PUBLICATION: PULSE 2.0

SITE Technologies – a leading innovator in asset management and data analytics technology utilizing artificial intelligence and advanced imagery capturing technologies – recently announced that it is excited to announce the successful completion of its Series A funding round, securing $10 million in investment. The funding round was led by Prologis Ventures, the investment arm for Prologis, the global leader in logistics real estate, along with technology investors DivcoWest Ventures and Protagonist.

SITE Technologies was built to revolutionize the real estate industry through advanced data collection and AI analysis. And SITE’s proprietary intelligence platform uses the power of AI and drones, satellites, manned aircraft and other methods to gather precise and real-time property data, significantly improving the efficiency and accuracy of a facility’s condition analysis. This funding round will enable the company to accelerate enhancements of the AI intelligence platform and expand globally.

SITE Technologies has already established itself as a trusted partner for various industries, including commercial, industrial, and retail real estate, construction, and infrastructure management. And the company’s innovative approach enables clients to access critical data remotely, eliminating the need for expensive, time-consuming, and sometimes hazardous “boots on the ground’ inspections. Now Prologis is expanding using SITE in all of its locations across the Americas and expanding into Europe.

KEY QUOTES:

“Managing multiple properties can be complex, and our proprietary technology enables our clients to make decisions faster, increasing ROI while optimizing performance and productivity. The way property inspections are completed has been transformed, combining our state-of-the-art data capture technology with powerful data analytics, and AI, providing invaluable insights into property conditions, infrastructure, budgets, and operations.”

– Dan Duffy, CEO of SITE Technologies

“We are really excited about how Site Technologies’ platform can enhance long-term value and performance for real estate properties. It’s truly a game-changer in the industry. Its ability to leverage AI and other capture technologies to quickly and accurately analyze critical property characteristics allows property owners to identify potential issues as well as optimize bid management processes more efficiently.”

– Will O’Donnell, Managing Director, Prologis Ventures

Link to article here

DivcoWest, a DivCore Capital company, announced that IDEAYA Biosciences (NASDAQ: IDYA), a clinical-stage precision medicine oncology company, is coming to 5000 Shoreline. 5000 Shoreline is a 140,000 s.f. Class A building on the bay in South San Francisco’s Sierra Point life science cluster.

The long-term lease for 44,000 s.f. was signed earlier this month and gives IDEAYA access to state-of-the art lab space designed specifically for the firm’s needs and growth plans. Move in is expected in mid-2024. DivcoWest was represented by Chris Jacobs and Matt Jacobs of CBRE. IDEAYA Biosciences was represented by Grant Dettmer and Scott Miller of JLL.

DivcoWest acquired 5000 Shoreline last year as a vacant office building and immediately put in place a plan to convert the waterfront property to high quality lab use, upgrading building systems and infrastructure to appeal to life science users. The life science cluster surrounding the building is dominated by dozens of world-class life science ventures including AstraZeneca, Bristol Myers Squibb, and Janssen Pharmaceuticals.

Base building improvements include upgrading the electrical service to 4000 amps, replacing of rooftop mechanical units and the addition of a 1,200kW emergency generator. DivcoWest is installing two additional service elevators, a new gym as well as upgrading the building’s common areas to include meeting spaces.

Coming Soon: Spec Suites
The three-story building can accommodate tenants from 10,000 to 80,000 s.f. DivcoWest is in the process of fitting out 10,000, 13,000, and 20,000 s.f. spec suites offering lab space, lab support areas, offices, conference rooms, lounges, and lobbies. Spec suites will be available for occupancy in Q1 2024.

5000 Shoreline offers abundant parking and is less than a 15-minute drive from downtown San Francisco and ten minutes to SFO. The building’s waterfront location also puts it on the San Francisco Bay Trail, a 350-mile network of connected walking trails, bike paths and parks. The trail provides foot and bike access to the Alameda-Oakland-South San Francisco ferry situated just across the Oyster Point Channel.

DivcoWest, a DivCore Capital company, has expanded its San Diego and life science portfolio through the acquisition of 11119 N. Torrey Pines Road, a fully leased 72,506 rentable square foot Class A life science building in the heart of the Torrey Pines research cluster. Torrey Pines is consistently viewed as one of the top life science submarkets in the country and has the highest average asking rents and lowest direct vacancy in San Diego. The acquisition represents the first in Torrey Pines by a private real estate investor since 2000 and is one of only three research properties in the market not owned by a public REIT, nonprofit or owner/user.

