanding our operations to Malden provides us with the space needed to further advance the commercialization of our battery technology,” said Graeme Grant, COO of Alsym Energy. “This represents a significant step in our path to providing the world with safe, clean, reliable, and affordable batteries that are so desperately needed to succeed in the global energy transition. Our new cutting-edge space at Exchange 200 gives us the ability to speed up our pace of innovation, increase our capacity to provide samples to both existing and prospective customers, and get to market as quickly as possible. And being close to so many transit options – the MBTA, bike paths, highways – and great local restaurants make Malden an ideal location for our employees, current and future. We are thrilled to be joining the growing Malden tech and business communities.”
Malden Mayor Gary Christenson, who has fostered a welcoming business environment for lab, life sciences, and R&D companies in the city, stated he is looking forward to Alsym joining the growing ranks of innovative companies who call Malden home. “We are thrilled to welcome Alsym Energy to Malden Center and applaud their mission to ensure that the future of energy will be cleaner, safer, and more affordable for people not only here in our city but all around the world,” said Christenson. “Having a company like Alsym at Exchange 200 not only brings jobs and economic growth to the city but further positions Malden on a global scale as one of the top locations where cleantech and life science leaders are choosing to grow their companies and find talent. We look forward to a long and prosperous partnership.”
Dan McGrath, Berkeley’s Senior Vice President and Director of Asset Management, says innovative companies like Alsym Energy represent the type of tenant that find Exchange 200 and the city of Malden so attractive. “The Boston region is a global leader across many transformative industries, including life sciences, cleantech, and advanced manufacturing,” McGrath said. “Exchange 200 is engaged in leasing discussions with growing companies across these sectors because they’re attracted to the strong employment base and immediate access to rapid transit that Malden provides. The same companies also need the ample power and robust infrastructure that Exchange 200 offers in order to conduct their research and to build and test their products. And, just as important, during the current period of ‘belt-tightening’ by start-ups and venture capital-backed companies, Exchange 200 offers rents at half of the cost of other competitive properties in locations like Somerville and Cambridge.”
The team of Molly Heath, Chris McCauley, and Anslee Krouch at JLL represented Berkeley and Singerman in the Alsym Energy lease transaction at Exchange 200. Molly Heath, Executive Managing Director of JLL Boston, said, “The most exciting thing about Exchange 200 is that it continues to meet the needs of a wide variety of tenants. The building offers spec lab suites so young companies can conserve capital to invest in their teams and R&D. And it offers shell space on lower floors that can be built out for more specialized programmatic requirements and to accommodate future tenant growth. This flexibility proved to be highly successful to our lease-up strategy with Alsym Energy given they leased the two remaining spec suites as well as additional shell space in the building.”
Bill Lynch and Caroline Evans of Colliers represented Alsym Energy in the transaction.
About Berkeley:
Berkeley is a Boston-based, certified MBE real estate investment and development company with a focus on urban commercial, residential, and mixed-use properties. Founded in 1991, Berkeley has established a successful track record of investment management and value creation through a diverse portfolio that includes award-winning residential, commercial, arts, cleantech and life sciences projects throughout greater Boston. A vertically integrated firm with proven in-house property, asset, construction, and development management capabilities, the company’s main focus is on transit-oriented, mixed-use properties with an emphasis on innovative design. Key developments include the historic conversion of the Waltham Watch Factory into commercial and residential space, the adaptive reuse of former industrial properties in communities including Malden, Somerville, Billerica, Watertown, and Charlestown, and the pioneering redevelopment of over a dozen historic brick-and-beam buildings including FP3 and 381 Congress Street Lofts in Boston’s Fort Point neighborhood. Berkeley’s portfolio presently includes 1.5 million square feet of operating laboratory and life sciences properties and active developments in and around Boston, including 176 Lincoln Street in Allston, MA, a dynamic new mixed-use development that will include housing, lab-ready office, retail, arts and publicly accessible open space. For more information, visit www.berkeleyinvestments.com .
About Singerman:
Singerman Real Estate is a Chicago-based opportunistic real estate investment firm with over $4 billion of assets under management. SRE has deep experience executing complex transactions and unlocking embedded value through the ownership of properties, real estate loans and operating companies. SRE focuses on maximizing risk-adjusted returns through investments in both debt and equity across all major asset classes including industrial, life science, multifamily, hospitality, office, and retail in addition to other niche real estate asset classes.
About Alsym Energy:
Alsym™ Energy has developed an innovative low-cost, high-performance rechargeable battery chemistry that’s free of lithium and cobalt and ideal for grid and microgrid applications as well as data centers, oil and gas, mining, manufacturing, ports, home storage, and heavy industry. By using non-flammable, non-toxic battery materials with robust global supply chains, Alsym is working to deliver wide-duration storage with performance comparable to lithium-ion at a much lower cost, helping to speed the pace of decarbonization globally. To learn more, please visit alsym.com.
Culture Pop Soda Pops Up at 64 Pleasant Street in Watertown, MA
Beverage brand founded by Tom First leases 6,000SF at Berkeley Investments’ lab, life sciences and clean tech development
Berkeley Investments (Berkeley) today announced that Culture Pop Soda, a rapidly growing functional soda brand, will be leasing over 6,000 square feet of space in the company’s 64 Pleasant Street development in Watertown, Massachusetts. Culture Pop joins current tenant Via Separations, a growing clean tech startup, which signed a lease for more than 50,000 square feet of Class A lab space last year. Situated along the Charles River in Watertown, 64 Pleasant was recently redeveloped by Berkeley into a dynamic new hub of innovative companies, and was recently the location chosen by Governor Maura Healey to promote her climate tech Initiative investment of $1.3 billion, from the headquarters of Via Separations.
“We’re excited to relocate our offices to 64 Pleasant Street in Watertown,” says Tom First, Founder and CEO of Culture Pop Soda and co-founder of Nantucket Nectars. “This building’s rich history of innovation, research and product development is a perfect fit for our brand. Our new space will enable us to grow our team and attract best-in-class talent to continue building a leading brand in our category.”
Adds Dan McGrath, Berkeley’s Senior Vice President and Director of Asset Management, “Culture Pop Soda perfectly complements the lab, life sciences and clean tech companies that a building like 64 Pleasant is appealing to. Culture Pop prides itself on clean living, with a really clean ingredient list, and we think their business model is ideally suited for 64 Pleasant. They’ll fit in perfectly with Via Separations and the additional one or two life sciences and lab tenants we hope to attract in the near future and we are excited to link like-minded, forward-thinking companies in the same incubator tech space. 64 Pleasant is a unique building with best-in-class design where our tenants can work, collaborate, and innovate together against the scenic backdrop of the Charles River.”
