Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SPRINGFIELD, MA-York Street LLC, a developer of real estate for biotechnology manufacturing, development and research reached an agreement with three Massachusetts-based companies to work together to construct a large-scale biotechnology manufacturing facility in the state.

The group has already acquired the development rights to the former Hamden County Jail in Springfield, a 153,000-sf facility, which it will convert to biotech manufacturing use. Samuel J. Kline, managing partner at York Street tells GlobeSt.com that they are also in talks with the city which wants to see a biotech manufacturing park in the area.

Kline explains that the high real estate costs in the eastern part of the state–the state’s biotech center–make it difficult to do biotech manufacturing. He points out that as companies move out to the western part of the state the costs become more competitive but companies are still close to the research centers. He adds that biotech manufacturing also requires a fairly educated labor pool, which makes it difficult for companies to set up facilities in countries with low labor costs. But Western Massachusetts is home to an educated labor force due to the proliferation of colleges in the area.

The York Street entity was created by agreements with PAREXEL International Corp., a leading biopharmaceutical outsourcing organization; BioMetics Inc. a leading biomedical process management company focusing on process definition, development and scale-up; and, Shooshanian Engineering Inc. a mechanical and electrical engineering consulting firm specializing in study, design and construction services of biotechnology facilities. Kline says that each of these companies service the biotech community in different ways and “between us we have contacts in the whole industry.”

He says that they have started marketing this space and have had some “interesting conversations.” Lease rates for the space depend upon the use a company has for the space, but Kline notes that it will be 22% lower than a similar site in Cambridge. Kline adds that the manufacturing park the city wants to see built will have property for a pilot manufacturing facility as well as full scale manufacturing space next door. The city, he emphasizes, is being very supportive and is providing tax incentives for the project. The state has not yet provided any similar programs.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.