JLL Launches Life Science Property Management Division

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JLL Property Management has launched a new national service line for owners and investors in life science real estate. The Chicago-based brokerage firm formed a national life science group to tap into the continued growth of the booming sector.

Timothy Martin was promoted to managing director and will lead the new national life science group. In his new role, Martin will be responsible for delivering management solutions to investors.

Martin told Commercial Property Executive that life science real estate was previously owned by a small group of investors but the sector has grown significantly over the years. According to JLL’s 2021 Life Sciences Lab Real Estate Outlook, early-stage venture capital funding reached $17 billion in the first half of 2021, marking a record investment volume for the niche sector.

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“This is a really exciting time both for the real estate community and the life science industry in general,” Martin said. “Life science companies are bringing new therapies and medicine to patients that need it. It is great to be part of that ecosystem.”

Timothy Martin, JLL

Martin is developing a national platform for the group by building on JLL’s existing property management services and adjusting them for life science assets. The company already has extensive experience in providing property management services for life science buildings, although its efforts were mostly focused on target markets on the East and West Coasts.

“JLL is breaking out this specific discipline within its national property management group,” said Martin. “Our goal is to support investors in this space and to manage the risk of operating multitenant buildings with science-based tenants.”

Martin previously served as a group manager for JLL serving the needs of a large institutional investor in East Cambridge, Mass. He led a complex portfolio of life science, development, commercial office, residential and retail property types and oversaw a team of more than 30 property management professionals. Martin has managed life science assets for nearly 20 years, including BioMed Realty Trust’s Center for Life Science in Boston.

Last fall, Martin spoke to CPE about the ins and outs of converting existing office properties into life science centers, pointing to location as one of the most deciding factors for owners considering this kind of conversion.

“There’s definitely a compelling case for being around an ecosystem,” Martin told CPE at the time. “A lot of this work you can’t do from home or remotely, it needs to be done in a controlled, safe environment.”