Purchased from globally renowned architectural firm Sasaki back in 2021, Berkeley has transformed the 64 Pleasant Street site into state-of-the-art lab space in one of Watertown’s most iconic buildings. The historic mill and industrial building has often been recognized for pioneering innovative breakthroughs in the paper, manufacturing, printing and laundry service industries, before serving as Sasaki’s global headquarters for over 40 years.
Today, 64 Pleasant is a 105,000-square-foot mill building situated along the Charles River that Berkeley has thoroughly renovated to accommodate innovative, growing technology and life sciences companies in the center of Watertown. Berkeley has completed the highly complex base buildout that converted the 160-year-old building into a modern lab and R&D center. It features Class A lab space and amenities, including a spacious fitness wing with holistic amenities, cafe, conference center, ample bike storage, communal kitchen and commissioned artwork throughout the space. The outdoor patio and remaining available workspace provide sweeping views of the Charles River, making it one of the most sought after places to work in greater Boston. The building’s location offers easy access to public transit, the Massachusetts Turnpike, the Watertown Connector Shuttle to Harvard Square, and the Charles River Greenway Bike Path.
In this 64 Pleasant leasing transaction, Culture Pop Soda was represented by Nat Kessler and Sam Crossan of JLL. Newmark’s Dan Krysiak, Dave Townsend, Juliette Reiter, and Catie Tilton represented Berkeley. A Senior Managing Director in Newmark’s Boston office, Krysiak shares, “Working closely with Berkeley, we identified a location within the 64 Pleasant building that was ideal for Culture Pop’s use and provided them with the creative space they were searching for to reflect their brand identity. There’s a flexibility in the space that allows Culture POP to commence construction and design quickly thereby allowing their team to move in by the end of this year. While we continue to cultivate lab, life sciences and clean tech tenants who appreciate the inherent value and many amenities that 64 Pleasant offers, we commend Berkeley’s creative commitment to uniting forward-thinking companies under the 64 Pleasant roof.”
About Berkeley
Berkeley is a Boston-based, certified MBE real estate investment and development company with a focus on urban residential, commercial and mixed-use properties. Founded in 1991, Berkeley has established a successful track record of investment management and value creation through a diverse portfolio that includes award-winning residential, commercial, arts, clean tech and life sciences projects throughout greater Boston. A vertically integrated firm with proven in-house property, asset, construction, and development management capabilities, the company’s main focus is on transit-oriented, mixed-use properties with an emphasis on innovative design. Key developments include the historic conversion of 64 Pleasant Street in Watertown into innovative lab, life science, and clean tech space and the Waltham Watch Factory into commercial and residential space, as well as the adaptive reuse and reimagining of former industrial properties in communities including Somerville, Billerica, Malden and Charlestown. Berkeley also managed the pioneering redevelopment of more than a dozen historic brick-and-beam buildings including FP3 and 381 Congress Street Lofts in Boston’s Fort Point neighborhood, and is currently advancing the redevelopment of 176 Lincoln Street in Boston’s Allston neighborhood as a mixed-use innovation village including lab and residential space situated around dynamic public and open spaces. Berkeley’s portfolio presently includes 1.5 million square feet of operating laboratory and life sciences properties and active developments in and around Boston. For more information, visit www.berkeleyinvestments.com.
About Culture Pop Soda
Culture Pop, a leading brand in the functional soda category, is a refreshing soda made with organic fruit juices and spices with a probiotic that promotes gut health. Founder Tom First started the company in 2020, and Culture Pop is now available in more than 10,000 retail stores across the country. In New England, Culture Pop is available at major retailers including Shaws, Stop & Shop, Whole Foods, Wegmans, and Walmart, in addition to the regional and independent retailers that have sold and supported the brand since its inception. Each of the brand’s eight flavors are based on familiar favorites, and are free from added sugar and artificial and high intensity sweeteners that are found in traditional sodas. More information is available at www.drinkculturepop.com.
Governor Healey Visits 64 Pleasant to Detail Economic Impact of Clean Tech Industry on Massachusetts
(Watertown, Mass May 2, 2024) —Governor Maura Healey today visited Berkeley Investments’ 64 Pleasant lab and R&D space in Watertown to announce that her Climate Tech Initiative investment of $1.3 billion will generate $16.4 billion in economic activity, produce 6,670 jobs, and make Massachusetts the climate innovation lab for the world. Governor Healey chose the location to spotlight the important work and success of 64 Pleasant’s tenant, Via Separations, a rapidly growing clean tech startup.
“Berkeley Investments is proud to have 64 Pleasant and our tenant, Via Separations, serve as examples of how the alignment of public sector investment, entrepreneurial innovation, and cutting-edge workspaces can make Massachusetts, and particularly Watertown, the center of the cleantech industry,” said Young Park, president and founder of Berkeley Investments. “We designed 64 Pleasant with its Class A Lab and R&D space and high-quality amenities to be a place where innovators in climate tech and other advanced industries can do their best work.”
64 Pleasant is a 105,000-square-foot former mill building situated along the Charles River redeveloped by Berkeley Investments into a sophisticated lab and R&D center. It features Class A lab space and amenities with easy access to public transit and the Mass Pike.
Via Separations, a clean tech startup that developed a unique filtration system to reduce carbon emissions, signed a lease for 50,000 square feet of space in March of 2023, keeping it close to MIT, where it was founded. Via Separations recently began servicing International Paper in a major deal that will significantly reduce carbon emissions in processing paper. Being able to provide the right space in Watertown at 64 Pleasant for Via Separations and future companies to flourish is contributing to the city’s ability to become a clean-tech center in Massachusetts.
There are 54,000 square feet of Class A lab and R&D space at 64 Pleasant available for leasing.
Governor Maura Healey with Berkeley Investments President Young Park and the Berkeley team members at 64 Pleasant
VIA SEPARATIONS TO LEASE 50,699 SQUARE FEET AT 64 PLEASANT
Terence Burke, Denterlein PartnersRapidly-scaling technology company to lease half of Watertown building that features Class A lab space along the Charles River
Boston, Mass – Berkeley Investments today announced that Via Separations has signed a lease for 50,699 square feet of Class A space in Berkeley’s 64 Pleasant building in Watertown, Massachusetts. The lease represents approximately half of the newly redeveloped building and further establishes Watertown as one of the most dynamic clusters of advanced R&D in the Northeast. Via Separations, a Watertown-based company that enables industrial decarbonization and process intensification through its unique and advanced filtration technology, is leasing the space as it grows its research and commercial capabilities to meet market demand.
