JLL selected by L+M Development and Twining Properties to lease Winchester Works in New Haven, CT
Firm to market an existing, 145,000-square-foot, life-sciences facility in Science Park at Yale complex within Winchester Repeating Arms Company Historic District
NEW HAVEN, Conn., June 10, 2020 — JLL was selected as exclusive leasing agent for Winchester Works, located at 115 Munson Street in the Science Park at Yale complex within New Haven, Conn., by Winchester Partners, a joint venture of Twining Properties, L+M Development Partners Inc. and the Goldman Sachs Urban Investment Group. The firm will provide a full range of marketing and leasing services for approximately 90,000 square feet of available space within the state-of-the-art, 145,000-square-foot life sciences building.
The leasing assignment will be spearheaded by JLL’s Christopher Ostop, managing director, and John Cahill, senior vice president with the firm’s Life Sciences group. They will work closely with Jake Pine, director, at L+M Development, and Alex Twining, CEO, of Twining Properties.
“Winchester Works is well-positioned to thrive as one of the state’s premier life sciences facilities,” said Cahill. “The modern property sits nicely within Science Park in New Haven’s historic Winchester Repeating Arms Company Historic District. It will also benefit from $600 million in funding Connecticut received from the National Institutes of Health, about 80% of which is allocated to Yale University.”
JLL is leasing about 90,000 square feet of available space in Winchester Works (The Works). Bank Mobile, which provides college students with digital checking accounts, occupies 34,000 square feet; and Transact Campus, a cashless, campus technology company, has 12,000 square feet.
The six-story 115 Munson Street was designed by Svigals + Partners LLP and constructed in 2012 .The 145,000-square-foot, Class A office building was the first new office building constructed in New Haven in more than 20 years. Winchester Partners purchased the property in late 2019 and is in the process of overhauling the building’s entrance and lobby, while revamping the rooftop amenity space. The partners are spending about $25 million on renovations to take advantage of the high demand for lab space in the New Haven area. The Works will be available for occupancy in the third quarter of 2020.
The Works is designed to meet the needs of office and life sciences tenants ranging from 5,000 to 75,000 square feet for the remaining 90,000 square feet of space. The building includes several key life science features: heavy floor loads, multiple risers for tenant equipment, a central rooftop HVAC plant, location for lab-specific services, ample power, and a loading dock and freight elevator. These specialized elements make The Works one of the few buildings in New Haven that can accommodate life science companies requiring wet lab space.
“As New Haven’s life science industry experiences unprecedented growth, we are excited to bring on JLL to lease up the state-of-the-art lab and office space specifically designed for companies in this field,” said Twining. “The Science Park at Yale has become a unique hub for innovation and discovery, where biotech businesses can grow and thrive. With its new and upgraded facilities, we know that tenants will find what they need to be successful here at Winchester Works.”
The Works exists within the Winchester Repeating Arms Company Historic District, which is a historic district in New Haven that was listed on the National Register of Historic Places in 1988. The district comprises 867 properties, including 858 major structures and 131 notable outbuildings.
Science Park Development Corp. is a nonprofit corporation established by Yale University, the city of New Haven, the state of Connecticut and Olin Corp. to develop the former Winchester Firearms factory campus in New Haven. Science Park is located just west of Yale's Science Hill and the "Yale Whale" Ingalls Skating Arena. The park is home to start-up and established biotech and technology companies, Yale offices, apartments, and nonprofit organizations serving New Haven communities.
JLL is a leader in the New York tri-state commercial real estate market, with more than 2,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Twining Properties
Founded in 2002, Twining has decades of experience investing in real estate across property types and risk profiles in both developed and emerging markets in the Northeast Corridor. As an investor with ground-up development capabilities, we combine diverse real estate operating expertise and local knowledge with top-down research and investment management to optimize execution for our investors. Focused only on the markets where we are experts, Twining is a hands-on, catalytic, and transformational investor. In all investments Twining seeks to leverage its perspective, expertise, relationships, and operational experience to create value.
About L+M Development Partners Inc.
Founded in 1984, L+M is a double bottom line company that is an innovator in the affordable, mixed-income and market-rate housing market. L+M is committed to improving the communities where it works, and takes pride in its long-standing dedication to the communities it serves. A full-service firm, L+M is responsible for over $9 billion in development, construction and investment. L+M has acquired, built or preserved nearly 30,000 high-quality residential units in New York’s Tri-state area, the West Coast and Gulf Coast regions. Learn more at https://lmdevpartners.com/.
About The Goldman Sachs Urban Investment Group
The Goldman Sachs Urban Investment Group is a private equity initiative within The Goldman Sachs Group, Inc. (NYSE: GS), that invests capital in ethnic minority-owned or targeted businesses and urban real estate. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world. Goldman Sachs also has offices in Chicago, Washington D.C. and Philadelphia. To learn more about the Goldman Sachs Urban Investment Group, please visit www.goldmansachs.com.