Shannon Life Sciences, a neuroscience-focused venture-backed fund with expertise in healthcare, finance and entrepreneurship, has acquired Elm Street Labs at 23 Elm St. in Watertown, MA from The Triad Group for an undisclosed amount. This 74,670-square-foot property will serve as Shannon’s new U.S. headquarters.
According to Andy Mann, principal of The Triad Group: “We are thrilled to see the positive impact that our acquisition and development of Elm Street Labs has had on the Watertown community and our partners at Shannon Life Sciences.” As both owner and end user of the building, Shannon’s purchase is a mutually beneficial outcome for all parties involved.
The Triad Group will continue to be involved as development manager for the property under this new ownership. They will oversee the buildout and customization of internal spec suites specifically designed to accommodate current and future portfolio companies.
Newmark’s capital markets team led by Robert Griffin , Edward Maher , Matt Pullen provided advisory services throughout this process alongside Samantha Hallowelland William Sleeper . According to Pullen: “Elm Street Labs offers top-notch laboratory infrastructure within a rapidly expanding life science hub with institutional-grade quality.” He also noted that The Triad Group brings valuable experience in development operations which adds further value to this asset.