“We are seeing a lot of enthusiasm in the marketplace for Via’s industrial decarbonization technology, so we are excited to have 64 Pleasant as the space where we can continue to scale our team while giving them a beautiful setting to call home,” said Shreya Dave, CEO of Via Separations. “We are especially thrilled to be able to remain in Watertown and contribute to the region’s ClimateTech and advanced manufacturing economy.”
Via Separations, one of the first companies to receive funding from The Engine, a venture capital fund built by MIT, recently announced a $38 million investment led by NGP ETP that included other equity partners in the sustainability space and the Massachusetts Clean Energy Center. Via has begun deploying its technology in the pulp and paper sector and will be bringing this world-changing technology to the broader industrial manufacturing space to contribute to a carbon-free future.
“Berkeley is excited to welcome Via Separations to 64 Pleasant. We designed 64 Pleasant with its Class A wet and test lab space and high-quality amenities to be a place where innovators like Via can do their best work for a better future,” said Young Park, president of Berkeley Investments. “We look forward to welcoming more science-based tenants to this unique space in the heart of Watertown where they can work, collaborate, and innovate against the scenic backdrop of the Charles River.”
64 Pleasant is a 105,000-square-foot mill building situated along the Charles River that Berkeley thoroughly renovated over the last year to accommodate innovative, growing technology and life sciences companies in the center of Watertown. Berkeley has completed the highly complex base buildout that converted the historic 160-year-old building into a sophisticated lab and R&D center. It features Class A lab space and amenities, including a spacious fitness wing, conference center, and grand amenity kitchen. The outdoor patio, expansive roof deck, and remaining available workspace provide sweeping views of the Charles River, making it one of the most attractive places to work in Greater Boston. The location offers easy access to public transit, the Mass Pike, and the Charles River Greenway Bike Path.
Via Separations was represented by David Thomann and Connor Barnes of Cushman & Wakefield. Newmark’s Dave Townsend, Juliette Reiter, Catie Tilton, and Dan Krysiak represented Berkeley.
About Berkeley
Berkeley is a Boston-based, certified MBE real estate investment and development company with 30 years of experience creating vibrant residential, commercial, arts, and life sciences spaces throughout the region. A vertically integrated firm with proven in-house property, asset, construction, and development management capabilities, Berkeley focuses on transit-oriented mixed-use properties and emphasizes innovative design. Berkeley has established a reputation for collaboration and commitment to supporting local neighborhoods and economies. Berkeley has established a track record of successful investment management and value creation through a diverse award-winning portfolio of properties that includes the historic conversion of the Waltham Watch Factory complex into commercial and residential space, the adaptive reuse of former industrial properties in communities including Somerville, Billerica, Watertown, Malden and Charlestown, and the trend-setting redevelopment of numerous historic brick-and-beam buildings in Boston’s innovative Fort Point Channel District. Berkeley’s portfolio includes 1.5 million square feet of operating laboratory properties and active developments.
About Via Separations
Via Separations eliminates energy use in industrial processes, enabling pathways for a more resource-efficient and sustainable future. Based in Watertown, MA and spun out of the Massachusetts Institute of Technology, Via’s unique and proprietary filtration technology has applications across industrial manufacturing. Via is backed by investors including The Engine, Safar Partners, Prime Impact Fund, NGP ETP, and MassCEC, as well as by federal and state support from the National Science Foundation and the Department of Energy. More information is available at www.viaseparations.com.
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Berkeley buys Brighton site approved for 102 apartments
Boston Business JournalThe BPDA granted approval to another developer in 2021 to replace a low-slung warehouse with a six-story, 100,000-square-foot apartment complex.
The first tenant at this Watertown lab conversion? It’s not a biotech.
Boston Business JournalBerkeley Investments has leased half of an old Watertown mill building that it redeveloped into lab space.
Berkeley Investments Moves Forward to Build New Innovation Cluster in Boston
Business WireTransit-oriented development with high visibility from interstate highway and proximity to Harvard research campus will be a dynamic community for life science innovators, workers, residents, and artists.
BOSTON–(BUSINESS WIRE)–Berkeley Investments announced that its latest life science project, 176 Lincoln in Boston, Massachusetts, has been fully approved and is poised to become a dynamic, transit-oriented, mixed-use development featuring Class A lab and R&D space, offices, and residential units providing high visibility along Interstate 90 (the Mass Pike) and immediate access to downtown Boston and Harvard Square in Cambridge.
The project’s location in the Allston section of Boston serves as a gateway to the city from the highly desirable western suburbs and is in immediate proximity to Harvard’s recently completed Paulson School of Engineering and Applied Sciences (SEAS); the Harvard Business School; and the recent expansion of Harvard academic and cultural facilities such as the Harvard Innovation Labs, ART, and Art Lab. The expanding Harvard presence in Allston is establishing a new cluster for innovation and research in Greater Boston and reinforcing the strong development link between two existing world-renowned medical research and life science clusters: the Longwood Medical Area (LMA) in Boston and the MIT/Kendall Square powerhouse in Cambridge.
“With its location adjacent to Harvard’s growing Allston campus and its introduction of state-of-the-art Class A lab space, 176 Lincoln will be an important addition to the rapidly growing life science, medical, academic research, and corporate corridor stretching through Boston and into Cambridge,” said Young Park, president of Berkeley Investments. “176 Lincoln will create a brand-new innovation cluster in Boston that will draw together scientists, researchers, innovators, artists, and residents in a beautifully landscaped setting, steps away from public transit, ten minutes from Logan International Airport, and with easy access to and high visibility from I-90.”
The 176 Lincoln project, designed by award-winning international architect CBT, will rise on a five-acre site that will incorporate two acres of landscaped open space. The project will create an ‘innovation village’ combining workplaces for cutting-edge research with housing for the region’s growing population, along with incorporating creative spaces for artists and public gathering places to promote collaboration as well as chance encounters. The two main commercial buildings will include 720,000 square feet of lab, R&D, and office space with exceptional branding opportunities along I-90 in one of the fastest-growing innovation districts in the Northeast. In addition, the project will include on-site housing, including 252 apartments with ten live / work units for artists and walkable access to the Charles River public parks, trails, and outdoor amenities. The project is aiming to achieve passive house certification.
As a transit-oriented development, 176 Lincoln is located optimally to attract a highly educated regional workforce with walkable proximity to the MBTA Boston Landing train stop and easy access to the Mass Pike (I-90) Allston interchange. In addition, the City of Boston and the Commonwealth of Massachusetts are actively planning a major highway / multi-modal transportation project along the Mass Pike that will dramatically transform the entire area formerly used as a rail yard and increase public transit options for future residents and commercial tenants while opening over 100 acres of land for future mixed-use innovation, research, and community-oriented residential development.
