TLDR:
- Shannon Life Sciences, a Cambridge-based VC firm, purchased a new lab in Watertown for $56M from Triad Group.
- The 74,670-square-foot building will serve as Shannon Life Sciences’ new U.S. headquarters.
Boston-based Triad Group recently sold a newly-completed lab project in Watertown to Shannon Life Sciences, a venture capital firm based in Cambridge, for $55.7 million. The 74,670-square-foot building located at 23 Elm St. will become Shannon Life Sciences’ new U.S. headquarters. The project was designed by KSID Architecture and constructed by Consigli Construction. Shannon Life Sciences plans to develop speculative suites for companies in its portfolio and future investments.
Shannon Life Sciences Venture Principal Spencer Kimber expressed the firm’s commitment to innovation and growth in the Boston market through the acquisition of Elm Street Labs. Newmark’s capital markets team provided advisory services to Triad Group during the sales process.
