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.

PUBLICATION: THE REAL DEAL

Japanese watch company Grand Seiko is moving up Madison Avenue.

The company is headed for a new space across 6,200 square feet at DivcoWest’s 540 Madison Avenue on the southwest corner of East 55th Street. It expects to open in early 2023 in the two-level space, which has 3,200 square feet on the ground floor and 3,000 on the lower level.

Newmark’s Benjamin Birnbaum and Alexandra Tennenbaum represented the watchmaker, and Ariel Schuster, also of Newmark, represented the building owner. The asking rent for the 10-year deal was $475 per foot.

The space was previously occupied by a Wells Fargo branch that moved across the avenue.

Grand Seiko is known for its nature-inspired watches that are made in two areas of Japan using mechanical, spring drive and quartz movements. The company has a flagship in Soho and around 80 outposts in the United States.

Its new location is in the base of the 291,000-square-foot, Class A office building that was completely redeveloped by Harry Macklowe in 1999. The property sold to Boston Properties in 2010 along with 510 Madison and a bevy of others as part of Macklowe’s painful, recession-triggered restructuring.

DivcoWest bought the property in 2019 for $310 million and made capital improvements during the pandemic. It added a two-floor amenity center along with food and beverage service and an outdoor terrace. It has also updated the lobby and elevators in the 39-story property. READ MORE.

PUBLICATION: PR NEWSWIRE

Standing taller than any current building in Austin, Sixth and Guadalupe has topped out at its final height of 865 feet. This much-anticipated milestone has been two and a half years of a steady vertical climb and was met successfully, even with a backdrop of skilled labor shortages, a pandemic, and market inflation.

Sixth and Guadalupe is owned and managed by Kairoi Residential, Lincoln Property Company, and DivcoWest. Construction is led by JE Dunn Construction and designed by Gensler.

“To accomplish the top out of Sixth is big for this team and for me personally,” said Steve Welton, Vice President, and Project Executive for JE Dunn, and who has been a leader on the project since it was awarded to JE Dunn in late 2017. “This project challenged our team and has truly taught us the meaning of accountability, teamwork, client and design team alignment, and honestly, why we choose to work in construction. I’m so proud of our people.”

Sixth and Guadalupe sets the bar for defining the function, beauty, and community integration of mixed use buildings. It is a 2.2 million square foot, 66-story tower that stacks 14 levels of parking, 19 levels of Class A office space, and 32 levels of high-end residential on an entire city block in one of downtown Austin’s most walkable and popular areas.

It will also include 10,000 square feet of street-level retail and has the largest elevated outdoor amenity space in Austin.

“We have assembled a remarkable team to build what we believe will be the finest residential experience in all of Austin. We are proud of the entire team involved in bringing this project to fruition and we are looking forward to celebrating this successful milestone with our team and partners,” said Tony Curp, Executive Vice President of Development at Kairoi.

Over the last year, Austinites, visitors, and travelers on I-35 have witnessed the visual impact of Sixth and Guadalupe on the Austin skyline as it grew to its final height. READ MORE.

DivcoWest, the national investment and development team behind the destination neighborhood and innovation hub, Cambridge Crossing (CX), alongside construction manager John Moriarty & Associates (JMA), celebrated another major milestone at CX, the topping off of 441 Morgan Avenue, a state-of-the-art 375,000 SF, 10-story life science building.

During the celebration, construction workers, architects, engineers, and employees gathered to sign the steel beam before it was hoisted atop the future life science building marking the completion of the steel construction phase of the project. This memorable event commemorated the collective hard work and collaboration of the teams and trade members.

“We want to thank the men and women of Local 7, all our other union trade partners, and the dedicated JMA staff for helping us safely reach this critical milestone on the job. We also want to thank DivcoWest for the continued opportunity to be part of their team. We truly appreciate the partnership our organizations are able to share,” said Chris Brown, CEO of John Moriarty & Associates.

Designed by Ennead and Jacobs Consulting, the building is situated at a gateway to the Cambridge Crossing neighborhood and will deliver views of the Charles River and beyond. With wellness, connectivity, and tenant experience at the forefront, when complete, 441 Morgan will offer five outdoor terraces, direct access to a 5-acre park just outside its front door, and integrated building technologies including smart technology View glass. The future-forward building is targeting LEED Gold and Wired Score Platinum certifications and includes three underground levels of parking and a bike room.

“We are thrilled to officially top off 441 Morgan Avenue, CX’s 5th lab-ready building thoughtfully-designed to meet the demands of leading life science companies and a place where innovation will thrive.” said Mark Roopenian, Managing Director of DivcoWest. “We are incredibly grateful for the hard work of the men and women of the labor union teams, and our partners Jacobs, JMA and Ennead, who are making our vision a reality and have helped us to reach this significant milestone. The completion of another life science building at CX will allow us to further our commitment to provide state-of-the-art workplaces that accelerate scientific breakthroughs and change how we all live.”

