The New Office/Lab Thread

[DZH22]

And do you see developers begging to build 20 story residential in Chelsea? 5 over 1, sure, but not 20 story.

I don't pay much attention to Chelsea specifically. The 18-20 stories matching an 11 story lab is specifically about comparing them on size/height. However, there are 18-20 story residential buildings popping up all over the city so I don't think economics would preclude those in Chelsea. Since Chelsea appears willing to allow buildings that size, albeit currently a different use, it leads me to believe that 18-20 story residentials might be in their future.

 

[iamdjmichael]

Just saw this on instagram about the Chelsea lab, considering some other lab designs recently it’s not terrible imo.

View this content on Instagram

View this content on Instagram

 

[stellarfun]

I'll put the mind-blowing announcement yesterday by Google's DeepMind here, as it underscores the demand, current and future, of lab space.

On Thursday, Google's sister company, DeepMind, announced it has successfully used artificial intelligence to predict the 3D structures of nearly every catalogued protein known to science. That's over 200 million proteins found in plants, bacteria, animals, humans — almost anything you can imagine.
.....
Since AlphaFold's official launch in July of last year — when it had only pinpointed some 350,000 3D proteins — the program has made a noticeable dent in the landscape of research.

https://www.cnet.com/science/biolog...3d-structures-of-the-entire-protein-universe/
^^^ Good description of the complexity of protein folding, and why it was so difficult to solve, until now.

If someone ever asks you what artificial intelligence has ever done for science, just show them AlphaFold. The program developed by Google’s AI group, known as DeepMind, has decoded the structure of almost all proteins in scientists’ catalogs, over 200 million of them. As the basic building blocks of life, proteins do most of the work in cells, from transmitting signals that regulate organs to protecting the body from bacteria and viruses. The ability to accurately predict the 3D structures of proteins from their amino-acid sequences is thus a huge boon to life sciences and medicine, and nothing short of revolutionary. This is a big deal because before AI scientists could only unravel the structure of a tiny fraction of these proteins.

https://www.zmescience.com/science/...hats-virtually-all-proteins-known-to-science/
^^^Links are open-source. The 200 million proteins are associated with the genomes of species that have been sequenced to date.

 

[bigpicture7]

I had no idea Biogen owned their own building at 125 Broadway in Kendall. Apparently they did, and apparently they just sold it to Boston Properties for $592M, leasing it back through 2028.

BXP expands life sciences portfolio in Kendall Square in Cambridge

Boston Properties (NYSE:BXP) acquires a six-story, 271,000 square foot laboratory/life sciences property adjacent to Kendall Center, 125 Broadway from...

seekingalpha.com

 

[jklo]

https://www.bizjournals.com/boston/news/2022/10/13/reebok-puts-up-seaport-office-for-sublease-includ.html

Reebok has put their entire Seaport office as available for sublease. That didn't take long... they only moved in 2017.

 

[stick n move]

^ wow, there seems to be some big changes coming up on the horizon.

 

[jklo]

^ wow, there seems to be some big changes coming up on the horizon.

Drydock isn't exactly the most ideal spot. Probably job cuts in the not too distant future there but if they find a taker maybe they will move to a smaller location with subway nearby.

 

[Brandeisian]

That always felt like a weird spot for them. I’ve worked with a couple start ups and MassChallenge in that building/area. It’s tough to get to and feels like a place for a scrappy start up with employees that expect some inconveniences to “chase the dream.” That’s not Reebok.

Compare to Puma which I think has a solid spot in Assembly which has a more active neighborhood and is accessible (barring current O-line catastrophe).

 

[stick n move]

My comment was not just based on reebok leaving but that combined with the reported 14.3% office vacancy rate just reported in downtown.

https://bankerandtradesman.com/boston-set-to-offer-incentives-for-downtown-housing-development/

GE wasnt a huge footprint but they had just built a brand new hq as well along with a highly publicized move and they are already bailing, and theres been a few others in a slow trickle lately. On top of that theres this quote from the article:

Lab conversions remain a more popular option, although real estate researchers predict many of the life science projects will be shelved as financing becomes more difficult in the biotech sector.

It just sounds like momentum is heading in the opposite direction right now and each new company that bails could start having a compounding effect. Im not saying its an emergency, but its definitely trending in the wrong direction right now.

 

[stellarfun]

....even the lab boom is slowing amid a rocky economy, rising interest rates, and soaring construction costs.

And the latest evidence came in a recent report by real estate brokerage Newmark, which predicted that of the 40 million square feet of life science lab space that has been proposed but not yet started construction in Greater Boston, some 80 percent — 32 million square feet — could be “curtailed” and put on hold.

But now, demand has cooled. At the end of last year, Newmark was tracking 6 million square feet in life science demand. Today, it’s tracking 2 million square feet, which is in line with normal pre-pandemic trends.

That means biotech companies will have less competition, and more options, when it comes to finding space in the year ahead. That allows them to be a little choosier about their new homes, sticking to core locations and experienced developers, and avoiding, for instance, leasing a converted office building that comes with its own operational challenges.

Boston’s lab boom is hitting the brakes - The Boston Globe

A report projects that 80 percent of proposed lab projects in region may be “curtailed” amid rising interest rates and a shaky economy.

www.bostonglobe.com

 

[lexicon506]

Boston’s lab boom is hitting the brakes - The Boston Globe

A report projects that 80 percent of proposed lab projects in region may be “curtailed” amid rising interest rates and a shaky economy.

www.bostonglobe.com

First thought that crossed my mind when I read this was "dear lord let this be the end of that awful lab proposed for the Greenway-facing parcel of the Govt Center Garage." Rarely have I wanted a development to die more than that one... fingers crossed!

