Fueled by the coronavirus pandemic and using a Houston property as an example of what it hopes to do in the space, Hines is putting new focus on life sciences, announcing it will spend billions over the next two years in development beyond traditional hubs like Boston and San Francisco.
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The Houston-based developer said this week it sees opportunity in Houston, as well as in other nontraditional markets like Washington, D.C., Philadelphia and Nashville. Additionally, the company is considering opportunities outside of the U.S., particularly in London and Shanghai, but also in cities like Tel Aviv and Amsterdam, as well as in China, according to a December white paper.
"We have multiple opportunities in the pipeline in the life sciences realm, and we expect to do several [billion dollars] in this space within the next 24 months," Hines Global Chief Investment Officer David Steinbach told Bisnow. "With Levit Green in Houston as our leading example, we are excited to continue pursuing these types of opportunities and bringing Hines’ development and investor expertise to create differentiated, purpose-built facilities in the market."
Hines' Levit Green property, a 270K SF lab building, broke ground in October. The building will be near the Texas Medical Center as part of a greater 52-acre master-planned community and is designed by HOK. Modular designs incorporated into Levit Green will also be used in future Hines life sciences projects.
"In such a competitive landscape, developers must optimize the space based on two fundamental criteria: structural specification and the balance of lab and office space," Hines said in a statement on Dec. 15. "Different tenants have different needs, and the same tenant can also complicate matters with changing needs as the company evolves. Therefore, it is essential that lab space is flexible and modular."
Despite the massive Texas Medical Center campus now taking shape, Houston has a relative scarcity of life sciences office availability. Much of the development aimed at tackling that is around the TMC, including TMC3, which will have research centers, laboratories, healthcare facilities, a hotel and multifamily components when it opens in 2023.
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