(HOUSTON) – Hines, the global real estate firm, and 2ML Real Estate Interests announce that phase 1 of Levit Green, the 53-acre purpose-built life sciences district, topped out today, marking a crucial milestone in the city’s growth as a research hub. The five-story, 294,000-square-foot Phase 1 building is designed to best serve today’s advanced laboratory needs. Located next to Texas Medical Center, the largest medical center in the world, construction of Levit Green’s first building is scheduled for a December completion by the project’s general contractor, DE Harvey.
Targeting WELL and LEED certifications, the thoughtfully designed state-of-the-art laboratory building serves as a magnet for leading life sciences companies across the nation. The combination of thoughtfully designed infrastructure such as enhanced structural vibration and floorplates in excess of 56,000 square feet paired with first-class amenities and a strategic, central location makes Levit Green a premier destination for the brightest minds in the industry. The human-centric design features a 3,500 square foot waterfront cafe, a 5,800-square-foot fitness center and outdoor garden, and a 7,000-square-foot conference center. The project also features 25,000 square feet of lab incubator space which provides valuable opportunities for entrepreneurs and start-ups to launch their ventures while networking and building relationships.
Building I is equipped with 100% redundant emergency power, enhanced structural vibration attenuation, augmented mechanical systems, 33-foot structural bay depths, and floorplates in excess of 56,000 square feet. Additionally, the building will feature best-in-class amenities that include a 5,800-square foot fitness center and outdoor garden, 7,000-square-foot conference center, 3,500 square feet of café and restaurant space and ample on-site parking. The ground floor plan is also programmed to accommodate more than 25,000 square feet of lab incubator space which will provide entrepreneurs and early-stage life science companies top-tier, strategically located laboratory and office space.
“Levit Green continues Hines’ legacy of developing innovative properties that empower first-rate tenants while benefiting their surrounding communities,” said John Mooz, Hines’ senior managing director for Houston. “The facility will emerge as a cornerstone to Houston’s already dynamic life sciences sector and help attract the world’s top STEM talent. We’re proud to deliver this project at a time when the demand for cutting-edge research centers has never been higher in the wake of the pandemic.”
The master plan of Levit Green includes 8 additional fully entitled, development ready sites totaling 4-million-square feet, which will allow burgeoning companies to scale at the same campus, with the same ownership. Built in one of the most diverse cities in the country, its location in Houston’s biotech, life sciences and medical research hub is ideal for firms specializing in oncology, cell and gene therapies, and other personalized medicines, providing access to an unrivaled clinical trial patient base. A nationwide team of JLL life sciences experts are leading the leasing for the project.
Hines is completing Levit Green at a time when Houston is experiencing unprecedented growth in its life sciences and STEM markets: The National Institute of Health has raised its investments in the city by 55% since 20141, and venture capital funding targeting life sciences start-ups has skyrocketed 330% from 2019 to 20212. Houston also ranked first in the country in 2020 for where the most clinical trials take place3.
Sources:
1 U.S. National Institutes of Health
2 U.S. National Institutes of Health
3 ClinicalTrials.gov
About Hines
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 285 cities in 28 countries. Hines oversees investment assets under management totaling approximately $90.3 billionÂą. In addition, Hines provides third-party property-level services to 373 properties totaling 114.2 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,530 properties, totaling over 511 million square feet. The firm currently has more than 198 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit http://www.hines.com for more information.
About 2ML Real Estate Interests
The Grocers Supply Co., Inc was founded in 1923 by Joe Levit. Joe’s sons grew the company to be the largest independently owned wholesaler of grocery products in the southeast United States and the largest supplier of Hispanic grocery products in the United States. The company entered the retail business by acquiring both Gerland’s Inc. and Fiesta Mart Inc., two locally owned independent supermarket chains. In December 2014, the company sold its wholesale business and the name “Grocers Supply.” The next year, the company sold Gerland’s and Fiesta. Pursuant to sale of the wholesale business and name, The Grocers Supply Co., Inc. changed its name to 2ML Real Estate Interests, Inc. 2ML has a portfolio of over 5,200,000 square feet comprising of warehouses, shopping centers, freestanding supermarkets and office buildings. Visit 2mlrealestate.com for more information.
About Harrison Street
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. Harrison Street has invested across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Headquartered in Chicago with offices in San Francisco, London, Toronto and Washington DC the firm has more than 200-employees and approximately $46 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe, Middle East, Asia and Latin America. Harrison Street was awarded Best Places to Work by Pensions & Investments for seven consecutive years (2014-2020) and was recognized by PERE as the 2021 Alternatives Investor of the Year, North America and 2020 Global Alternatives Investor of the Year. Visit https://harrisonst.com/ for more information
