Advance Realty Investors has launched Continuum, a purpose-built life science and advanced manufacturing campus planned for up to 1.1 million square feet of new construction, set across 60-plus acres along U.S. Route 202/206 in Bridgewater, Somerset County, NJ. JLL has been exclusively engaged to lead leasing for the campus, which offers build-to-suit opportunities tailored to a range of users across the life sciences and advanced manufacturing spectrum. 

With an approved site plan and Phase I construction underway, Continuum is advancing toward delivery. The project is supported by a long-term PILOT agreement with the Township of Bridgewater. 

“Continuum reflects a fundamental shift in how research & development environments are conceived and delivered,” said Peter Cocoziello, president and CEO of Advance Realty Investors. “Rather than isolated facilities, today’s users require connected ecosystems that support the full lifecycle of innovation, from discovery through production and distribution. Continuum is designed to meet that need, bringing together R&D, advanced manufacturing, and logistics within a single, newly constructed campus environment that enhances efficiency, accelerates timelines, and supports collaboration at scale.” 

Newmark facilitated the sale of 359 Allston St., a life science property in the East Cambridge submarket of Cambridge, MA. A team of Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper, in conjunction with Joseph Alvarado and Casey Valente, represented the undisclosed seller and procured the buyer, King Street Properties.

“359 Allston St. is occupied by a well-funded, fast-growing biotechnology tenant,” said Sleeper. “The asset is set on a quarter-acre lot with a highly efficient floor plate and exclusive outdoor spaces that make it an ideal Cambridge flagship for a tenant of this size.”

359 Allston was completely renovated in 2022. The building is fully leased, serving as the headquarters of Vaxess Technologies.

“Acquiring 359 Allston St. was a strategic decision that aligns with our long-term vision and we appreciate Newmark’s assistance with the transaction,” said Tyson Reynoso, managing director/partner at King Street. “This building offers dynamic space for early-stage companies in East Cambridge, the premier life science location in the country.”

The New York City Council has approved the Science Park and Research Campus (SPARC) Kips Bay and Innovation East projects. The vote completed the public review process for the two projects in Manhattan’s Kips Bay neighborhood, which the New York City Economic Development Corporation called key initiatives in advancing the goal of creating 10 million square feet of life sciences space locally.

“The state-of-the-art projects at SPARC Kips Bay and Innovation East will not only drive significant economic impact but also create a strong talent pipeline through the city’s academic institutions and organizations,” said NYCEDC president & CEO Andrew Kimball.

NYCEDC said SPARC Kips Bay will transform an entire city block with more than two million square feet of academic, public health and life sciences space. The Innovation East development, located at 455 First Ave., will replace the former and obsolete Public Health Lab with a new state-of-the-art life science hub.

Lincoln Property Company and joint venture partner Brasa Capital Management acquired a specialized life science facility at 10165 McKellar Ct. in San Diego for an undisclosed amount. The 79,313-square-foot property was sold by QuidelOrtho Corporation, which currently occupies the entire building and plans to vacate and relocate operations to other facilities in San Diego in 2025.

10165 McKellar Ct. is a two-story facility located in the western Sorrento Mesa submarket, a Southern California hub for life science activity. The property comprises a well-proportioned mix of purposefully built lab, warehouse and corporate office space.

“The opportunity to own a versatile asset in this market was appealing to our team and Brasa,” said Scott Moffatt, EVP of Lincoln. “Our next step will be to assess the market and the needs of current and future tenants to determine the best use-case for 10165 McKellar Court moving forward.”

Kurt Luedtke and Zac Saloff of JLL represented the seller in the negotiations.

Boston-based King Street Properties has acquired the Esplanade, a 241,963-square-foot, multi-building life science campus in San Diego’s popular University City / University Towne Centre (UTC) submarket. The transaction for three of the buildings, including 4755 Nexus Center Dr., 4757 Nexus Center Dr. and 4796 Executive Dr., closed on Dec. 30, 2024; the transaction agreement also includes the sale of a fourth building, slated to close in December 2025. The purchase price, seller and terms were undisclosed.

King Street is planning campus-wide improvements including the addition of common amenities, the upgrade of existing lab infrastructure and an expansion of available lab space. The new common area amenities will include a conference center, a fitness center and upgrades to outdoor gathering spaces.

“We’re thrilled to announce the acquisition of the Esplanade campus, which adds to our growing portfolio in the San Diego market, enabling us to expand our offerings and meet the needs of tenants of all sizes,” said Sonia Taneja, managing director overseeing the West Coast for King Street.

Breakthrough Properties was joined by San Diego Mayor Todd Gloria, UCSD Chancellor Pradeep Khosla and representatives from Pfizer and BD Biosciences to commemorate the opening of Torrey View, its newly developed, 10-acre life science campus in Del Mar Heights. The 520,000-square-foot campus was 100% pre-leased months before completion.

The oncology division of Pfizer leased 230,000 square feet spanning two buildings. Global medical technology company BD created a 220,000-square-foot innovation center for its Biosciences division across a third building. Charles River Laboratories, Actio Biosciences and Architect Therapeutics leased the remaining space. JLL handled leasing for Breakthrough.

