City/State: Watertown, Massachusetts
LINX is a 2-story, 185,015 sq. ft. Class A life science building located in Watertown, Massachusetts. Completed in 2018, the property is LEED Gold Core & Shell certified and features ceiling heights ranging 11'-16' and floor-to-ceiling windows. On-site amenities include indoor bike storage, locker rooms with showers, lobby seating and café, outdoor fire pit, bocce court, electric vehicle charging stations, ample surface and structured parking, and a shuttle program that runs to and from Harvard Square (MBTA Red Line).
LINX was Clarion Partners' first acquisition outside of the premier clusters East Cambridge and the Longwood Medical Area (LMA). When LINX was acquired in 2018, Watertown was still an emerging life science node and primarily viewed as a relief valve for the East Cambridge lab submarket, which has near zero availability and triple-digit NNN rents. Watertown has become a highly desirable lab cluster, with nearby amenities and proximity to Boston/Cambridge. Market rents have increased by approximately 35-40% over the 11-quarter hold period.
The life science sector is fueled by National Health Institute (NIH) public funding, private biopharma capital, and venture capital funding. The following economic and demographic factors are driving the influx of capital investment into life sciences: the aging population, rising health care spending, COVID-19, and synergies between technology and health care. Read more about Clarion's insights about the Life Sciences sector in our recent whitepaper.
In addition to Boston-based life science assets in East Cambridge, the LMA, and Watertown, Clarion has expanded its life science footprint to the West Coast with assets in Seattle, San Francisco, and San Diego.