Renovation of a transportation facility in Boston, Massachusetts. Completed plans call for the renovation of a transportation facility.

https://www.bizjournals.com/boston/news/2024/08/02/labs-boston-cambridge-leasing.html Five years ago, nearly half of the region's lab space was in Cambridge, according to CBRE research. Today, about a third is. But a life sciences facility is not a "Field of Dreams." Just because developers built labs in new places does not mean the biotechs will come -- at least in this real estate market. There is now 35 million square feet of lab space in the region outside of Cambridge, compared with the 15 million square feet that existed in 2019, according to CBRE. Boston neighborhoods like Fenway and Allston have seen significant development, as have Somerville, Watertown and farther-out suburbs such as Lexington and Weston. Demand has fallen dramatically since many of the new projects in those places broke ground, however, as fundraising for biotech startups has dropped off and companies are clinging to cash. Vacancy rates in Boston and the suburbs are roughly double what they are in East Cambridge, CBRE data show. While every submarket is feeling pain, some are feeling it more than others. Even the Seaport District, which has established itself as the region's largest cluster of lab space outside Kendall Square, has brand-new projects by top developers sitting empty. Watertown is one place seeing relative success. Developers like Alexandria Real Estate Equities Inc., The Wilder Cos. and Boylston Properties have redeveloped older properties into state-of-the-art lab buildings and the sorts of restaurants and retail shops that bosses want for their employees. In a muted market, Watertown has seen some of the most leasing activity as of late outside Cambridge. Kymera Therapeutics recently leased about 100,000 square feet at Alexandria's Arsenal on the Charles campus, nearly tripling the footprint of its previous location at Arsenal Yards. Kymera Chief Financial Officer Bruce Jacobs said Watertown's amenities and its proximity to Cambridge drew the company there, as did the opportunity to be a pioneer in an emerging life sciences cluster. "I have no doubt this is going to be one of the premier ZIP codes for the biotech industry," Jacobs said. Read more from the Boston Business Journal's Business of Biotech & Life Sciences special section: Life sciences VC funding rebounds in 2024. But in Mass., it's not so rosy. First-time CEOs discuss challenges of running a biotech The Route 128 West lab submarket that includes Watertown has an availability rate of 32.6%, according to CBRE. While that's high, it's significantly lower than some of the other areas that have recently seen lots of lab development. "Watertown has established itself as a bona fide life sciences hub that checks basically all the boxes," said Bob Richards, the JLL executive managing director who represents tenants in transactions. "I see that market continuing to benefit and to grow." Some other suburbs have met with limited success lately in drawing in new life sciences tenants. Moderna Inc. and Novo Nordisk recently signed leases of about 26,000 square feet in Waltham and Lexington, respectively, according to CBRE research. In Somerville and other cities and towns just north of Cambridge, a whopping 70.6% of lab space is available for rent, CBRE found. Somerville's predicament is largely one of timing. The city's first large lab building, Boynton Yards' 101 South St., opened in 2021 fully leased. But since interest rates spiked and demand dropped beginning in mid-2022, several similarly sized lab complexes in Union Square and Assembly Square have hit the market -- or are about to hit the market -- without a single tenant in place. For a company on the lookout for space, there's a lot to like about a situation like Somerville's. Biotechs have the opportunity to get into new ground-up development at a time when landlords are desperate to start filling their buildings, giving the companies leverage over pricing and the length of their lease. Asking rents are falling in Cambridge, Boston and the suburbs. The attributes that made developers build in Somerville are still there, said Jeffrey Myers, research director at Colliers, including its proximity to Cambridge and public-transit access via the new Green Line Extension. The same is true of Boston neighborhoods where more labs are starting to pop up, including Fenway, Charlestown and Allston-Brighton. But there are risks to being first as well. There's no guarantee that others will follow you anytime soon, given the overall lack of demand. Such companies would miss out on the cluster effect that life sciences firms like, at least in the short-term. "There's this sense of vibrancy that comes from being part of a cluster," Jacobs said. "You feel you're part of an ecosystem where there's innovation, there's excitement, there's growth happening." With so much choice about where to go, life sciences companies will need to weigh which considerations matter most for the workforce they have, as well as the one they want, according to experts. "It always comes back to one factor: the ability to attract and retain the best people for your organization," Richards said. __________________________ https://www.spartnerships.com/pipeline/2024/government-contracting-pipeline-06-26-2024.html $68 million in improvements planned for Boston’s Green Line The Massachusetts Bay Transportation Authority (MBTA) will use $67.6 million to make accessibility improvements platforms along Boston’s Green Line. Plans include removing steps and widening platforms to make transit easier for people with disabilities to board and disembark. The Green Line Accessibility Improvements Project will modernize one of the oldest light-rail subway lines in the nation. The line is one of the most challenging parts of the system to make accessible due to stations located along major roadways and the level of collaboration needed between the authority and Boston to renovate the system. Other barriers, such as heavy station doors and broken sidewalks, make the Green Line even less accessible. MBTA will upgrade station platforms at 14 stops along the Green Line to make them more accessible to riders with disabilities. Plans include installing accessible platforms for level boarding to improve safety. This will remove the current 14-inch step that prevents people with disabilities or limited mobility from using the subway. MBTA will also widen, level and illuminate the platforms to increase visibility and navigation. The U.S. Department of Transportation’s (USDOT) Federal Transit Administration (FTA) provided the funds through the All Stations Accessibility Program (ASAP). The project is MBTA’s latest investment in improving transit mobility and accessibility across Boston. The authority received more than $66 million from the FTA to improve Symphony station’s accessibility in 2023. MBTA has received numerous awards totaling more than $1 billion to replace bridges, improve connectivity and rehabilitate infrastructure. The authority has also developed a freestanding mini-high structure to help people with disabilities access transit options and built 75 elevators over the past decade. ASAP is designed to help repair, improve, modify, retrofit or relocate station and facility infrastructure to make public areas more accessible for people with disabilities. The Green Line Accessibility Improvements Project is one of eight projects that will receive a portion of the FTA’s recent $343 million investment in public transit accessibility. ___________________________________________________ The Massachusetts Bay Transportation Authority (MBTA) Integrated Transit Program Department has identified the need for Engineering, Architectural, and Design Consulting Services for the Green Line Reservoir. Multi-Disciplined Engineering (i.e., Civil, Architectural, Structural, Mechanical, Traction Power, Communication, and Electrical); Environ- mental Approvals and Permitting; Scheduling; Quality Control/Quality Assurance; Construction Phasing and Constructability; and Construction Cost Estimating. Design Phase (0%-100% and PSE), Bid Phase and Construction Phase Services (CPS) for the accommodation of Green Line new Type 10 Light Rail Vehicles (LRVs) fleet. The project scope includes upgrade Reservoir car house infrastructure to maintain and operate Type10 trains. The selected Consultant will exhibit a depth of experience and expertise in the design and construction of rail transit facilities and systems. The scope of services will be authorized on professional services contract basis. The duration of this contract is three (3) years from the date of Notice to Proceed. This project is expected to utilize non-federal funding. Al- though there is no DBE participation goal for this project, the Authority strongly encourages the use of Minority, Women and Disadvantaged Business Enterprises as prime consultants, sub-consultants, and suppliers in all its contracting opportunities. The MBTA reserves the right to cancel this procurement or to reject any or all proposals of qualifications.