 

[JeffDowntown]

First thought that crossed my mind when I read this was "dear lord let this be the end of that awful lab proposed for the Greenway-facing parcel of the Govt Center Garage." Rarely have I wanted a development to die more than that one... fingers crossed!

It is a hopeful sign that developers will stop pitching labs in all the wrong places. Those labs were going to end up as albatrosses in their portfolios with any life sciences pull back.

 

[bigpicture7]

First thought that crossed my mind when I read this was "dear lord let this be the end of that awful lab proposed for the Greenway-facing parcel of the Govt Center Garage." Rarely have I wanted a development to die more than that one... fingers crossed!

Would love to see that lab halted too, but also don't want a Filene's-style pit with chain-link fencing for a decade right alongside the Greenway either. Let's also hope that if it gets halted, it's halted gracefully.

 

[BosDevelop]

First thought that crossed my mind when I read this was "dear lord let this be the end of that awful lab proposed for the Greenway-facing parcel of the Govt Center Garage." Rarely have I wanted a development to die more than that one... fingers crossed!

That should have been financed by now, no?

 

[DZH22]

Would love to see that lab halted too, but also don't want a Filene's-style pit with chain-link fencing for a decade right alongside the Greenway either.

I'd take that over the lab. It will be much easier to rectify in the near future!

While we're at it, hopefully they cancel that lab on the garage parcel by South Station and come back with the 600' residential that belongs there.

 

[JeffDowntown]

I'd take that over the lab. It will be much easier to rectify in the near future!

While we're at it, hopefully they cancel that lab on the garage parcel by South Station and come back with the 600' residential that belongs there.

Given resistance from the Leather District residents, I think 600 ft. residential is off the table for 125 Lincoln Street (the garage I believe you are referring to). (It is a high zone per the FAA limits, though!)

 

[393b40]

First thought that crossed my mind when I read this was "dear lord let this be the end of that awful lab proposed for the Greenway-facing parcel of the Govt Center Garage." Rarely have I wanted a development to die more than that one... fingers crossed!

Big one for me is the Davis Square lab that will kill the vibe of that neighborhood. Please be dead.

 

[bigpicture7]

FYI, GE planting some roots in the Kendall area:

General Electricâs new energy business will open its HQ near Kendall Square - The Boston Globe

The spinoff, to be called GE Vernova, plans to lease nearly 50,000 square feet at 58 Charles St., in a renovated brick building owned by BioMed Realty.

www.bostonglobe.com

The building described above has recently been gut-renovated on-spec by BioMed. It's a small but stately brick facility circa early 1900s. Though I'd noticed the in-process work previously, I didn't post about it on aB because exterior work was minimal.

Also, fyi, this further symbolizes the huge and complete departure from Immelt's original plans in Boston. Fort Point was supposed to be not just an HQ, but an 'innovation hub' strategic for capturing graduating tech talent from the universities/etc. Oh well, if not Fort Point, then at least the area gets to keep something of substance locally.

 

[Equilibria]

FYI, GE planting some roots in the Kendall area:

General Electricâs new energy business will open its HQ near Kendall Square - The Boston Globe

The spinoff, to be called GE Vernova, plans to lease nearly 50,000 square feet at 58 Charles St., in a renovated brick building owned by BioMed Realty.

www.bostonglobe.com

The building described above has recently been gut-renovated on-spec by BioMed. It's a small but stately brick facility circa early 1900s. Though I'd noticed the in-process work previously, I didn't post about it on aB because exterior work was minimal.

Also, fyi, this further symbolizes the huge and complete departure from Immelt's original plans in Boston. Fort Point was supposed to be not just an HQ, but an 'innovation hub' strategic for capturing graduating tech talent from the universities/etc. Oh well, if not Fort Point, then at least the area gets to keep something of substance locally.

Can't get rid of 'em, can we? As the article notes, this will actually be a larger presence than GE had before.

Also, how does this work?

Overnight, GE Vernova would become the largest energy company headquartered in Massachusetts as measured by revenue or workforce.

This is 1/3 of a company that's already headquartered here. Is GE just not considered an "energy company" by the Globe's methodology?

 

[stellarfun]

Can't get rid of 'em, can we? As the article notes, this will actually be a larger presence than GE had before.

Also, how does this work?



This is 1/3 of a company that's already headquartered here. Is GE just not considered an "energy company" by the Globe's methodology?

The only operating division that will remain under the GE name and ownership is the aerospace part. GE Aviation, to be rebranded apparently to GE Aerospace, currently employs 48,000. GE Healthcare, being spun off, has 54,000 employees.

What Cambridge gets is a second spinoff division. From the Globe.

But GE’s annual report for 2021 gives some indication of the future company’s size. The Power business, which primarily involves natural gas-fired turbines, employed 32,000 people last year, while its Renewables business — which focuses on wind turbines, grid upgrades, and hydroelectric power — employed 38,000. The two divisions’ revenue for last year clocked in at $17 billion and $16 billion, respectively. (GE did not report separate numbers for its Digital business, a much smaller group that will be part of GE Vernova.)

GE Vernova leadership opted for Cambridge for its future headquarters instead of one of the company’s existing management hubs for the energy businesses, which include campuses in Schenectady, N.Y., Atlanta, and Greenville, S.C. Strazik [head of Vernova] plans to relocate to Greater Boston by the time of the spinoff. The company cited Cambridge’s proximity to scientific research, thought leaders, and investment capital.