“176 Lincoln is on track to become a crucial driver in the accelerating growth of life science and R&D industries in the Western quadrant of Boston along the Charles River, an area that already features Boston Landing, the world headquarters of New Balance and the first SmartLabs in Boston, along with the rapid growth of the life science cluster in Watertown,” said Morgan Pierson, senior vice president for development at Berkeley. “The long-term economic and development potential of this area, starting with 176 Lincoln as its gateway, could well equal the transformative emergence of the Seaport District in Boston over the last ten years, or in some aspects, the Hudson Yards development on the West Side of Manhattan.”
The 176 Lincoln Project is also designed to respond to a future that demands a far more sustainable and inclusionary approach to development and construction. Among the many sustainability features, the Project includes LEED Gold-certified buildings and a 100 percent electrical residential building, resulting in a 90 percent reduction in fossil fuel use.
Berkeley intends to break ground on 176 Lincoln in 2024 with a completion date in 2028.
Berkeley continues to manage a development and investment pipeline in the life science space with roughly 750,000 square feet of lab, biomanufacturing, and commercial space being actively constructed or leased up in Greater Boston, including a fully entitled, shovel-ready 203,000 sf cGMP/biomanufacturing development located in Billerica; a Class-A life science redevelopment in Watertown and a 350,000 sf, transit-oriented development project in Malden, minutes outside of Boston.
Exchange 200 in Malden Center Lands Three New Life Science and Lab/R&D Tenants Totaling 100,000SF Ahead of Completion
Boston Real Estate TimesBOSTON – Boston-based real estate developer Berkeley Investments and its partner, Singerman Real Estate, announced that three new life sciences and lab/R&D companies have signed leases totaling nearly 100,000SF to occupy space at Exchange 200, Malden’s largest life sciences and laboratory development.
With two of these growing, innovative companies focused on ground-breaking life sciences research and the third a global leader in advanced materials technologies, these leases add to the rapid life sciences and R&D market growth in Malden, one of greater Boston’s booming markets.
By signing a 53,000SF lease, Discovery is expanding its existing footprint in Malden. Discovery’s presence in the city began with the acquisition of In Vitro ADMET Laboratories (IVAL) in December 2021. With its sizable new lease signing at Exchange 200, Discovery will build highly advanced laboratories employing leading technologies. The company will offer pre-clinical, cell and gene therapy, and proteomics services out of its new Exchange 200 location to complement its AllCells® division’s LeukoLab™ donor facility in Quincy and a second LeukoLab™ facility opening in Boston early 2023.
Biomanufacturing plant planned for Billerica
Boston GlobeThe 203,000-square-foot facility will be the latest in a series being built around the Boston-Cambridge biotech hub.
By Catherine Carlock Globe Staff, Updated October 3, 2022, 4:49 p.m.
Boston-based real estate firm Berkeley Investments plans to break ground on a 203,000-square-foot biomanufacturing facility in Billerica next year, another in a spate of projects that have been popping up across Greater Boston’s suburbs.
The 22-acre site at 161 Concord Road is located off Route 3, adjacent to a campus for Boston-based chemical company Cabot Corp. Berkeley bought the property from Cabot Corp. in May for $18 million, according to a Middlesex County deed.
Some 1.7 million square feet of such facilities are under construction across the state, according to a recent report from industry group MassBio, and almost all of it is under construction outside Cambridge and Boston. King Street Properties is developing a five-building, $500 million biomanufacturing campus in Devens, for example, with energy startup Commonwealth Fusion Systems planning a facility there and drugmaker Bristol Myers Squibb also developing a 244,000-square-foot cell therapy plant nearby.
Biomanufacturing facilities are plants where drugs and other materials that go into the human body are made. Their physical proximity to the research labs where therapies are developed is a big plus, said Morgan Pierson, director of development at Berkeley Investments. It’s important — even more so after COVID-19 — for scientists to have access to the physical manufacturing of drugs, he said.
“Having a biomanufacturing site so close to Cambridge and Boston means that our life science companies can create more jobs while experiencing the safety, quality, and scientific benefits of keeping the biomanufacturing process operating in close proximity and in the US,” Pierson said in a statement.
The Billerica facility is expected to require 325 jobs at full capacity, from highly specialized scientific positions requiring PhDs to jobs that don’t require technical degrees, such as lab technicians.
Massachusetts trails states ― including Florida, Texas, Pennsylvania, North Carolina, and California ― for total biomanufacturing jobs statewide, but the number of jobs in the industry is growing. The state reported just under 10,000 biomanufacturing workers in 2021 — up 15.2 percent from 2020. California, by comparison, had more than 50,000 biomanufacturing workers last year, according to a recent report from industry group MassBio.
“Industry expansion beyond Boston and Cambridge, and an increase in biomanufacturing jobs, will create new pathways for underrepresented populations to enter the workforce,” the MassBio report said.
Berkeley intends to break ground on the GMA Architects-designed facility early next year without a tenant pre-leased, with the goal of having a facility ready for a specific tenant’s requirements by the end of the year.
Finding synergy between artists, innovators, developers
Commonwealth MagazeneNonprofit collaborative will settle in at Harvard space in Allston
IF YOU THINK of some of the world’s greatest and most productive cities through history – Florence, Paris, Hong Kong, New York, and of course, Boston – there is an underlying quality that makes them flourish. In these cities, innovators and artists have always worked side by side sharing their creative spirit, knowledge, and entrepreneurial spirit to develop culture, build commerce, and form the civic fabric.
Boston is one of the leading centers of innovation and culture in the world, and to ensure that it remains competitive and productive on both fronts, we must support innovators and artists, provide them space to create and discover, and make places and communities where they can interact and share creative energy.
The Artisan’s Asylum is one of the country’s oldest, largest, and most vibrant maker spaces in the country, serving artists, hackers, hobbyists, engineers, designers, and performers. After moving from our original location in Somerville, we will officially open the doors to our new space in the heart of Allston-Brighton in September. The Artisan Asylum’s relocation underscores Boston’s strong draw as an artistic center and we will contribute to and help build the city’s arts and culture scene by providing a big platform for unfettered creativity and lifelong learning.
The Asylum’s vision is to create a society in which everyone shares their talents and develops their capabilities so they can contribute to the social, artistic, cultural, and economic vibrancy of our city and region. We support craftspeople creating jewelry, sculpting with 3D printing, woodworking, designing robotics, and so much more. Leonardo DaVinci would feel right at home in our dedicated shops and studios.
