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What It Takes to Convert Office Space to Lab Space


What It Takes to Convert Office Buildings to Biolab Space?
Conversions to life science space are becoming more popular, but there are some considerations to keep in mind.
With demand for office space somewhat anemic right now, many office landlords are considering repositioning their office buildings as life science lab space, especially in premier biomedical research markets, including Boston-Cambridge, the San Francisco Bay Area and San Diego.
Office-to-lab conversions are currently a hot trend in the Boston-Cambridge market, according to Boston-based Robert Richards, who leads the Cambridge/Urban team at real estate services firm Cushman & Wakefield. “Demand for biomedical lab space is insatiable right now and will remain in high demand for next 24 36 months in the Boston-Cambridge metro,” he says, noting that when the 2 to 3 million sq. ft. of new lab space under construction is delivered in 2023 and 2024 this sector is expected to soften a little. ....

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Mapletree Said Buying Oakland Office Building for $420M


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Mapletree may soon be the owner of this Oakland landmark
Singapore’s Mapletree Investments is making another bet on the future of the US tech economy as the Temasek Holdings-controlled real estate firm is linked to the pending sale of an office building in the San Francisco Bay Area.
The Uptown Station office building in Oakland has been placed under contract, with Mapletree understood to be buying the recently renovated asset for about $420 million, according to three sources familiar with the sale, although no final price has been confirmed.
The acquisition of the 396,808 square foot (36,865 square metre) asset, which has yet to close at this time, follows 2020 Mapletree investments in US offices and data centres, with the company having also established a dedicated REIT for holding US and European logistics properties. ....

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Emerge Art Gallery hosts January exhibition


Emerge Gallery and Arts Center, located at 404 S. Evans St. will continue to host its January Exhibition, which opened on Jan. 5 and is available through Jan. 28, with works by sculptor Aaron Yocum and abstract painter Jun S. Vasconcelos.
Sarah Lazure, Marketing Coordinator for Emerge Gallery and Arts Center, said in an email statement artwork by Yocum, an artist from the Raleigh-Durham Research Triangle, is showcased in the Don Edwards Gallery. Local artist Vasconcelos’ abstract painting hangs in the adjacent Harvey Wooten Gallery, she said.
Presently, the gallery is closed to the public due to concerns over COVID-19, Lazure said, but private appointments are available via email. The gallery has posted virtual tours and documentation of the artwork, viewable through Emerge’s website or through its Facebook and Instagram pages. Lazure said the gallery will resume it’s normal schedule Jan. 23. ....

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Office Sales Start to Slowly Tick Up | Wealth Management


Private equity funds have been among the most active buyers in recent months.
Concerns about downsizing and uncertainty around when many tenants might return to the office definitely impacted office sales investment volumes in the first half of 2020. But the winds may be changing, as the downward spiral on office sales started showing signs of reversal in the third quarter, the most recent period for which final data is available.
That quarter saw a portfolio deal by the Blackstone Group, which agreed to acquire a 49 percent stake in Hudson Pacific Properties’ studio and office portfolio in Los Angeles, including five office buildings with almost 1 million sq. ft. of space. The second largest office portfolio deal in the third quarter was made by Alexandria Real Estate Equities and involved the acquisition of five assets in the Raleigh-Durham Research Triangle for $581 million. According to Nancy Muscatello, managing consultant at CoStar Advisory Services, there we ....

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