Regions Northeast | Boston
Nov 9, 2007
By: Paul Rosta, Senior Associate Editor
Considering the coast-to-coast race to take advantage of the worldwide biotechnology boom, it may come as a surprise to some that the Boston area boasts more life-sciences related jobs than any other similar market in the United States, noted Bob Richards, president of Richards Barry Joyce & Partners L.L.C. Biotechnology and pharmaceutical firms like the easy access to brainpower from Harvard, the Massachusetts Institute of Technology, and other leading institutions.
For all its power in the life sciences arena, the Boston region must also grapple with significant competition, experts noted this week during the concluding special biotechnology-focused session of CPN¹s annual Boston Property Opportunities Conference, which drew about 200 real estate professionals to the Westin Copley Place hotel. The Boston area would be a logical choice for Shire Pharmaceuticals to locate 200,000 square feet of new manufacturing place. The manufacturer already has a strong presence in the area, and recently leased 200,000 square feet of space in Lexington. But Rhode Island, the Carolinas and foreign countries are also in the mix for site selection and are offering incentives, noted Richards, whose firm is advising Shire.
That said, Boston’s renowned brainpower stands it in good stead with prospective tenants. Indeed, one life-sciences client recently told Cushman & Wakefield Inc. executive director Mark Winters that the firm can find three candidates perfectly suited for each job opening in the Boston area, compared with only one candidate in other life science clusters.
One closely watched political issue is Gov. Deval Patrick’s proposed 10-year, $1 billion economic incentive program designed to foster the state’s life sciences industry. Panelists stressed the value of the package of tax breaks and other incentives in attracting firms to choose Massachusetts for expansion. Still, Patrick’s plan has run into stiff opposition from critics who challenge what they call favoritism for the biotech industry.
Cambridge and the Longwood Medical Area submarkets are particularly attractive locations, said Bill Hunter, director of acquisitions of BioMed Realty Trust Inc., one of the top owners of life-science facilities in area. In Boston’s Longwood Medical Center, BioMed is making a major investment with the 703,000-square-foot Center for Life Sciences, which it acquired from Lyme Properties L.L.C. last year for $473 million. With Longwood Medical Area and Cambridge so tight, some life sciences firms may look for opportunities in Boston’s waterfront district, speculated Rick Shea, vice president of facilities for the Dana-Farber Cancer Institute.
By: Paul Rosta, Senior Associate Editor
Considering the coast-to-coast race to take advantage of the worldwide biotechnology boom, it may come as a surprise to some that the Boston area boasts more life-sciences related jobs than any other similar market in the United States, noted Bob Richards, president of Richards Barry Joyce & Partners L.L.C. Biotechnology and pharmaceutical firms like the easy access to brainpower from Harvard, the Massachusetts Institute of Technology, and other leading institutions.
For all its power in the life sciences arena, the Boston region must also grapple with significant competition, experts noted this week during the concluding special biotechnology-focused session of CPN¹s annual Boston Property Opportunities Conference, which drew about 200 real estate professionals to the Westin Copley Place hotel. The Boston area would be a logical choice for Shire Pharmaceuticals to locate 200,000 square feet of new manufacturing place. The manufacturer already has a strong presence in the area, and recently leased 200,000 square feet of space in Lexington. But Rhode Island, the Carolinas and foreign countries are also in the mix for site selection and are offering incentives, noted Richards, whose firm is advising Shire.
That said, Boston’s renowned brainpower stands it in good stead with prospective tenants. Indeed, one life-sciences client recently told Cushman & Wakefield Inc. executive director Mark Winters that the firm can find three candidates perfectly suited for each job opening in the Boston area, compared with only one candidate in other life science clusters.
One closely watched political issue is Gov. Deval Patrick’s proposed 10-year, $1 billion economic incentive program designed to foster the state’s life sciences industry. Panelists stressed the value of the package of tax breaks and other incentives in attracting firms to choose Massachusetts for expansion. Still, Patrick’s plan has run into stiff opposition from critics who challenge what they call favoritism for the biotech industry.
Cambridge and the Longwood Medical Area submarkets are particularly attractive locations, said Bill Hunter, director of acquisitions of BioMed Realty Trust Inc., one of the top owners of life-science facilities in area. In Boston’s Longwood Medical Center, BioMed is making a major investment with the 703,000-square-foot Center for Life Sciences, which it acquired from Lyme Properties L.L.C. last year for $473 million. With Longwood Medical Area and Cambridge so tight, some life sciences firms may look for opportunities in Boston’s waterfront district, speculated Rick Shea, vice president of facilities for the Dana-Farber Cancer Institute.
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