Triad Group Announces Sale of Watertown's Elm Street Labs

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.

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SOURCE The Triad Group