Providing artists with this space and sharing it with the broader community delivers exponential benefits that go beyond the artists and into areas of equity, economic development, and cultural vibrancy. And there is the economic impact too. The Asylum encourages local entrepreneurship, which has contributed more than $70 million in economic development impact since our founding. In fact, startups that have created jobs and economic impact, such as Atlas Devices, GeoOrbital, 3D Doodler, Unruly Studios, RailState, Cantux Research, and many others, were launched from Artisan’s Asylum studios, underscoring how spaces that facilitate an intersection of artistic creativity, innovation, and entrepreneurship are places where people, businesses, and economies flourish.
Looking to maximize the impact of bringing innovation and artistic creativity together, Artisan’s Asylum and Berkeley Investments are focusing on our shared goal of developing an environment in Allston-Brighton where artists, scientists, innovators, professionals, residents, and the larger community can work, create, and live together. This collaboration started with Berkeley assisting the Asylum with locating and securing the new building site in Allston-Brighton and will continue when, pending permitting approval, Berkeley hopes to reimagine a five-acre, long-vacant site into a place where people live, work, gather, create, and discover scientific breakthroughs.
Artists and creators will be integrated into Berkeley’s new development through the availability of affordable artist live-work apartments, public art installations, and 10,000 square feet of retail space for Artisan’s Asylum in addition to the artistic endeavors underway in the Artisan’s Asylum’s new home right next door.
The history of Allston Brighton’s arts scene includes periods of growth mixed with disruptions and setbacks for artists. Fortunately, these artists are committed not only to their craft but also to creating a vibrant arts community in this part of Boston and providing more artistic space and support helps with this important work. The Asylum’s new building and Berkeley’s proposed project will contribute to growing and stabilizing the independent arts scene in Allston-Brighton, which includes Unbound Visual Arts, the Sound Museum, Harvard’s Art Lab and Ceramics Studio, Zone 3 Western Avenue Corridor, and the film production company Red Sky Studios.
What’s taking place in Allston-Brighton can happen in other city neighborhoods too, which will increase Boston’s livability, creative output, and ability to compete with other major cities. We believe that our collaboration, which utilizes a synergy between artists, innovators, and developers, can serve as a model for a new approach to arts philanthropy. Providing artists with studios, exhibit spaces, and affordable housing helps artists and the arts flourish while delivering benefits to the city, its residents, and economy. Because when you build a space in which artists are creating, scientists are discovering, and people are living, you are practicing placemaking that results in exciting, enriching, and productive centers throughout the city.
Artists, developers, communities, and government can work together – and should work together whenever possible – to ensure that art and innovation are co-existing and flourishing. When people act on their creative, innovative, and entrepreneurial ideas side-by-side, it makes great cities. Building spaces and communities where this can happen makes cities great places.
Antonio Viva is the executive director of Artisan’s Asylum in Allston-Brighton and Morgan Pierson is the director of development at Berkeley Investments and a board member of Artisan’s Asylum.
Why Do So Many Lab Buildings Lack Personality?
Banker and TradesmanIn Watertown, Adaptive Reuse Project Breaks the Mold
By Morgan Pierson and John Sullivan
Scientists are people too. This may not be a great revelation, but too often new life science buildings lack character and personality.
While elements of the hospitality industry have infiltrated our office spaces, so too should such humanizing elements inform the next generation of laboratory design and development. Creating a unique, inviting and engaging environment for scientific discovery is the approach at 64 Pleasant St. in Watertown Square.
Berkeley Investments in 2021 purchased the 105,000-square-foot former headquarters of Sasaki, a renowned architecture firm that made the collection of older mill buildings its headquarters for more than 40 years. Berkeley, alongside SGA, one of the region’s preeminent life science design architects, is working to transform and adapt the 200-year-old buildings into state-of-the-art laboratories for midsize, fast-growing life science companies.
Berkeley, no stranger to adaptive reuse of mill buildings, has a history of working sensitively with brick-and-beam structures while introducing contemporary elements and rectifying long-deferred MEP, code and accessibility needs. Yet every project poses its own unique challenges and opportunities, and here the team saw the potential to focus the building’s next generation on science and technology.
Next Step in a Long Evolution
The existing historic mill building, formerly known as Chase Mills, has seen numerous industrial incarnations over its long history; a paper mill, garment manufacturer, paper bag factory, screw & machining products warehouse and, most recently, creative office space. Berkeley and SGA see the building’s future as the next step in its commercial evolution, one that is absolutely necessary in order to preserve these historically significant structures that have sat along the banks of the Charles River for centuries.
The team’s creative investment of time and capital are needed to ensure the buildings can be utilized for another 100 years. One of the most challenging requirements, as identified by SGA, is the need to provide the requisite floor-to-ceiling clear height suitable for new life science tenants.
To achieve these critical clearances, along with meeting the stringent floor loading and vibration requirements, the team is lowering the first floor by excavating more than 4 feet in select areas, introducing structural steel reinforcing and pouring a new structural concrete floor slab.
Additionally, the team creatively reinforced key structural elements to facilitate the installation of state-of-the-art mechanical infrastructure to support the building’s research program. In essence, the team is building a brand-new building within an old building.
Preservation Includes Old-Growth Beams
While challenging from a design and construction standpoint, the building’s constraints extend an opportunity to deliver a highly distinctive and authentic atmosphere to the scientists who will work here.
As it relates to performance and function, these spaces are comparable to a newly-built environment, yet offer a unique character that speaks to the building’s heritage. In addition to transforming the interior spaces, preserving and exposing the elements that make it such a unique and desirable place to work is a key strategy in celebrating the building’s character.
Old-growth timber beams are being stripped of paint and left in place wherever possible. Hundred-year-old tin fire doors are being repurposed in the building’s amenity zones. The existing brick walls will remain exposed in the open office spaces. These are the elements that can never be replicated in new construction and that will make this a one-of-a-kind environment for leading science companies.
Another driver allowing for such a large reinvestment is Watertown itself. The municipality and broader community championed the idea of preserving the site while also allowing for upgrades and alterations that encourage life science companies to relocate to Pleasant Street. Watertown’s forward thinking and willingness to work with developers and biotech companies has earned it a Gold rating status from MassBio, and more importantly resulted in the creation of one of the region’s strongest and most exciting life science clusters.