A joint venture of Tishman Speyer and Bellco Capital, Breakthrough Properties acquired the Torrey View site in October 2020 and developed it alongside co-equity partners Mitsui Fudosan America, Investment Management Corporation of Ontario (IMCO) and AP2. “We developed Torrey View as a premier hub of innovation and collaboration where important research will be conducted and advanced,” said Breakthrough CEO Dan Belldegrun.

King Street Properties said its first building at The Landing in the mid-Peninsula town of Burlingame is substantially complete and has opened its marketing center for prospective life science tenants. The seven-story, 300,000 square-foot 1699 Bayshore anchors the 4.5-acre campus, devised as a hub for growing life science companies.

“The Landing creates opportunity for life sciences companies to plant roots in Burlingame and fulfills the city’s vision for the Bayfront neighborhood as a home for science,” said Sonia Taneja, managing director overseeing the West Coast for King Street. “The Landing is leading the change in life science real estate opportunities in the Mid-Peninsula, raising the bar for purpose-built lab space.”

Currently under construction is The Landing’s second building, 1701 Bayshore. It will feature six stories and 203,500 square feet next door to 1699 Bayshore. 

Leasing for The Landing is handled by JLL’s Grant Yeatman, Cole Smith, Mark Bodie, and Toss Vallentine.

With pricing down 19% from its 2022 peak, the U.S. commercial real estate sales market is starting to come back to life, Bloomberg News reported. One reason is that lenders and owners want to cut their losses and make new investments now that the Federal Reserve’s first rate cut in four years is bringing some clarity on where valuations stand. 

“There’s going to be definitely more activity in 2025 and it’s going to be a mix of drivers that’s going to lead to significant instability for some, with some significant opportunity for others,” David Aviram, co-founder of Maverick Real Estate Partners, told Bloomberg. Struggling properties that took on too much debt at much lower rates will drive many of the transactions, he said. 

Bloomberg reported that sellers often have had to offload properties at steep discounts in recent months, notably in the office sector. Earlier this year, Empire Capital Holdings and Namdar Realty Group struck a deal to buy the office property at 321 W. 44th St. at a 67% discount from its 2018 purchase price. The former Chicago headquarters of Cboe Global Markets Inc. (pictured) sold this summer for about half its pre-pandemic value. 

“Data this year through July underscores just how tough a market it’s been,” reported Bloomberg. “Transactions were down 5% from a year earlier to $203.8 billion, according to MSCI Inc. But lately, transaction volumes are showing ‘steady’ improvements, the data provider said in a report.” 

Additionally, there are signs that more bidders are eyeing property and loan sales. Recently, Parkview Financial marketed about $300 million of loans tied to apartments and offices in New York, New Jersey, and Connecticut. Each loan received multiple offers with bids averaging about 95% of face value, CEO Paul Rahimian told Bloomberg.

The distressed property market is just beginning to unfold, with significant challenges still ahead. On October 22, hear experts from Trimont, Greystone, Transwestern and more discuss the rising tide of distressed assets, upcoming CMBS maturities, and stricter underwriting practices. Gain insights into what lies ahead as we transition into 2025 at Connect Distressed Investment & Finance at the Luxe on Sunset in LA.

Alexandria Real Estate Equities, Inc. announced the completion of the sale, through an affiliate, of 1165 Eastlake Avenue East in its Lake Union submarket of Seattle to longstanding tenant Fred Hutch Cancer Center.

Alexandria developed and delivered the fully leased 100,086-square-foot, single-tenant life science facility in 2021. It sold for $150.0 million at a strong capitalization rate of 4.9%. As part of the transaction, Alexandria, through an affiliate, entered into a strategic joint venture partnership with Fred Hutch with respect to each of 1201 and 1208 Eastlake Avenue East through a transfer of partial interests from the prior joint venture partner to Fred Hutch. Alexandria’s ownership interest in each of 1201 and 1208 Eastlake remains unchanged at 30%.

“This opportunity allows us to swiftly advance our research and expand our South Lake Union campus in the heart of Seattle’s life science and biotech community,” said Thomas J. Lynch Jr., MD, president and director of Fred Hutch. “We appreciated the collaborative relationship with Alexandria as we explored and finalized this important agreement that will support our mission to prevent, treat and cure cancer and infectious disease.”

The New York City Economic Development Corporation (NYCEDC) on Wednesday announced a Request for Proposals (RFP) for a construction management firm to manage construction of the first phase of the Science Park and Research Campus (SPARC) Kips Bay project, intended to transform Hunter College’s Brookdale School of Nursing Campus into nearly two million square feet of academic, healthcare and life sciences space.

The total anticipated contract award is expected to be more than $1 billion, and the work will be governed under a Project Labor Agreement. Construction is expected to begin at the end of 2025 and to be completed in 2031. The RFP can be viewed here.

The construction manager will oversee deconstruction of the existing buildings on the current Hunter Brookdale School of Nursing campus, construction of the first phase of the SPARC Kips Bay development and reconstruction of the existing 25th Street pedestrian bridge over the FDR Drive.

“SPARC Kips Bay is a transformative and generational project that will cement New York City as the global leader in the life sciences industry while building a more vibrant and inclusive economy,” said NYCEDC president & CEO Andrew Kimball. “Securing a construction manager is a monumental step in turning this vision to reality and creating a first-of-its-kind campus that will create a diverse talent pipeline of students looking to enter the life sciences and health sectors.”