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May 22, 2020 REAL ESTATE ROUNDUP

Leasing agent named for Winchester Works office/lab property

PHOTO | New Haven BIZ The Winchester Works project at 115 Munson Street, where office and lab space is being marketed by Chicago firm JLL.

Winchester Office LLC, a joint venture of Twining Properties, L+M Development Partners and the Goldman Sachs Urban Investment Group, has named commercial real estate and investment management firm JLL exclusive leasing agent for six floors of Class A office space at 115 Munson Street in New Haven’s Science Park at Yale.

The Chicago-headquartered firm will provide leasing and marketing services for approximately 90,000 square feet of available space in the state-of-the-art life sciences and creative office building.

Marketed as Winchester Works, the project is designed for office and life-sciences tenants in spaces ranging from 5,000 to 90,000 square feet. The building includes several key life-science features: heavy floor loads, multiple risers for tenant equipment, a central rooftop HVAC plant, location for lab-specific services, ample power, and a loading dock and freight elevator.

The agreement with JLL comes as New Haven sees an influx of bioscience companies — but a dearth of space to house them. According to Yale University’s Office of Cooperative Research (OCR), startups incubated out of Yale raised more than $1 billion through venture capital funding and $11 billion through public market funding in 2018 alone. But those growing firms often encounter a shortage of lab space to move into.

“As New Haven’s life-science industry experiences unprecedented growth, we are excited to bring on JLL to lease up the state-of-the-art lab and office space specifically designed for companies in this field,” said Alex Twining, CEO of Twining Properties, in an announcement. “Science Park at Yale has become a unique hub for innovation and discovery, where biotech businesses can grow and thrive. With its new and upgraded facilities, we know that tenants will find what they need to be successful here at Winchester Works.”

"Winchester Works is well positioned to thrive as one of the state’s premier, life-sciences campus,” said JLL Senior Vice President John Cahill. “The modern property sits nicely within Science Park in New Haven’s historic Winchester Repeating Arms Co. Historic District. It will also benefit from the $600 million in funding Connecticut received from the National Institutes of Health, with about 80% of which [is] allocated to Yale University.”

Built in 2012, the 145,000-square-foot Class A office building was the first new office building constructed in New Haven in more than two decades. Winchester Office LLC purchased the property in late 2019 and is in the process of preparing the building for life sciences tenants, overhauling the entrance and lobby and revamping the rooftop amenity space.

The building is currently about 30-percent leased, its owners say. Bank Mobile, a company which provides college students with digital checking accounts, has taken 34,000 square feet of space, while Transact Campus, a cashless campus technology company, is occupying 12,000 square feet.

The Works is the first stage in the Winchester Center master plan, which could eventually include the four remaining buildings and four development sites in Science Park at Yale, all part of New Haven’s former Winchester Factory that once employed 25,000 people. Winchester Center could eventually include over 1,000 apartments, retail space and 300,000 square feet of office and lab space, its developers say.

Twining Properties has been involved with the Winchester redevelopment project since 2007, when the firm competed to redevelop the main factory complex. In 2017 Science Park Development Corp. selected Twining to complete what Forest City had begun and at the same time put the Higher One Building under contract. This year Goldman Sachs UIG joined Twining Properties as capital partner and L+M joined as co-developer of the project.

More information about the property and the project is available at https://www.winchesterworks.com/

TRANSACTIONS

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