Winchester Office LLC, a joint venture of Twining
Properties, L+M Development Partners and the Goldman Sachs Urban Investment
Group, have selected JLL as the exclusive leasing agent for six floors of Class
A office space at 115 Munson Street in New Haven’s Science Park at Yale.
The firm will provide leasing and marketing services for approximately 90,000 square feet of available space in the state-of-the-art life sciences and creative office building that once housed the Winchester Repeating Arms Company .
Winchester Works (The Works) is designed to meet the needs
of office and life sciences tenants ranging from 5,000 to 90,000 square feet
for the remaining space. The building is one of the few in New Haven that can
accommodate life science companies requiring wet lab space.
The agreement with JLL comes as New Haven sees an influx of
biotech companies – but a shortage of space to house them.
According to Yale University’s Office of Cooperative
Research (OCR) and the Yale Daily News, startups incubated out of Yale raised
more than $1 billion through venture capital funding and $11 billion through
public market funding in 2018 alone. Those growing firms often encounter a
shortage of lab space to move into, OCR told the Daily News. Winchester Works’
space is specifically tailored to meet that increasingly pressing need.
“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 Alex Twining, CEO of Twining Properties. “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.”
“New Haven has evolved into a booming biotech center, but
with that has come a growing need for cutting-edge lab and Class A office
space,” said Jake Pine, Director at L+M Development Partners. “Our building is
specifically designed to offer these new companies the tailored space they need
to work across science and tech. We look forward to partnering with JLL on
bringing in current and future world-class tenants to The Works and advancing
the innovation and discovery that the Science Park at Yale is known for.”
“Winchester Works is well positioned to thrive as one of the
state’s premier, life-sciences campus,” said John Cahill, Senior Vice
President, JLL. “The modern property sits nicely within Science Park in New
Haven’s historic Winchester Repeating Arms Company Historic District. It will
also benefit from the $600 million in funding Connecticut received from the
National Institutes of Health, with about 80% of which allocated to Yale
University.”
Built 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 Office LLC purchased the property in late 2019 and is
in the process of preparing the building for life sciences tenants, overhauling
the entrance and lobby and revamping the rooftop amenity space.
The Works is already 30 percent leased. Bank Mobile, a
company which provides college students with digital checking accounts, has
taken 34,000 square feet of space, while Transact Campus, a cashless campus
technology company, is occupying 12,000 square feet.
The Works is the first stage in the Winchester Center master
plan, which could eventually include the four remaining buildings and four
development sites in Science Park at Yale, all part of New Haven CT’s former
Winchester Factory that once employed 25,000 people. Winchester Center could
eventually include over 1,000 apartments, retail space and 300,000 square feet
of office and lab space.
Twining Properties first got involved in Winchester in 2007, when the firm competed to redevelop the main factory complex. In 2017 Science Park Development Corporation selected Twining to complete what Forest City had begun and at the same time put the Higher One Building under contract.
This year, Goldman Sachs UIG joined Twining Properties as capital partner and L+M joined as co-developer of the project.
