In The Boston Life Sciences Market, There's Always A Need For More: Bisnow’s Boston Life Sciences Real Estate Conference

The Boston life sciences market is home to headquarters and outposts of some of the biggest names in the scientific world, from Moderna and Vertex Pharmaceuticals to international giants like Takeda Pharmaceutical and Novartis. Greater Boston has the largest concentration of life sciences researchers in the U.S., which is likely why it seems construction on new facilities never slows in the city. 

Jennifer Schultz, a partner at the law firm Sullivan & Worcester and leader of its permitting and land use group that focuses much of its time and expertise on supporting life sciences development in Boston, said that no matter how many new life sciences developments are in the works in the city, there is still a need for more.

“In Boston, there's often a knee-jerk reaction of, ‘Isn't there enough life sciences development already?’ But there really isn't,” Schultz said. “There's still cancer, there's still heart disease, there's still diabetes, there are so many diseases for which cures and therapies have yet to come. And we need more facilities to be built to support that research, and Boston would be lucky to be the home for this important work.” 

Schultz will be attending Bisnow’s Boston Life Sciences Real Estate Conference on March 28, moderating a panel titled Collaborative Partnerships in the Life Sciences Space. Register here. 

Bisnow spoke with Schultz to learn more about her connection to the life sciences world, where she thinks the market is heading and what she is looking forward to at the event. 

Bisnow: What inspired you to take part in Bisnow’s Boston Life Sciences Real Estate Conference?

Schultz: Over just the course of the last four years, my permitting group at Sullivan & Worcester has helped bring more than 4M SF of life sciences space into the Boston area, and we are currently working on entitlements to bring approximately 4M SF more in the years to come.

I believe in the work my clients are doing, and at a personal level, I am especially passionate about supporting life sciences development, particularly when it comes to genetic research. I am at least the third generation in my family to have a genetic disorder with a defect that was identified over 10 years ago, but there is currently no cure or treatment. I believe that life sciences development brings us closer to a future where companies can cure most of the diseases that ravage our society today, hopefully including my own.

Bisnow: Can you describe your role at Sullivan & Worcester and what you’re currently working on? 

Schultz: I lead the permitting and land use group at Sullivan. We are "dirt lawyers": We help developments get all the permits and approvals they need to get that first shovel in the ground and ultimately the last tenant through the door. We tackle any complex land issues that may arise, and we get to know and learn everything we can about the business of our clients and the neighborhoods in which they want to build. Our practice is part law, part politics and grassroots organizing, and part planning and design.

Currently, we are working on some very exciting projects, including four large master-planned developments: We’re working on a 1.5M SF mixed-use development along Morrissey Boulevard in Dorchester with our client Center Court Mass. This project will feature four life sciences buildings and three residential properties.

We are also working on a 1.8M SF mixed-use development along the waterfront of the Mystic River in Charlestown with the Flatley Co., which will not only feature three life sciences buildings but also 60% of the 25.5 acres of the project site will be public open space, including a 5-acre waterfront park. In addition, we’re working with Trammell Crow and The Community Builders, in partnership, on a 1.5M SF mixed-use development along Soldiers Field Road in Allston-Brighton, and that will include three life sciences buildings and two residential buildings that will be 100% deeply affordable housing.

Finally, last month, we successfully permitted a master plan for 1.7M SF of mixed-use space in the Fenway LMA area of Boston for Skanska, which will include several life sciences spaces. 

Bisnow: What does it mean to have “collaborative partnerships” in life sciences?  

Schultz: To me, a great collaborative partnership in life sciences means a multipronged strategic partnership between the municipality, the life sciences developer, the life sciences companies and the specific community in which the development will be built. With the panel, I plan to explore the challenges and opportunities that the collective group that I just mentioned faces when seeking to ensure that a life sciences development best serves all stakeholders.

I will be especially excited to discuss a collaborative partnership I’ve been working on for the last year with my client Beacon Capital, the Mass Biotech Council and the city of Boston. Together, this group is working hard to create and support a workforce training center for entry-level careers in life science. The collaborative efforts include partnering with UMass Boston, WPI, MBI, the Massachusetts College of Pharmacy and many of MassBio’s member companies on the curriculum and operations of the program, which will be physically hosted at Beacon’s property at Southline Boston, the former Boston Globe headquarters in Dorchester.

Tens of thousands of life sciences entry-level careers in Massachusetts need to be filled with a pre-trained workforce in the next few years, so it's crucial to build partnerships that will help develop, train and house this workforce.

Bisnow: What do you think are the greatest challenges facing the Boston life sciences market, and where do you see the market heading in 2023? 

Schultz: Getting debt and equity on projects right now is very challenging, especially since the cost of debt is extraordinary. On their own, these elements are stalling projects.

But in addition, both the life sciences market and also other asset classes in Boston — even housing, including affordable housing — are at a permitting stalemate. The city has really struggled over the last year to keep development on track. I've never seen a slowdown like this in the nearly 15 years that I've worked, where there are so many developers who want to build but there are many proposals being stymied.  

Keeping life sciences development moving in Boston is crucial. These developments will not only be home to tomorrow’s most important medical research and discoveries, but they also have the opportunity to be the professional home for thousands of Boston residents if we all work together in collaboration.  

Bisnow: What are you most looking forward to experiencing at the event? 

Schultz: I am looking forward to all of the panels. It’s exciting to get so many similarly minded people together in one place. This is how progress and collaboration in life sciences works. It’s why life sciences companies often cluster together, because of the opportunities for shared information and future partnerships. 

Hear more from Schultz about the future of life sciences in Boston at Bisnow’s Boston Life Sciences Real Estate Conference on March 28. Register here. 

This article was produced in collaboration between Studio B and Sullivan & Worcester. Bisnow news staff was not involved in the production of this content.

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