The CBRE report states that life science companies occupy approximately 30 million square feet of lab space in Greater Boston with more than 4 million square feet of space in the development pipeline.
WhyHotel's downtown Houston location is officially open, representing its first Texas location, following the DC-based firm's pop-ups operating in Virginia and Seattle.
The deal for the 350-acre campus also features a sale-leaseback component with Deerfield, IL-based Caterpillar Inc. The construction equipment manufacturer plans to keep approximately 500 of the company's employees on site and will lease back an office building along with a portion of adjacent industrial space.
Origin acquired the property on behalf of its IncomePlus Fund from Michigan Avenue Real Estate Group, the original developer of the property. Chicago-based multifamily brokerage firm Kiser Group represented Origin Investments in the off-market transaction.
Somera Road acquired the defaulted loans on the property in October 2018, took title of the property in June 2019 and closed on majority and controlling ownership this month, replacing its prior capital partners.