NewHavenBIZ

n e w h a v e n b i z . c o m | M a r c h 2 0 2 2 | n e w h a v e n B I Z 15 measure to further grow the biotech sector," Pescatello said. Dawn Hocevar, CEO of BioCT, Connecticut's bioscience industry group, said the state can also help by raising the in- dustry's national profile, in addition to incentivizing infrastructure like lab space. "We need to be able to recruit, not only to keep companies here, but recruit compa- nies to Connecticut," Hocevar said. "Many companies that are inquiring in Connecticut are looking for already available lab space. ey would love to see available lab space now." A lease discount Demand continues to grow in New Haven despite the hundreds of thou- sands of feet of lab space due to come online in the next few years. e city is still a bargain with lab space leasing for between $30 and $50 per square foot, compared to more than $90 per square foot in Boston and $100 in New York City, according to a local real estate developer. Office space in New Haven, by contrast, leases in many areas of the city for less than $20 per square foot in a so market, barely above break- even for owners. Rates are flat or going down, according to industry sources, with major office towers like 900 Chapel turning to residential conversions. Swapping traditional office tenants for biotech is a national trend, with 20% of new lab space being converted from offices in the six largest life science markets, the New York Times reported last year. In Boston, New Haven's principal rival, 30% of new and planned lab space is former offices. Although developing lab space is more expensive and time consuming, prospective tenants have bigger budgets thanks to the record $70 billion of private and public capital investment in the bioscience industry in 2020, according to the Times. Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … www.borghesibuilding.com Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. Contact us at 860-482-7613 or visit us on the web. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … www.borghesibuilding.com Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. Contact us at 860-482-7613 or visit us on the web. Stevens Manufacturing, Milford, CT Building Ideas That Work … www.borghesibuilding.com © 2011 BlueScope Buildings North America, Inc. All rights reserved. Butler Manufacturing™ is a division of BlueScope Buildings North America, Inc. 2155 East Main Street • Torrington, Connecticut 06790 Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. Contact us at 860-482-7613 or visit us on the web. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … www.borghesibuilding.com © 2011 BlueScope Buildings North America, Inc. All rights reserved. Butler Manufacturing™ is a division of BlueScope Buildings North America, Inc. 2155 East Main Street • Torrington, Connecticut 06790 Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. Contact us at 860-482-7613 or visit us on the web. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, our goal simple: To provide our complete design, planning construction services industrial and retail buildings. on years of experience, competitive and offer When the strictest attention is critical to your success, always count on Borghesi From concept to occupancy, is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … Project pipeline New biotech lab projects that have opened or are in the works in New Haven include: • Developer Carter Winstanley's $100 million, 500,000-square-foot bio- science tower at 101 College St., which will likely be fully leased when it opens for business this year, dominated by large-scale tenants like Yale University and Arvinas. A section of the tower will also be set aside for a biotech incubator funded by Yale and run by BioLabs of Cambridge. • Yale is also backing a 7,600-square-foot biotech incubator inside the John B. Pierce Laboratory at 290 Congress Ave., near the uni- versity's medical campus. Called New Haven Innovation Labs, the incubator houses lab and office space for up to 19 startups. • Winchester Works, an in-de- velopment biotech center in a 145,000-square-foot Class A former office building at 115 Munson St., was half leased as of April 2021. Develop- er Alex Twining has said he expects it to be fully leased by later this year and has already signed tenants Halda erapeutics and Quantum-Si, a buzzy biotech that plans to move its head- quarters from Guilford to New Haven. But what is most urgently needed in New Haven now is new biotech "graduation space" – combination lab and office spaces in the 2,000- to 10,000-square-foot range for companies graduating from the startup stage, Hocevar said. "We need a continuation of lab space being built," Hocevar said. "It would be great to see more developers come in to want to make that investment." For Goldblum, of Hurley Group, midsize biotechs are the sweet spot for his Elm City Bioscience Center. e building's downtown location, covered parking and proximity to Yale's medical campus are major selling points, he said. He's also counting on the continued growth of bioscience in Connecticut with help from industry groups and the state. "What's going on now is that we're building to satisfy the demand of people who already want to be in Connecticut," Goldblum said. "What we want to do next is get to the point where people from outside Connecticut want to be here." n Dawn Hocevar Alex Twining is developing a bioscience hub at the Winchester Center in Science Park. Developer Carter Winstanley is developing a $100 million, 500,000-square-foot bioscience tower at 101 College St. PHOTO | CONTRIBUTED PHOTO | CONTRIBUTED

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