The Triad Group has recently completed the sale of their latest project, Elm Street Labs located at 23 Elm St. in Watertown, MA. The property was acquired by Shannon Life Sciences, a Cambridge-based company specializing in neuroscience and backed by venture capital funding. The purchase price remains undisclosed.
According to Andy Mann, principal of The Triad Group, the development process for Elm Street Labs began almost four years ago with acquisition and planning stages before reaching completion. Mann expressed excitement for both the community of Watertown and Shannon Life Sciences as they take ownership of this 74,670-square-foot property which will serve as their new U.S headquarters.
As part of their agreement with Shannon Life Sciences as both owner and end user of the building, The Triad Group will continue to oversee development management duties including customizing internal spec suites for current and future portfolio companies within the healthcare industry.
Newmark’s capital markets team led by Robert Griffin along with Edward Maher & Matt Pullen provided advisory services during this transaction on behalf of The Triad Group alongside Samantha Hallowell & William Sleeper from Newmark’s firm. According to Pullen “Elm Street Labs offers state-of-the-art laboratory infrastructure situated within a rapidly growing life science hub that meets institutional standards.” He also noted that working together with experienced developers like The Triad Group adds value to such assets.
