Elm Street Partners A rendering of the new life science lab building built at 23 Elm St.
A life science lab building in East Watertown off Arsenal Street has been sold for $45 million.
The Triad Group announced the sale of “Elm Street Labs” in Watertown to Shannon Life Sciences. The building, located at 23 Elm Street, includes 74,670 sq. ft. of life science lab space. The deal also included $10.69 million in development fees, according to a report on bldup.com.
The building, which was approved by the Zoning Board of Appeals in July 2021, sits next to the Residence Inn by Marriott at the corner of Arsenal and Elm streets.
Shannon Life Sciences is a venture capital firm focused on neuroscience. The firm’s website says: “Our mission is to serve as a catalyst for innovation by providing early-stage strategic capital and expert guidance to visionary entrepreneurs and researchers.”
In an announcement of the sale, Andy Mann, Principal of The Triad Group said: “We started with the acquisition, planning, design and eventual construction of Elm Street Labs nearly 4 years ago and we are very excited to see the resulting benefits for the Watertown community and our friends at Shannon Life Sciences. As both the owner and end user of the building, Shannon’s acquisition of the property results in a successful outcome for all parties.”
Spencer Kimber, Venture Principal at Shannon Life Sciences stated “While the real estate market and biotech VC have experienced fluctuations, one constant remains: the long-term innovation and growth in the Boston market. With this in mind, we have committed to embedding ourselves in the local community of scientists and innovators through our acquisition of Elm Street Labs in our efforts to support the development of life changing therapies for patients and families across the globe.”