Swedish life science company relocates from Watertown to Waltham
BOSTON, MA / ACCESSWIRE / August 11, 2021 / The Boston office of Cresa, the world's largest occupier-focused commercial real estate firm, and Newmark, a world leader in commercial real estate services, announced today the negotiation of a 22,000 square feet lease at Stony Brook (130 Turner Street) in Waltham, Mass. The lease is on behalf of Olink Proteomics (Olink) a Swedish company dedicated to innovation, quality, rigor and transparency, providing outstanding products and services for human protein biomarker discovery. Developed and managed by Jumbo Capital, the Stony Brook space will be undergoing a major office to Life Science conversion in the next few months to accommodate Olink as well as future life science prospects.
Offering an unmatched high-multiplex technique to identify actionable biomarkers, with a strong focus on the human plasma proteome, Olink is well-established in Europe with headquarters in Uppsala, Sweden and the U.S, with a rapidly developing presence across Asia.
Stony Brook Park has actively embarked on a Life Science conversion of approximately 100,000 square feet. This three-building campus, owned by Jumbo Capital/SoundMark Partners, recently underwent an overhaul to its amenities in 2020 in anticipation of capturing new life science and office tenants. These new amenities include a full-service cafeteria, tenant lounge and collaboration area, outdoor patio, fitness center with lockers and showers, and a shared conference room. Olink's new life science space, delivering in Q3 2021, is a five-minute walk to the Brandeis-Roberts MBTA commuter rail station, three stops from the Porter Square MBTA red line, and minutes from the intersection of 1-90 and 1-95.
Following a competitive process, Cresa was selected by Olink for transaction management and project management services as it sought new office, research, and laboratory space. Paul Delaney and John Coakley at Cresa Boston negotiated the lease for Olink and the Cresa team is overseeing an aggressive schedule so the company can relocate from its current 7,000 square feet in Watertown to Waltham in mid-September.
"We were looking for a partner to assist us in finding the right real estate solution," said Bill Campbell, PhD, vice president of Global Commercial Operations at Olink. "Cresa Boston has been our trusted advisor from the very start, asking the right questions to ensure we achieved our goals and objectives with our relocation. Stony Brook was an excellent solution for Life Science due to the excellent attributes like direct access, Red Line accessibility, and strong ownership."
The Newmark team, led by Managing Director Matt Malatesta, Executive Managing Director Mark Roth, Managing Director Brendan Daly and Associate Brianna Piacitelli, represented the owner, Jumbo Capital, in the property lease to Olink.
"Olink will be well-positioned to grow its business and continue its groundbreaking work in this first-class life science facility," said Matt Malatesta. "With flexible spaces, proximity to a major university and public transit access, the campus will continue to see interest from life science users. This will be a catalyst for future lab opportunities on site."
The design of the lab by MDS/Miller Dyer Spears draws from a Scandinavian aesthetic, emphasizing functionality and supporting Olink's core values of innovation, quality, rigor, and transparency. The lab is organized around a central "living room" area, surrounded by offices, shared work spaces, lab, and freezer farm. A large communal table, soft seating and kitchenette define the living room, creating a welcoming, collegial space for collaboration and interaction.
Waltham remains one of Greater Boston's premier suburban life science markets, according to Newmark Research. With close to 3.0 million square feet in lab space, Waltham inventories have more than doubled in the last five years. Availabilities have been declining as the relative lack of space within Cambridge continues to push lab demand into markets like Waltham. Following several quarters of strong leasing activity total availabilities reached just 7.6 percent in the first quarter of 2021.
The project team includes:
Client: Olink Proteomics
Landlord: Jumbo Capital
Architect: MDS/Miller Dyer Spears
Construction Manager: PIDC Construction
MEP Engineer: AHA Consulting Engineers Inc.
Office Furniture: COP and DIRTT
Cresa is the world's largest commercial real estate advisory firm that exclusively represents occupiers and specializes in the delivery of fully integrated real estate solutions. Offered across every industry, services include Consulting, Facilities Management, Global Portfolio Solutions, Investment Banking, Lease Administration, Location Strategy & Economic Development Incentives, Project Management, Transaction Management and Workplace Strategy. With over 1000 employees in more than 80 offices globally, Cresa partners with space occupiers everywhere. For more information, visit: www.cresa.com/boston.
About Jumbo Capital
Jumbo Capital ("Jumbo") is a privately held, value focused, fully integrated commercial real estate investment firm located in Quincy, MA. The firm was founded in 2009 to pursue investment opportunities exclusively in Massachusetts, in all asset classes. Currently, the firm manages a portfolio of 4.3 million square feet of commercial real estate, in the Greater Boston area. Jumbo has demonstrated impressive growth and continues to expand with the recent addition of a Life Science asset, branded Patriots Park in Bedford, MA. Jumbo provides local expertise and a high quality of service across its comprehensive range of investments, making Jumbo flexible and accommodating partner to tenants in a diverse range of markets.
About Sound Mark Partners
Sound Mark Partners LLC ("Sound Mark" or the "Firm") is a women-owned and led commercial real estate specialist investment firm. The Firm was established in 2013 as a team lift-out from CBRE Group. Led by Jenna Gerstenlauer, former Chief Investment Officer of CBRE and a 25-year commercial real estate veteran, the Sound Mark team has been investing together for over 10 years. The Firm targets smaller deal sizes in high-growth primary and secondary US locations, and emphasizes areas designated as Innovation Districts. To learn more, visit www.soundmarkpartners.com.
Newmark Group, Inc., together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are 'forward-looking statements' that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company's business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
Susan Shelby, FSMPS, CPSM
Rhino PR for Cresa Boston
SOURCE: Cresa Boston
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