11119 N. Torrey Pines Road is currently fully leased to the California Institute of Biomedical Research (Calibr), a division of “A”-credit rated Scripps Research. Calibr has occupied 11119 N. Torrey Pines Road since 2012 and focuses on drug discovery and development for a wide range of human diseases, including cancer.

“We view this acquisition as a rare moment in time to acquire purpose-built lab in Torrey Pines below replacement costs and secured by credit tenancy. Torrey is a strong-performing and highly sought-after micro-market with long-term upside due to natural supply constraints. We look forward to working with Calibr and believe the investment complements our existing local and national life science portfolio,” said Gregg Walker, President of DivcoWest Real Estate Asset Management.

11119 N. Torrey Pines Road is a best-in-class, LEED certified lab building situated across from the coastal cliffs overlooking the Pacific Ocean and the picturesque Torrey Pines Golf Course, a 36-hole municipal golf course, which hosted the U.S. Open in 2008 and 2021 and annually hosts the PGA Tour’s Farmers Insurance Open. Built in 1990 as a purpose-built lab and completely renovated in 2012, the building is in the heart of the San Diego life science cluster, just a seven-minute drive from UC San Diego’s North Campus, and is close to several world-renowned research institutes including Scripps Research, the Scripps Institution of Oceanography, the Salk Institute for Biological Studies and Sanford Burnham Prebys.
The seller of 11119 N. Torrey Pines Road is an affiliate of Alexandria Real Estate Equities, Inc. (NYSE: ARE), and the property was marketed to a limited group of qualified buyers by Eastdil Secured.

Syracuse University has entered into a ~21,400-square-foot lease at 5250 Lankershim Boulevard, a newly renovated Class A office building in the heart of the North Hollywood Arts District (NoHo). The new space will be used for Syracuse University’s Los Angeles (SULA) program.

Syracuse University is the fourth tenant to call 5250 Lankershim Boulevard their home in the last 15 months. The others are tech-forward companies including a subscription streaming service, cloud consulting group, and a healthcare software platform. In total, these tenants represent about 32% of the building’s leasable space bringing total occupancy to 85%.

Situated between the retail intensive streets of Chandler and Magnolia Boulevards, 5250 Lankershim is a LEED Gold certified building delivering a modern design, floor-to-ceiling windows casting an abundance of natural light, unobstructed mountain views, ample parking, and access to numerous amenities within walking distance. The building is also located within a half block of the North Hollywood Metro Station which offers both rapid transit and bus transit connections.

DivcoWest and GPI Companies acquired 5250 Lankershim in 2021 and immediately undertook a substantial renovation focused on repositioning the nine story, 180,000 square foot office building to create a modern and vibrant workplace destination. The building features an indoor/outdoor lobby with a separate private furnished patio, upgraded elevator lobbies and corridors, and hospitality forward restrooms.

“We are thrilled to welcome Syracuse University to the DivcoWest family and help them realize their vision of a flagship film program on the West Coast. This partnership is a direct result of transparency and responsiveness. We believe the key to propelling our tenant partners forward is a strong focus on hospitality, relationships, and the creation of collaborative spaces to exchange ideas,” said Jared Crowley, Senior Director of Asset Management for DivcoWest.

JLL’s Anneke Greco, Danny Redell and Patrick Church oversee leasing at 5250 Lankershim and represented DivcoWest. Syracuse University was represented by Marty Barkan of CBRE.

PUBLICATION: The Registry

As more and more companies transition away from remote work into bringing employees back to the workplace, whether full-time or in a hybrid model, office buildings are trending toward designs that give something back to the workforce. DivcoWest’s recent renovation of its Westlake Union Center, a nine-story office complex at the heart of South Lake Union in Seattle, is one example of the kind of modern design that could become more prevalent in the future.

“The office has to be more special than their house, essentially,” said Michael Pelletier, managing director at DivcoWest. “We’ve always tried to find innovative ways to make the building special and in this case the atrium was right there waiting for us to do that. It has to have all the things that your living room has but on a huge scale that’s way more convenient for the whole company to use.”

Read more here.

PUBLICATION: The New England Real Estate Journal

RISE, a Boston-based minority-owned developer and construction firm, along with development partner, DivcoWest, has broken ground on The Ellery – a new residential community at 199 Gardner St.

The team includes Monte French Design Studio Architecture and Planning, Bohler Engineering, H+O Structural Engineering, McPhail Associates, and Wozny/Barbar & Associates (WBA).