Lastly the notion of “speed-to-market,” a sentiment strongly ingrained in the development team, was critical to this process to respond to the immediate demand for space of this type, size and quality in the Watertown cluster. In the context of navigating a complicated and constrained property, the team is constantly innovating to meet these demands in an accelerated timeline. This innovation is focused on transforming this unique property into a place for scientific exploration, research and discovery. Berkeley and SGA believe that future breakthroughs will occur in an environment that is truly unique – providing infrastructure for cutting-edge research while also embracing the industrial heritage of Watertown’s past.
Morgan Pierson is director of development at Boston-based Berkeley Investments and John Sullivan is president of architecture of SGA.
Purpose-built GMP development site near Boston trades hands
Boston Real Estate TImesBOSTON– JLL Capital Markets announced that it has closed the sale of Billerica Crossing, an 18-acre land site in the northern Boston suburb of Billerica, Massachusetts.
JLL marketed the land site on behalf of the seller, Cabot Corporation, who will continue to operate its flagship R&D facility on the adjacent parcel. Boston-based Berkeley Investments, Inc. acquired the asset and plans on developing a 200,000-square-foot, purpose-built GMP facility.
Billerica Crossing is well located on Concord Road adjacent to Middlesex Turnpike and right off of Route 3; within one of Boston’s premier high tech and life sciences clusters. Driven by the highly educated labor pool residing along the Route 3 corridor, Billerica has emerged as “ground zero” for many of the world’s strongest and most innovative companies including those in real need of biomanufacturing space. The site also provides connectivity to Interstates 95 and 495, which provide easy access into Boston with a 25-minute drive.
“Berkeley continues to broaden its life science and cGMP platform, and we were thrilled to work with JLL and Cabot Corporation to unlock the potential of what we see as a strategically located site within the well-established Billerica corridor while also meeting the growing needs of our tenants for cGMP space,” said Berkeley’s Director of Development Morgan Pierson.
More capital flowed into the life science eco-system in Greater Boston in 2021 than any other year. Accordingly, the GMP market demand has grown rapidly, with increased demand from Boston-based life science companies that require manufacturing facilities near their research and development operations and corporate headquarters. However, supply has been limited, with few options for conversions and little new construction development, which has pushed asking rents well north of $60 triple net leased for this market.
The JLL Capital Markets Investment Sales Advisory team was led by Managing Director Brian Morrissey, Senior Directors Michael Restivo and Martha Nay, Director Lenny Pierce and Associate David Coffman.
“This represented an excellent opportunity for Cabot Corporation to divest excess land, while allowing Berkeley Investments to continue to build out their strong life science development platform,” Restivo said.
As Boston Biotech Overflows, Its Suburbs Go Platinum To Soak Up The Spillover
Boston BisnowLife sciences properties in Boston and Cambridge are essentially full, giving cities and towns in the surrounding area a golden opportunity to attract high-paying jobs and new development to their borders if they can capitalize.
As these suburban municipalities jockey for spillover growth, local officials have come to view improving their place on the MassBio’s “BioReady Communities” list, a ranking of towns and cities in Massachusetts based on how ready they are to host life sciences companies, as a key to winning the economic development race.
Malden Strategic Planning Officer Kevin Duffy, whose town was upgraded to platinum, the list’s top tier, in 2016, said that upgrade was a key goal of its life sciences strategy.
“Everybody in the Greater Boston area is chasing life sciences,” Duffy said. “We weren’t terribly optimistic just because so many other [cities] had a huge head start on us, but we had started to lay the groundwork and do the things that you need to have in order to move up from the bottom ranking.”
Vacancy hit new lows of 1.4% in Boston and 0.8% in Cambridge in the first quarter, according to Colliers’ Q1 report. With the minuscule vacancy rate and lack of buildable land, more developers and companies are starting to branch out to the suburbs.
And with the pandemic creating higher demand for more life sciences space, towns and cities that may have been overlooked in the past have started to adopt policies to become more attractive to developers and biotech companies searching to find space for manufacturing facilities, a segment that has seen tremendous growth.
The list, launched in 2008, has grown to include 90 towns and cities across Massachusetts that have taken guidance from MassBio to attract developers and biotech companies. Since 2020, three towns have been added to the list and five others have been elevated to platinum as the need for life sciences facilities has risen, said Ben Bradford, vice president of economic development and workforce at MassBio.
The list has four tiers: bronze, silver, gold and platinum. To be given a ranking, a town needs to have specific zoning requirements to allow for biotech labs and manufacturing facilities. To achieve a platinum rank, a town or city’s board of health must adopt National Institutes of Health guidelines, and the community needs to have at least one building permitted for biotech use.
As space becomes tighter, developers are looking for more opportunity, whether that means converting underperforming office buildings or buying cheaper space in a town outside of the big clusters.
“With how tight the vacancy is, a lot of developers are looking at these outlier markets,” said McKenna Teague, vice president for CBRE’s New England Consulting Group.
Communities such as Waltham and Watertown west of Boston have already seen major development, but developers are going north to towns like Burlington and Woburn, which are close to the big life sciences clusters in Boston and Cambridge but are far enough away to offer more opportunity.
“We all know that there’s only so much developable land in Cambridge and Kendall Square and not everybody’s going to be there,” said Jeff Myers, research director at Colliers. “As we move further out, you’re looking for similar traits of proximity. I think that’s one of the things that has helped a place like Watertown to get that development. There’s land for it, and there are buildings that are ready for conversion.”
Duffy said he credits the success Malden has seen to its platinum ranking, which the city was awarded after attracting In Vitro AMDET, a Maryland-based cell therapy company, to its downtown back in 2015.
“They manufactured [cryogenically preserved liver cells] in Maryland, but their market was over in Kendall Square and they decided to move their manufacturing facility closer. They were coming around looking at some spaces that might work, and they had identified a building in Malden,” Duffy said.
Since then, Malden has seen increased interest from developers and companies. In 2018, Berkeley Investments bought property in Malden and began developing 200 Exchange St., a four-story 250K SF mixed-use building in the city’s center that was initially mostly office space. In December, it announced it received financing to convert the building to lab space to meet the rapidly growing demands from life sciences users.
“The fact [Malden] had a platinum BioReady rating gave us confidence in transitioning and converting the building to lab [space],” said Dan McGrath, senior vice president at Berkeley Investments. “It was a demonstration that the municipality was forward-thinking as it relates to encouraging life science companies to come to the city.”
Berkeley Investments recently bought 18 acres of land in Billerica, another platinum-ranked town, in hopes to develop it into a 200K SF purpose-built GMP building.
Another town, Chelmsford, a suburb on the southern border of Lowell, was bumped up to platinum last year after adopting NIH guidelines and noting the existing life sciences companies that were already operating within the town, including Azenta Life Sciences and Triton Systems. This paved the way for the town to begin marketing and rebranding its business overlay district, Chelmsford Crossroads at 129, to include more biotech.