The building is situated in a thriving new neighborhood with superior connectivity including immediate access to two MBTA lines, the Lechmere green line and the Community College orange line. Current tenants within the CX innovation hub include Bristol Myers Squibb, Philips, Sanofi, and Cerevel Therapeutics. In addition to access, CX offers a variety of amenities including cafes, a brewery, restaurants, and numerous outdoor spaces programmed throughout the year. Current retailers include Lamplighter Brewing Co., Tatte Café & Bakery, Cafe Beatrice, Geppetto, The Lexington, and REI.

At completion, this new transformational neighborhood will be comprised of 4.5 million square feet of commercial, residential, and retail plus 11-acres of open and green space. Currently, 1.9 sf has been completed. Learn more about 441 Morgan Avenue here!

The first residential phase of the overall 4.5 million-square-foot Cambridge Crossing development, Park 151 delivers 468 mixed-income residences, 19,000 square feet of retail space with plans for additional green space to East Cambridge.

Today, LCOR, a fully integrated real estate investment, development, and management firm and DivcoWest, a national and vertically integrated, real estate investment firm announced the commencement of move-ins at Park 151, a highly amenitized, 20-story, 468-unit, mixed-income residential property located at 151 North First Street in East Cambridge, MA, the inaugural residential phase of the 4.5 million-square-foot Cambridge Crossing neighborhood.

“We’re thrilled to be launching move-ins at Park 151 and to begin welcoming residents to their new home at Cambridge Crossing,” said David Sigman, Executive Vice President and Principal at LCOR. “As one of the most desirable submarkets in the country that continues to poise itself for exponential growth, we’re grateful to be able to provide a much-needed housing offering to the East Cambridge community to keep up with its demand and thank our partners for helping to bring Park 151’s vision to fruition.”

“Park 151 embodies the innovative spirit of Cambridge Crossing, and we’re proud to have partnered with LCOR to offer residents a distinctive place to call home,” said DivcoWest Senior Development Executive John Weigel. “This state-of-the-art residential building serves as a prime location for today’s established professionals, offering them unique amenities in a superior location.”

Park 151 features 468 residences ranging in size from studios to three-bedroom apartments, inclusive of 392 market-rate residences, 22 penthouse homes and 54 affordable units with an additional 19,000 square feet of ground-floor retail space. The units include in-unit washers and dryers, panelized appliances with LED downlighting. In addition to the premium features of each individual unit, the building delivers lifestyle-oriented amenities and hotel-like services throughout.

On the third floor, residents can take their work and life outside the home on the pool deck which features an outdoor kitchen, cabanas, and movie screening lounge. Adjacent to the pool deck, residents host an event and entertain in the private kitchen and dining room, sports simulator, indoor lounge, or host meetings in the co-working and micro-office spaces. With wellness in mind, the building also offers a fitness room with indoor and outdoor yoga spaces, a sunset terrace, and plenty of space to store bikes after a ride along the Charles River.

Additionally, Park 151 benefits from its proximity to two MBTA lines with the new Lechmere Green line station one minute away and the Community College Orange line just a quick 7-minute walk. Right outside the front door, cafes, restaurants, and a brewery connect residents to the community through local flavors and restauranteurs. 11 acres of activated open space sits adjacent to the residence, providing unmatched connectivity and the ability to bring the indoors out. The open spaces at CX feature a central 5-acre common with a waterway where concerts and fitness classes are held, outdoor seating in the Picnic Grove and Maria Baldwin Open Space, and a recently opened dog park and half soccer field, with more to come.

Park 151’s neighborhood, Cambridge Crossing, is located at the intersection of Cambridge, Boston, and Somerville, and is part of Kendall Square, one of the most innovative square miles in the country. Featuring one of the most sought-after life science, research, and technology markets (inclusive of Sanofi, Bristol Myers Squibb, Google, and Amazon) and the nation’s leading academic institutions such as Harvard and MIT, Cambridge boasts intellectual work and education avenues, while simultaneously providing top-tier bars, restaurants, arts and cultural offerings.

Park 151 is a joint venture between LCOR and DivcoWest and is part of the 43-acre, 4.5 million square-foot Cambridge Crossing master development plan by DivcoWest. The partnership is dedicated to bringing top quality residences to the dynamic new neighborhood. Cambridge Crossing includes commercial, residential, retail and an abundance of open green spaces. Park 151 is a collaborative product of LCOR’s residential and management expertise, and DivcoWest’s development experience within the local Boston/Cambridge market.

For more information on Park 151 and to schedule a tour of the property, please visit park151.com.

PUBLICATION: REAL ASSETS IPE

US real estate investment firm DivcoWest has participated in an MSD Partners-led $1bn (€1.02) refinancing of an office tower owned by Fortis Property.

DivcoWest said it has provided a floating rate, senior mezzanine loan to Fortis Property as part of the refinancing of the 36-storey One Lincoln tower in Boston.

The asset, formerly known as State Street Financial Center, was built in 2003.

The proceeds from the refinancing will be used to retire existing debt as well as to make more than $200m in major capital improvements to the building and tenant suites.

The building has private equity Harbourvest Partners as its new anchor tenant.

DivcoWest, formed in 1993, has acquired, owned and managed more than 59m Sqft of commercial space but it also invests selectively in floating rate debt opportunities in office, life science, R&D, retail, industrial and multifamily asset classes in the US. READ MORE.