BOSTON, July 25,
2024 /PRNewswire/ -- The Triad Group announced the
sale of its most recent development, "Elm Street Lab's" in
Watertown, MA to Cambridge based Shannon Life Sciences. The
74,670sf property is a new construction state-of-the-art life
sciences building that is ready for interior tenant fit out and
occupancy. Shannon Life Sciences has designated this Watertown
site as their new US headquarters.
The Triad Group is a Boston
based real estate development, investment and brokerage services
firm headed by principals David
Schwarzman and Andy Mann. The
pre-construction of Elm Street Labs was performed by ZVI
Construction & SIS Property Management will provide interim
building management services.
Shannon Life Sciences is a neuroscience focused venture backed
fund with expertise in healthcare, finance and entrepreneurship.
Shannon has engaged The Triad Group to act as development manager
and oversee the buildout and customization of internal spec suites
to house current & future portfolio companies.
"We started with the acquisition, planning, design and eventual
construction of Elm Street Labs nearly 4 years ago and we are very
excited to see the resulting benefits for the Watertown community and our friends at Shannon
Life Sciences," said Andy Mann,
Principal of The Triad Group. "As both the owner and end user of
the building, Shannon's acquisition of the property results in a
successful outcome for all parties."
Spencer Kimber, Venture Principal
at Shannon Life Sciences stated "While the real estate market and
biotech VC have experienced fluctuations, one constant remains: the
long-term innovation and growth in the Boston market. With this in mind, we have
committed to embedding ourselves in the local community of
scientists and innovators through our acquisition of Elm Street
Labs in our efforts to support the development of life changing
therapies for patients and families across the globe."
The building's core & shell construction was completed by
Consigli Construction & designed by KSID
Architecture.
Newmark Knight Frank's capital
markets team led by Robert Griffin,
Edward Maher & Matt Pullen provided some advisory services to
Triad in the process, alongside Samantha
Hallowell and William
Sleeper. "Elm Street Labs offers high-quality,
laboratory-ready infrastructure within a rapidly growing
institutional-quality life science cluster. The Triad Group further
brings exceptional development and operational experience to the
asset" said Matt Pullen, Vice Chair
of Newmark.
Media Contact:
Patrick Fox
7813859433
380907@email4pr.com
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SOURCE The Triad Group