The project will revitalize a former commercial site, replacing several industrial buildings with an 84,000 gross s/f residential building. The city itself is an anomaly – a suburban neighborhood within an urban setting, creating a community. Tree-lined streets and open space make for a desirable housing experience for many.

As part of RISE’s equitable development model, and continued mission to create housing options in the Greater Boston region, The Ellery will consist of a four-
story residential building with 70 rental housing units, including one-bedroom and two-bedroom unit options. Nine units will be designated as affordable and will be available to individuals and families earning up to 70% of the area median income (AMI).

Read more here.

Newly-completed Bouldin Creek combines large, flexible floorplates with a host of amenities both inside and out

 AUSTIN – August 23, 2021 – DivcoWest has completed the purchase of Bouldin Creek, a newly constructed, 170,000 square foot Class A boutique office building in one of Austin’s most sought-after and vibrant neighborhoods at the intersection of South Lamar and W. Oltorf.

Completed in February, Bouldin Creek is a state-of-the-art five-story building that features 50,000 square-foot flexible floorplates with tremendous views of downtown Austin. Multiple outdoor terraces and a rooftop deck allow tenants the ability to bring work inside out for al fresco meetings, social gatherings, or simply for some R&R space. The property also features numerous outdoor amenities and areas for entertaining as well as a standalone café building.

“We have long believed in Austin as a center of innovation and creativity and are delighted to add to our portfolio in the city. High quality office assets with a focus on health, wellness and productivity, like Bouldin Creek, are seeing the strongest leasing tailwinds in the market today and are among the best positioned assets for future growth,” said Michael Provost, DivcoWest’s head of investments for the Southwest region.

For employees that value the outdoors and health and wellness, the LEED Gold Certified property is surrounded by two acres of green space covered with shade trees, running/walking trails and access to a natural creek. It also has a Walk Score of 83 being within easy walking distance of world class restaurants, eclectic shops, arts and entertainment venues and quality for-sale and rental housing in Austin’s trendy Bouldin Creek neighborhood. The building’s BikeScore is 93 and is a quick 1.2 mile ride from downtown via dedicated bike lanes.

In addition, Bouldin Creek is an amenity-rich property that offers a fitness center, private lockers and shower facilities, bike storage, plentiful parking with a 3.85/1000 parking ratio and EV charging stations. The building also delivers an abundance of natural light with its floor-to-ceiling windows and brings inspiration to those within with its locally painted murals in its interiors.

 

About DivcoWest

Founded in 1993 by Stuart Shiff, DivcoWest is a vertically-integrated, real estate investment firm headquartered in San Francisco, with offices in New York, Boston, Washington DC, Los Angeles, Menlo Park, and Austin, TX. Known for long-standing relationships and experience across the risk-spectrum in innovation markets, DivcoWest combines entrepreneurial spirit with an institutional approach to deliver real estate solutions and opportunities. Since inception, DivcoWest and its predecessor have acquired nearly 50 million square feet of commercial space – primarily throughout the United States. DivcoWest’s real estate portfolio currently includes existing and development properties in the office, R&D, lab, industrial, hospitality, retail and multifamily spaces. www.divcowest.com

Partners plan to reposition The Proper, broadening appeal to renters

RALEIGH, N.C. – August 19, 2021 – A partnership between DivcoWest and Blackfin Real Estate Investors has completed the purchase of The Proper, a 384-unit residential community located at 403 Wolf Creek Circle in Raleigh, North Carolina. Built as high-end student housing, the partnership plans to invest heavily in The Proper to create a vibrant lifestyle experience that appeals to apartment renters seeking a well-located and amenity-rich place to live in the Raleigh metro.

The acquisition is the second joint venture between DivcoWest and Blackfin, and adds to Blackfin’s significant multi-family presence in the North Carolina market.

“We consider the Research Triangle market to be a premier center for innovation and are thrilled to expand in another key U.S. market,” said Ryan Friend, DivcoWest Head of Investments for the Mid-Atlantic and Southeast region. “We believe The Proper offers a tremendous opportunity to reposition a high-quality multifamily asset in an area that has shown strong and diverse demand. We look forward to working together with Blackfin to deliver a place that speaks to today’s experience-driven renters.”

Blackfin Co-Founder and Managing Partner, Andrew Buchanan, stated “We are excited to strengthen our relationship with DivcoWest and plant our flag together in the Raleigh market.  We expect that the planned upgrades will bolster the property’s competitive position within the submarket.”