“We’ve really been advocating for our available space and wanting to attract the advanced technologies, the sciences, communications, robotics, things like that,” said Lisa Marrone, Chelmsford’s director of business development. “Our zoning has been very aligned with the market demand with overlay districts and things like that and … the biotech rating was also just another incentive for businesses to look at Chelmsford.”
In 2020, Thermo Fisher Scientific, a Waltham-based life sciences and medical devices company, acquired an 85K SF building on 220 Mill Road in Chelmsford to meet its higher needs for bioprocessing in the state. The company plans to open the facility later this year.
As more biotech companies and developers begin to flock to suburban towns like Billerica and Chelmsford, more communities need to be ready to welcome them, Bradford said.
“That’s why this list was created, because we know that it takes the whole commonwealth of Massachusetts to support these companies as they grow,” Bradford said. “As we look at manufacturing as a potential next wave of the life sciences industry in Massachusetts, there’s certainly going to be opportunities for even more nontraditional municipalities to get involved.”
Berkeley Investments buys five buildings in Lawrence
Boston Business JournalBoston-based real estate firm Berkeley Investments has bought a five building portfolio along the Merrimack River in Lawrence for $98.5 million.
Three of the buildings — residential properties known as Mill 240 and Washington Mills — span a combined 435 units. The portfolio also includes 340,000 square feet of light industrial buildings.
“We support the ongoing efforts of the City of Lawrence to re-imagine the Canal District and the city as a vibrant economic engine for the entire region and look forward to further investment in these historic and unique buildings,” said Berkeley President Young Park in a statement.
Mill 240 and Washington Mills date to 1918 and 1886, respectively, and were recently renovated into residential apartments. The buildings are adjacent to other former mills at 240 and 270 Canal St., which are now light industrial properties and are used as flex/warehouse space.
“Berkeley is a strong believer in the potential of the city of Lawrence as an exciting example of smart urban revitalization,” the company said in an announcement of the deal.
Berkadia represented SMC Management in the sale of the three residential buildings. Andrea Management sold the commercial portion of the portfolio, with Hunneman brokering the deal. Berkeley’s partner in the Lawrence deal is Global Gate Capital, a New York based subsidiary of a Swiss investment management firm.
Berkeley also recently purchased 64 Pleasant St. in Watertown. The property dates to the 1800s and is home to architecture firm Sasaki, which has announced plans to move to downtown Boston.
Malden to open its first Starbucks store
The Boston GlobeMalden is finally getting a Starbucks. The seemingly ubiquitous coffee shop chain will open its first-ever location in the city this fall, the developer of an office building in Malden Center said Monday.
Berkeley Investments confirmed that Starbucks will occupy about 2,500 square feet in the ground floor of Exchange 200, a research and life-sciences project Berkeley is completing this year near the Malden Center MBTA station. The Starbucks will take the place of a Caffe Nero shop that had been planned in the building prior to the COVID-19 pandemic. Two full-service restaurants — 110 Grill and Evviva Trattoria — opened at the building earlier this summer. Malden Mayor Gary Christenson first broke the news in a tweet last week. “Since I came into office, I have to say that Starbucks was our most requested franchise,” he said. “We have been on the hunt for all these years.” — TIM LOGAN
Berkeley Investments buys five buildings in Lawrence for $99M
Boston Business JournalBoston-based real estate firm Berkeley Investments has bought a five-building portfolio along the Merrimack River in Lawrence for $98.5 million.
Three of the buildings — residential properties known as Mill 240 and Washington Mills — span a combined 435 units. The portfolio also includes 340,000 square feet of light industrial buildings.
“We support the ongoing efforts of the City of Lawrence to re-imagine the Canal District and the city as a vibrant economic engine for the entire region and look forward to further investment in these historic and unique buildings,” said Berkeley President Young Park in a statement.
Mill 240 and Washington Mills date to 1918 and 1886, respectively, and were recently renovated into residential apartments. The buildings are adjacent to other former mills at 240 and 270 Canal St., which are now light industrial properties and are used as flex/warehouse space.
“Berkeley is a strong believer in the potential of the city of Lawrence as an exciting example of smart urban revitalization,” the company said in an announcement of the deal.
Berkadia represented SMC Management in the sale of the three residential buildings. Andrea Management sold the commercial portion of the portfolio, with Hunneman brokering the deal. Berkeley’s partner in the Lawrence deal is Global Gate Capital, a New York-based subsidiary of a Swiss investment management firm.
Berkeley also recently purchased 64 Pleasant St. in Watertown. The property dates to the 1800s and is home to architecture firm Sasaki, which has announced plans to move to downtown Boston.
Berkeley Investments Buys 435-Unit Residential Complex, Two Commercial Properties in Lawrence’s Historic Canal District
Boston Real Estate TimesLAWRENCE, MA – Boston-based Berkeley Investments announced that it has closed on a $98.5 million purchase of a five-building portfolio consisting of three residential and two light industrial buildings along the Merrimack River in Lawrence, Massachusetts.
The residential buildings – Mill 240 and Washington Mills – host 435 units, and the light industrial buildings total 340,000 square feet.
“We support the ongoing efforts of the City of Lawrence to re-imagine the Canal District and the city as a vibrant economic engine for the entire region and look forward to further investment in these historic and unique buildings,” said Berkeley President Young Park.
Berkeley Investments Purchases Sasaki Watertown Headquarters
Boston Real Estate TimesBOSTON– Berkeley Investments and Sasaki announced that Berkeley has purchased the Chase Mills building at 64 Pleasant Street, in Watertown, MA. Sale terms were not disclosed.
Berkeley plans to invest in the building’s historic structure to convert the space to life science and office uses. Sasaki began planning for a sale of the property in 2019 and is currently finalizing the details of its relocation to Boston, with a formal announcement forthcoming.
Sasaki has owned and occupied the historic mill building complex sited on the banks of the Charles River since the 1950s but will soon be moving to a new office space of Sasaki’s own design to meet the contemporary needs of a growing global practice. Sasaki sought a visionary steward for its longtime Watertown headquarters and selected Berkeley as a developer who would creatively and sensitively recast the unique property to the benefit of Watertown and the area’s growing life sciences sector.
“Historic buildings are home to a range of features that are attractive to life sciences companies, and we see great synergy between the needs of the market and the benefits this building provides,” said Young Park, president of Berkeley. “We look forward to collaborating with Watertown to bring exciting new innovation to the community and to continuing our partnership with Sasaki as we reinvest in this special space.”
