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

The American-fare establishment is expected to open in 2024, becoming the sixth restaurant to join the CX neighborhood.

September 18, 2023 – DivcoWest, a DivCore Capital Company and the national real estate investment and development team behind the destination neighborhood and innovation hub, Cambridge Crossing (CX), and its project partner for Park 151, LCOR, announced a new relaxed dining concept will join CX in 2024, adding to the neighborhood’s vibrant culinary offerings. Tap 151 Bar and Grill will be at the ground level of Park 151, CX’s newest multifamily residential building, and adjacent to a new event lawn.

The restaurant will feature a menu of tried-and-true pub favorites, an extensive bar selection, and a lively neighborhood atmosphere. Encompassing approximately 6,000 sf, the space will offer both indoor and outdoor seating and the interior design will lean into the distinctive style of the CX neighborhood, with the space featuring 233 seats with a total capacity of 300. Tap 151 is positioned to be a high-spirited entertainment destination, providing televised sporting events and game nights, and a comfortable gathering place for people of all ages.

“We are thrilled to announce the addition of Tap 151 Bar and Grill to CX and look forward to expanding our selection of local eateries for our community to enjoy,” said Dennis O’Donnell, Senior Director at DivcoWest. “CX is comprised of spaces that are thoughtfully and purposefully built to foster and engage connections, and we look forward to Tap 151 opening in 2024 and becoming a local neighborhood favorite by those near and far.”

The future operators of Tap 151 are no strangers to the area and currently manage well-established full-service bar and grills in Cambridge, Somerville and Northboro, MA. The operators acquired two properties from Tavern in the Square in 2017 and 2021, located in Central Square, Cambridge, and Northboro, MA, respectively, and reimagined them as local, neighborhood taverns. Additionally, the partnership separately runs Oliveira’s Steakhouse, a popular Brazilian steakhouse in nearby Union Square, Somerville.

“We are thrilled to announce Tap 151 Bar and Grill at CX and look forward to expanding our footprint in the Cambridge community alongside the wonderful range of restaurants and café concepts within the neighborhood,” said Davidson Bettero, Owner at Tap 151 Bar and Grill. “We pride ourselves on building warm, inviting spaces for our guests to have enjoyable and memorable experiences while highlighting the best of our local flavors.”

Construction for Tap 151 is expected later this fall with opening projected in mid-2024. CX’s other established eateries are Café Beatrice, Geppetto, The Lexington, Lamplighter Brewing Co., Tatte Bakery and Café, and Bon Me which is also set to open in 2024.

GLENDALE, CA August 14, 2023 – DivcoWest, a DivCore Capital company, announced that Hearst Media Production Group (HMPG) has signed a 10-year plus lease at 655 North Central, a Class A building in Glendale.

The lease for 20,011 square feet allows HMPG to move from an older facility in Burbank and expand its West Coast operations. Occupancy is expected sometime in early 2024.

The company, which is a business unit of Hearst Television and produces and distributes original programming for TV, broadcast, cable, and streaming services, also has offices in New York, Washington DC, and Charlotte.

“We’re delighted to partner with Hearst Media and do our part to help its leadership realize the vision of expanding in a high-profile, state-of-the-art facility that provides its employees with a full range of amenities,” said Jared Crowley, Senior Director-Investments, DivcoWest.

655 N. Central is a 549,000 s.f. LEED Platinum Class A office tower which was renovated in 2018 and features a conference/event center and a fitness room with full equipment including Peloton bikes, showers, and lockers.

The building also has an adjacent eight-level parking garage with EV charging. 655 N. Central has maximum visibility at the intersection of Central Avenue and the Ventura (134) Freeway.

Astellas Pharma Inc. (TSE: 4503, President and CEO: Naoki Okamura, “Astellas”) and DivcoWest, a DivCore Capital Company, announced today plans for Astellas to open a new state-of-the-art life sciences facility at 441 Morgan Avenue, in the Cambridge Crossing (CX) neighborhood in Cambridge, Mass. This investment establishes a significant presence for Astellas in one of the world’s premier life science innovation hubs, showcasing the company’s commitment to expanding its R&D footprint in order to accelerate innovation and deliver VALUE to patients.

Designed by Ennead and Jacobs Consulting, 441 Morgan is the fifth lab-ready building at CX and is situated at a gateway to the neighborhood with 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 five-acre park, integrated building technologies including smart technology View Glass, three underground levels of parking and a bike room.

Astellas expects to occupy two floors, or approximately 62,000 square feet, of the new facility in 2024. Astellas will house both laboratory and office areas. The laboratory area will be occupied by Discovery Accelerator, which will serve as an additional incubator space for external collaborators as well as Mitobridge. Over time, a few hundred Boston-based Astellas employees will operate out of the new building, representing functions including Medical & Development, Business Development and Research.