The Proper was completed in 2001 and offers a range of two-, three- and four- bedroom apartments in a highly-amenitized community setting. In addition to a large outdoor, resort-style pool, residents have access to a yoga studio, two fitness rooms including a weight room and cardio studio, sand volleyball and a basketball court.

 

About DivcoWest

Founded in 1993 by Stuart Shiff, DivcoWest is a vertically-integrated, real estate investment firm headquartered in San Francisco, with offices in New York, Boston, Washington DC, Los Angeles, Menlo Park, and Austin, TX. Known for long-standing relationships and experience across the risk-spectrum in innovation markets, DivcoWest combines entrepreneurial spirit with an institutional approach to deliver real estate solutions and opportunities. Since inception, DivcoWest and its predecessor have acquired nearly 50 million square feet of commercial space – primarily throughout the United States. DivcoWest’s real estate portfolio currently includes existing and development properties in the office, R&D, lab, industrial, hospitality, retail and multifamily spaces. www.divcowest.com

Lamplighter Brewing Co. and DivcoWest today announced final plans to open a new taproom and production space in the coming months, Lamplighter CX, at Cambridge Crossing (CX), the new 43-acre neighborhood at the intersection of Cambridge, Somerville, and Boston, and directly adjacent to the new Lechmere Station.

Lamplighter CX will be a 7,000 square-foot taproom and production space in The Shed, a two-story standalone retail building located in the center of Cambridge Crossing, which currently also houses the restaurant trio of The Lexington, Geppetto, and Café Beatrice from local restaurateur Will Gilson. Designed by local architect Prellwitz Chilinski Associates (PCA), The Shed is surrounded by public open spaces including an adjacent waterway with granite blocks for seating (repurposed from the 150-year old seawall excavated at the site), a 5-acre common right outside The Shed’s doors, a picnic grove with grills, and outdoor games like bocce ball, and Baldwin Park, a hardscape park filled with greenery and plenty of places to sit back and relax.

“We’re thrilled to resume construction and pursue this opportunity after a year that has been filled with uncertainty. Wild, funky, and sour beer has always been a focus for us and utilizing our site at Cambridge Crossing as a dual barrel production facility and taproom is incredibly exciting,” said Lamplighter Co-Founder, Cayla Marvil. “Our emphasis is, and always has been, on producing incredible beer while simultaneously creating fun and welcoming spaces for all to enjoy.”

Lamplighter CX, Lamplighter’s second location, will focus on increased taproom space and a production facility to age, blend, and bottle their barrel-aged beers. The expansion project was previously proposed as a joint micro-distillery and brewing space, however following the pandemic, the Lamplighter team made the strategic decision to focus solely on brewing and serving their locally renowned craft beer at Lamplighter CX.

“It’s no secret that COVID-19 has been extremely difficult for small businesses, and especially those in the hospitality industry. We feel fortunate to have received such wonderful support from our customers and community over the past year, and, in many ways, the pandemic has given us an opportunity to revisit and reassess our goals for the company,” said Marvil. “While we may pursue a distillery in the future, our current resources are dedicated to making the best beer we can and [re]opening neighborhood-focused taproom spaces.”

“We are excited for the opening of Lamplighter CX later this year, which will complete The Shed and introduce more authentic, locally-based retail options to this new and transformative neighborhood,” said Mark Roopenian, Managing Director at DivcoWest.

Since opening in 2016, Lamplighter has stayed true to its goal of fostering community through craft beverages and creating an accessible place to both work and play. Lamplighter’s new taproom and production space will follow that mission, bringing the values of community, quality, and creativity to East Cambridge, and expanding the way that consumers can share and experience beer at the source.

Lamplighter CX will resume construction in June, with more details to be shared in the coming months.

The Lexington and Café Beatrice are now currently open at CX with a roof top cocktail bar and restaurant overlooking the Common, and Café Beatrice, Gilson’s all day café. His team will also revive their highly successful pop-up, The Lexington at the Picnic Grove, offering even more outdoor dining options for guests to enjoy. This summer, CX is also excited to welcome back the community for on-site outdoor neighborhood events including CX Fit, CX Summer Nights, and CX Movie Nights to get started.

When complete, CX will consist of 2 million square feet of life science and technology space with 100,000 square feet of local, authentic retail that sits at the heart of the project creating a true destination. CX currently has 1,735,000 square feet under construction and will break ground on 441 Morgan Avenue, a 375,000 square-foot life science building next month. DivcoWest recently celebrated the fourth fully-leased science and technology building in the neighborhood with Bristol Myers Squibb signed on to join Philips, Cerevel Therapeutics, and Sanofi at CX.

