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November 8, 2019

Munson Street deal could ease area lab-space crunch

PHOTO | New Haven Biz 115 Munson St., New Haven
By Michelle Tuccitto Sullo

Laboratory space for the region’s burgeoning bioscience industry is in high demand, and a joint venture seeks to help meet it. 

Winchester Partners, a joint venture of Twining Properties, L+M Development Partners and the Goldman Sachs Urban Investment Group, recently acquired Higher One’s corporate headquarters in New Haven’s Science Park at Yale.

The joint venture is branding the 115 Munson St. property as “Winchester Works,” with a mix of traditional office and laboratory space.

Robert Motley, Connecticut director of Cushman & Wakefield commercial real estate brokers, represented the sellers in the purchase of the 145,000-square-foot Class A building. According to Motley, the building sold for $8 million, and the deal closed in October. 

About 37,000 square feet of the building is already leased, but the remainder is available, he said. The joint venture plans to build some lab space in the building, though it isn’t yet clear how much, as this depends on tenant interest. Cushman & Wakefield is helping to solicit tenants for the space, Motley said.

The building is a former manufacturing facility with thick floors and high ceilings, according to  Motley, who said it can accommodate an array of tenant uses, including laboratories. 

Winchester Works will have available spaces ranging from 5,000 to 75,000 square feet, according to an announcement.

According to Motley, if area bioscience companies are interested, the spaces would still need to be renovated to accommodate their laboratory needs. 

“Planning and building out a laboratory takes six to nine months,” Motley said. “Even if a deal were signed today, [a bioscience lab] probably wouldn’t be in until the middle of next year.”

Motley said the building is already garnering interest from potential tenants. He noted that the region has several growing life sciences companies in the area in need of space.

Both state officials and leaders of area bioscience companies have indicated that there is a need for more room for them to grow, expand and thrive. 

David Lehman, state Commissioner for Economic Development, said in an announcement, “Winchester Partners’ vision for a new town center in the old factory where Yale-driven tech companies can live and work is exactly what the state needs to accelerate economic growth.”

Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com

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