Two Financial Center

stellarfun said:
The current owners of this building own properties in Hong Kong, China, London, and Boston / NYC.
They own One Winthrop Square, for example. They may be financially positioned to allow them to take the long-term view

https://www.nanfung.com/en/about-us/founder-story/

Boston Life Sciences group.
https://www.nanfunglsre.com/
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This is pure guessing on my part, but based on some of these details, it might seem like this is not being done on spec. Instead it sounds as though this coming from an established tenant. For instance, why be specific that you'll be certifying the space as bio-safety level 2 (BL-2)? Most of these lab shells being built/sitting vacant could be fitted for that, but that's a level of detail that you'd think would be determined after a tenant discusses their use case. Secondly, I could have sworn I've seen lab benches through a window in One Winthrop fairly recently following the renovations there. Could it be they already have tenant relationships that relate to this (i.e., an expansion or new lease with an existing tenant)? This latter point might relate to why a prospective lab tenant would bother with un-converted space when there's so much vacant lab-intended space on the market.

In sum, I could certainly be wrong, but I doubt this is an on-spec conversion. I don't think there's much of anything being done on-spec at the moment.
 
A lot more interesting info in tody's BBJ article:
  • The developer already has nearby life science/lab leases to a number of companies (e.g., Scorpion Therapeutics, Servier Pharmaceuticals, Odyssey Therapeutics).
  • The lab conversion at 2 Financial Center is only for 25-ksf out of the 218,000-ksf building
  • None of this space has anything to do with the anchor tenant, KPMG, who remains in a long lease for 8 floors; the new space to be converted comes from some smaller tenants leaving
So this is basically a giant nothingburger
 
I was gonna say that BSL-2 didn't sound super specific, just from observing the academic side of all this I suspected most biotechs would need more than level 1 to do basic viruses and animal work but wouldn't need the level 3 certification for tuberculosis or whatever else.
 
sean99090900 said:
I was gonna say that BSL-2 didn't sound super specific, just from observing the academic side of all this I suspected most biotechs would need more than level 1 to do basic viruses and animal work but wouldn't need the level 3 certification for tuberculosis or whatever else.
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Fair enough. I didn't mean that BL-2 was particularly stringent (it's not), just that I am not used to seeing it specified one way or another in these types of lab development press releases
 
bigpicture7 said:
Fair enough. I didn't mean that BL-2 was particularly stringent (it's not), just that I am not used to seeing it specified one way or another in these types of lab development press releases
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Perhaps the BSL level is more of a concern in a mixed-use building like this versus a pure lab building. KPMG might care, for example.
 
JeffDowntown said:
Perhaps the BSL level is more of a concern in a mixed-use building like this versus a pure lab building. KPMG might care, for example.
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Great point - in this case it may be more of a "don't worry it won't be more than ___" than a "look we can do at least ____!"
 
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