Triad Group Trades Watertown Development to Venture-Backed Life Sciences Fund

The Triad Group has sold its most recent development, Elm Street Labs at 23 Elm St. in Watertown, MA, to Cambridge-based Shannon Life Sciences for an undisclosed sum. The 74,670-square-foot property will become Shannon Life Sciences’ new U.S. headquarters.

“We started with the acquisition, planning, design and eventual construction of Elm Street Labs nearly 4 years ago and we are very excited to see the resulting benefits for the Watertown community and our friends at Shannon Life Sciences,” said Andy Mann, principal of The Triad Group. “As both the owner and end user of the building, Shannon’s acquisition of the property results in a successful outcome for all parties.”

A neuroscience-focused, venture-backed fund with expertise in healthcare, finance and entrepreneurship, Shannon has engaged The Triad Group to act as development manager and oversee the buildout and customization of internal spec suites to house current & future portfolio companies. 

Newmark’s capital markets team led by Robert Griffin, Edward Maher & Matt Pullen provided some advisory services to Triad in the process, alongside the firm’s Samantha Hallowell and William Sleeper. “Elm Street Labs offers high-quality, laboratory-ready infrastructure within a rapidly growing institutional-quality life science cluster,” said Pullen. “The Triad Group further brings exceptional development and operational experience to the asset.”