“We have been a Watertown firm since our inception and have enjoyed the tremendous opportunities the Chase Mills site affords. As a growing firm of 300 people needing to collaborate in new ways to meet the needs of clients locally, nationally, and globally, we have outgrown the space, and the time has come for us to relocate,” said James Miner, Sasaki CEO. “Throughout this process, it was critical to us that this special space be cultivated creatively and thoughtfully. Berkeley’s experience converting historic mill buildings in the area combined with their inspired vision for 64 Pleasant Street and invitation to keep us involved in the future design process made it clear they were the right choice.”
Berkeley plans to preserve and modernize the 97,000 square foot building while maintaining the current square footage. The updates will include better airflow and energy efficiency, improved ADA accessibility, and new interior architectural elements such as higher ceilings and exposed beams. Sasaki will be part of a design team led by SGA to update the space and surrounding site.
The project will support growth in downtown Watertown by attracting small and midsize, fast-growing life science companies looking for a smaller lab footprint in the heart of a bustling community. The project is expected to create a new diversity of job options within walking distance to Watertown Square.
The Chase Mills building has served a variety of workforce uses in its 150+ years, including as a paper factory, garment manufacturer, screws and machining project, and laundry. Sasaki’s and now Berkeley’s adaptive reuses represent an evolution of industry in the space.
This acquisition adds to Berkeley’s growing portfolio of life science investments within the greater Boston area including their multi-story redevelopment in Malden Center as well as the nearby ground up mixed-use development on Lincoln Street in Allston.
Sasaki sells its longtime home in Watertown
Boston GlobeThe design firm plans to move to Boston; its former offices will be renovated to attract life science companies.
Prominent design and architecture firm Sasaki, planning a move to downtown Boston, has sold its longtime home in Watertown to a developer that will turn it into office space for life science companies.
Berkeley Investments will renovate the 97,000-square-foot building, part of an old mill complex along the Charles River near Watertown Square, adding to a wave of life science development in Watertown.
“Historic buildings are home to a range of features that are attractive to life sciences companies, and we see great synergy between the needs of the market and the benefits this building provides,” said Berkeley president Young Park.
Terms of the sale were not disclosed, but a deed filed Thursday in Middlesex County showed a purchase price of $23 million.
Sasaki, a global design firm has designed a number of major Boston-area projects and is currently leading a redesign of Copley Square. It has been headquartered in the Watertown building since the 1970s. The 300-person firm, which also has offices in Denver and Shanghai, plans to move into Boston but wouldn’t yet say exactly where; a lease deal on its new home is still being finalized.
“Chase Mills and the city of Watertown have served us well during our time there,” said Sasaki CEO James Miner. “But as a firm with a growing national and global presence, we are excited for what the future holds for us in Boston, both for our incredible staff and the clients we serve.”
Sasaki is designing that new space. The firm also will have a hand in redesigning its old home, joining architecture firm SGA on Berkeley’s design team for the project. Berkeley plans to keep the same general size of the building, at 64 Pleasant St., but upgrade its airflow, energy systems, and interior architecture.
Park said he hopes to attract smaller drug companies that want to be in a walkable neighborhood such as Watertown Square. Just east of there, along Arsenal Street, a number of life science developments are underway, hoping to lure drug companies that are spilling out of Kendall Square but still want proximity to Cambridge and the workforces in nearby communities.
Berkeley Investments’ Exchange 200 Redevelopment in Malden now complete
Wicked LocalBoston-based real estate developer Berkeley Investments has confirmed that its comprehensive redevelopment of Exchange 200, a four-story, 310,000-plus square-foot mixed-use building in Malden Center, is now complete.
Working closely with the city of Malden, architectural firm Stantec and builder Dellbrook JKS, Berkeley has transformed the transit-oriented property, directly across from the Malden Center MBTA station, into a modern innovation hub that is ready to accommodate a wide variety of laboratories, research and development companies, flexible spaces and office users. In particular, this redevelopment positions the property to provide modern lab space to the life sciences sector, which continues to experience growing demand for space.
“The life sciences market in greater Boston continues to be one of our strongest sectors, and we continue to see demand for lab space that outweighs supply, especially in urban locations directly across the street from the T/commuter rail like Exchange 200,” says Molly Heath, managing director for JLL, which is serving as the exclusive leasing broker for the office, flex, and lab components of the project. “In addition, Malden has a young, educated population, many of whom already commute to East Cambridge or Boston for work.”
“I could not be more pleased with the exterior renovations of Exchange 200 and I thank Berkeley Investments for their vision and efforts. Our team continues to work hard to create employment opportunities in the life sciences for our residents and I have no doubt that some of the best companies in the region will be clamoring to lease space in this building,” said Malden mayor Gary Christenson.
Berkeley’s investment in the property, which previously served as a bank operations center, include a complete replacement of all systems with advanced new HVAC and mechanical infrastructure, a new façade of floor-to-ceiling glass, a new two-story atrium lobby and adding an assortment of new amenities including fitness center, locker rooms, showers and bike storage. In addition, Exchange 200 offers a number of features that will appeal to prospective life sciences and lab tenants, especially for a building that’s across the street from public transit, a short bike ride to Cambridge, and less than 15 minutes from downtown Boston. According to Dan McGrath, Berkeley’s senior vice president and director of asset management, other features include large, flexible floor plates; high-capacity power infrastructure; the option of having redundant power; high ceilings; heavy floor load capacities; and six loading docks with secure, private load-in.
McGrath also predicts that Exchange 200 will appeal to an assortment of other companies like technology start-ups, robotics, health care and nonprofit office tenants who are looking to engage with a transit-oriented workforce but who may have space and infrastructure requirements that are more typical of suburban locations.
“Exchange 200 provides these characteristics in close proximity to the urban core, with extensive transit options in the form of the Orange Line, commuter rail, and bus service, but at a significant value compared to the rents companies will face in Boston or Cambridge,” said McGrath. “We’re incredibly excited to launch the new Exchange 200 to the market. The building’s amenities and its desirable location across the street from the MBTA Orange Line will be a huge draw for forward-thinking, creative companies who crave a dynamic urban experience.”
The redevelopment of Exchange 200 also includes the creation of new street-level retail by replacing an uninviting brick façade with floor-to-ceiling glass storefronts, offering nearly 15,000 square feet of new retail space. To date, Berkeley has signed leases with European coffeehouse Caffè Nero, as well as restaurants 110 Grill and Evviva Trattoria, to occupy space on the ground floor, which will also include outdoor patio space. These retail spaces will serve not only as amenities for the building’s occupants but will also add to the dynamic urban environment that continues to grow in Malden Center.
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