As part of Astellas’ and DivcoWest’s commitments to sustainability and reducing its environmental impact, the building is targeting LEED Gold. The building is also targeting WiredScore Platinum certifications and is ideally situated just steps to two MBTA lines, including the Community College orange line station and the Lechmere green line station.

Astellas was represented by Transwestern Real Estate Services Executive Vice Presidents Kyle Robbins and David Burkards and Executive Managing Director Andrew Davidson.

Tadaaki Taniguchi, M.D., Ph.D., Chief Medical Officer, Astellas

“This investment in Cambridge represents a significant milestone for Astellas, enabling us to continue growing our presence in the Greater Boston area and to create additional hubs for innovation and collaboration. We view this as a strategic approach to enhance our ways of working, foster new collaborations and open up new opportunities in the biopharma ecosystem. We look forward to leveraging the vibrant life sciences ecosystem in the area to drive scientific advancements that ultimately lead to better outcomes for patients.”

Mark Roopenian, Managing Director, DivcoWest

“We are thrilled to welcome Astellas to Cambridge Crossing. Through thoughtful and purposeful design, CX has become home to some of the world’s leading life science and biotech companies offering both the built environment forward-thinking companies need for today’s research and development, and the vibrant community employees desire. We look forward to Astellas being part of the neighborhood and a collaborative partner.”

Yoshitsugu Shitaka, Ph.D., Chief Scientific Officer, Astellas

“Our new Cambridge space will be intentionally designed to foster a culture of innovation and collaboration. By providing shared resources, flexible workspaces, and dedicated areas for cross-functional and partner collaboration, the new building will enable our teams to work together seamlessly and capitalize on the diverse expertise both within the company and outside our walls. Moreover, we are excited to create an incubator space through Discovery Accelerator that will provide new opportunities to both support and be a Partner of Choice to highly innovative external organizations.”

Cambridge Crossing (CX) is a winner of the Urban Land Institute’s (ULI) 2023 ULI Americas Awards for Excellence. CX is one of ten developments from across North America , now competing against projects from Europe and Asia Pacific in the 2023 ULI Global Awards for Excellence.

“We are thrilled and proud to have been selected as a winner of the prestigious ULI Americas Awards for Excellence,” said Mark Roopenian, Managing Director of DivcoWest. “Since breaking ground six years ago, our team has worked extensively with our planning and construction partners to build out a neighborhood in Cambridge, Somerville and Boston that reflects an inclusive, equitable, and accessible space. This award is a culmination of the hard work of many individuals and municipalities, and we thank those who have made Cambridge Crossing the vibrant community it is today.”

This year, 68 projects and programs from across the Americas were considered, and a jury of experts in a range of fields, selected 20 finalists. The jury selected ten winners after an interview and site visit with each finalist.

The award recognizes superior development efforts in the private, public, and nonprofit sectors and encompasses a wide range of land uses, sizes, and investments. According to ULI, the project was evaluated on the approach taken to urban planning, design, community engagement, innovation, sustainability, among others. All of which worked together to bring DivcoWest’s vision for the CX neighborhood to life. The CX team has worked closely with local municipalities, leaders, and organizations to strengthen public-private partnerships to expedite and enhance planned projects. In 2021, the long-awaited Green Line Extension (GLX) opened, extending the Green Line into Somerville and Medford, a move supported by DivcoWest. Today, the new Lechmere Station is at CX, which also supports a bus station and a public access cycle center connecting to a regional bike path network.

In 2015, the transformation by DivcoWest of 43 acres in Cambridge, Somerville, and Boston began, with the goal of connecting the former railyard to Kendall Square and the surrounding neighborhoods. With a focus on accessibility and mixed-use spaces, the master plan for the neighborhood was designed around the multitude of public transit options and walkability.

When fully completed, CX will have a total of 4.5 million square feet, with close to half being life science and technology space. In the past three years, it has become home to world-class life science companies, such as Bristol Myers Squibb, Philips, Sanofi, and Cerevel Therapeutics, with more availability opening this year. 11 acres of this innovation hub offers live-work-play-learn spaces including a central common, a picnic grove, and a dog park. Throughout the year, the common and central arteries are activated with public programming and art installations with local partners to highlight the history and impact of individuals from the area. Plus, two MBTA stations, including the Lechmere Green Line stop and the Community College Orange Line stop, are minutes away. Completed last year and currently leasing, Park 151, is the first residential building at CX and offers 468 units.

To learn more about Cambridge Crossing, visit cambridgecrossing.com.

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 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.