With close proximity to Kendall Square, MIT and Harvard, CX is a thoughtfully-designed, vibrant neighborhood and is shaping up to be a dynamic life-science hub that inspires collaboration, innovation and connection. Once complete, the community will provide a one-of-a-kind place for employees, residents and neighbors connected to two MBTA stops, 11 acres of open space, an eclectic food scene, neighborhood retail, and more than 2,400 new residences.

For more information and updates on CX, visit www.cambridgecrossing.com, or follow along on Instagram, Facebook, LinkedIn, and Twitter.

DivcoWest and LCOR, in partnership with John Moriarty & Associates and CBT, announce their first multifamily partnership and the topping off of Parcel I, Cambridge Crossing (CX)’s first residential initiative recently unveiled as Park 151. The 20-story, 468-unit multifamily building will be located at 151 North First Street in the heart of CX, the new 43-acre mixed-use neighborhood well underway at the intersection of Cambridge, Somerville, and Boston.

“Park 151 launches the residential component at CX, which will add new housing opportunities for young professionals in the life science, tech and education sectors to those relocating to the city seeking a walkable, accessible and vibrant community,” said John Weigel, Senior Development Executive at DivcoWest.  “We are thrilled to reach the topping off milestone for Park 151 and to soon deliver an extremely well-connected and amenity rich living option in Cambridge. We thank all of the hardworking women and men working together to reach this significant milestone and who help to bring CX’s vision to life every day.”

Park 151 is designed for residents seeking to explore their surroundings and connect with the community. In addition to the two neighboring parks, The Common at CX and the CX Event Lawn, Park 151 residents will be conveniently located at the epicenter of the neighborhood and adjacent to The Shed, the vibrant jewel now home to Will Gilson’s multiple restaurants The Lexington, Café Beatrice and Geppetto, and soon Lamplighter CX. The prime location offers unprecedented connectivity with MBTA’s Green Line Lechmere Station just one block away, the Orange Line Community College just 6 minutes away, and a complete network of paths for pedestrians and cyclists right outside of Park 151’s front door. Recently awarded a WiredScore Platinum certification, Park 151 will also deliver best-in class digital connectivity to its residents.

“With a history of creating best-in-class properties in urban residential areas along the East Coast, we are thrilled to enter the Greater Boston market and partner with DivcoWest on such a significant development as Cambridge Crossing,” said David Sigman, Executive Vice President and Principal at LCOR. “CX’s proximity to major job centers, higher education, transportation options, and cultural institutions ensure this community will appeal to a wide array of young professionals, families and empty nesters for years to come.”

In addition to the many programmatic benefits at CX, such as the annual CX Summer Nights, Movie Nights, and CX Fit, Park 151 residents will also have access to a full suite of amenities that includes a 24/7 concierge, underground parking, a roof top swimming pool, an outdoor terrace with cooking stations, lounge areas overlooking the parks, a fitness club, shared workspaces, and an 11th floor roof terrace offering stunning city and water views. The ground floor will include 18,000 square feet of retail space.

The construction of Park 151 launches the first phase in what is expected to be several phases of housing development at CX, on top of 2,500 existing units in the nearby area. Partners on the project include architect CBT and general contractor John Moriarty & Associates. Completion of this property is currently expected in the third quarter of 2022. Once complete, Park 151 will provide 412 market rate apartments and 56 onsite affordable units.

The topping off of Park 151 marks the sixth milestone for onsite progress at CX in the past year, with 2.1 million square feet currently under construction. The event follows the groundbreaking of CX’s newest life science building 441 Morgan Avenue, three topping off celebrations at 250, 350, and 450 Water Street, and the completion of CX’s standalone retail building, The Shed. Additionally, DivcoWest recently announced that REI would be joining the neighborhood in the fall.

Offering close proximity to Kendall Square, MIT and Harvard, CX is a thoughtfully-designed, vibrant neighborhood and will be a dynamic life-science hub that inspires collaboration, innovation and connection. Tenants of CX’s thriving innovative ecosystem include Sanofi, Bristol Myers Squibb, Philips, Cerevel Therapeutics, and Thrive Earlier Detection. Once complete, the community will provide a one-of-a-kind place for employees, residents and neighbors connected to two MBTA stations and surrounded by 11 acres of open space, an eclectic food scene, and neighborhood retail.

For more information and updates on CX, visit www.cambridgecrossing.com, or follow along on Instagram, Facebook, LinkedIn, and Twitter.