shifting focus

Houston-based real estate giant bets on growing life science sector

Hines is doubling down on life science real estate development, the firm recently reported. Image courtesy of Hines

An international real estate firm announced recently that it would prioritizing investing in life science industry opportunities when it comes to commercial real estate development.

Houston-based Hines reported that the pandemic has heightened the demand for life science real estate, and the firm explained in a news release that it will be delivering purpose-built life science facilities in growing markets that feature state-of-the-art, operator-driven design and amenities.

“The life sciences sector is experiencing an era of unprecedented growth driven by a rise in both public and private funding combined with a post-pandemic sense of urgency and market opportunity,” says David Steinbach, global CIO at Hines, in the release. “As this industry surges, it is pivotal that developers keep pace by delivering spaces that are as innovative as the tenants occupying them. Hines is dedicated to delivering purpose-built facilities that meet the physical, functional and technological needs of the occupiers.”

When it comes to design, Hines will focus on structural specification and the balance of lab and office space, providing tenants — who are all looking or different types of spaces and amenities — with flexibility and modular design.

ESG is something Hines is reportedly considering top of mind for developers, investors and occupiers, with plans to build efficient assets, source from sustainable energy, and provide low-carbon emission options.

Hines has already announced this type of facility currently in construction in Houston. Levit Green is a five-story, 270,000-square-foot Phase I lab building that has flexible Class AA quality labs key features required by top life science tenants. According to Hines, Levit Green's building features will include emergency power sources, 33-foot structural bay depths, allowing for an ideal 11-foot lab module, and floorplates more than 55,000 square feet will also enable research and office teams to create efficient configurations that enable teamwork and collaboration.

“Our carefully built team of national life science leasing, design and capital experts has put a tremendous amount of thought and effort into Levit Green’s planning and design. We are confident that our team will deliver one of the highest-quality commercial laboratory assets in the world once complete,” says John Mooz, senior managing director at Hines, in the release. “We are excited to bring top-tier projects like Levit Green to other highly anticipated, growing markets.”

Boston and San Francisco have become major life science industry hubs, but there are several global cities on the rise that Hines will be targeting, including London, Boulder, Austin, Shanghai Salt Lake City, and Pittsburgh.

Hines’ investment thesis is based on a confluence of factors that are driving the demand within the global landscape for life sciences real estate that are outlined in the new Hines Perspective: “The Potential of Purpose-Built Properties” white paper.

Levit Green is a 270,000-square-foot Phase I lab building adjacent to the Texas Medical Center. Rendering courtesy of Hines

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Building Houston

 
 

Catch up on two big pieces of news landing at the Houston Spaceport. Image via fly2houston.com

The Space City is starting 2022 off strong with news launching out of the Houston Spaceport — a TK-acre space in TK Houston.

The two big headlines include a unicorn company releasing the latest details of its earthbound project and fresh funds from the state to support the space ecosystem in Texas.

Governor Abbott doles out $10M in spaceport grants

Texas has launched fresh funding into two spaceport projects. Image via fly2houston.com

Last week, Gov. Greg Abbott announced $10 million in funding to two Texas spaceports as a part of the state's Spaceport Trust Fund. The Houston Spaceport Development Corp. received $5 million and the Cameron County Spaceport Development Corp. received $5 million.

The fund is administered by the Governor's Office of Economic Development and Tourism and was created to support the development of spaceport infrastructure, create quality jobs, and attract continuing investments that will strengthen the economic future of the state, according to a news release.

"For decades, Texas has been a trailblazer in space technology and we are proud to help cultivate more innovation and development in this growing industry in Cameron and Harris County," says Abbott in the release. "This investment in the Cameron County and Houston Spaceport Development Corporations will create even more economic opportunities for Texans across the state and continue our legacy as a leader in space technology."

Axiom Space hires Dallas-based architecture and engineering firm

Axiom Space has made progress on developing its 14-acre headquarters. Image via axiomspace.com

Houston-based unicorn Axiom Space has announced that it awarded Dallas-based Jacobs the architecture and engineering phase one design contract. The firm will be working on the 100,000-square-foot facility planned for the 400-acre Houston Spaceport at Ellington Airport.

Axiom Space's plans are ro build the first commercial space station that will provide a central hub for research, to support microgravity experiments, manufacturing, and commerce in low Earth orbit missions, according to a news release.

"This is an exciting and historic moment for Axiom and the greater Houston area," says Axiom CTO Matt Ondler in the release. "For the first time, spacecraft will be built and outfitted right here in Houston, Texas. This facility will provide us with the infrastructure necessary to scale up operations and bring more aerospace jobs to the area. With this new facility, we are not only building next generation spacecraft, but also solidifying Houston as the U.S. commercial industry's gateway to space."

Axiom Space, which raised $130M in venture capital last year, is building out its 14-acre headquarters to accommodate the creation of more than 1,000 high-paying jobs, from engineers to scientists, mathematicians, and machinists.

"Houston is a city built on innovation and is becoming a next-generation tech hub in the United States," says Ron Williams, senior vice president at Jacobs. "Privately funded infrastructure will drive U.S. leadership in space. Jacobs is committed to providing integrated solutions to accelerate the future of commercial space operations."

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