Alexandria Pays $341M for Boston-Area Campus

Minuteman Park. Image courtesy of Newmark

Atlantic Management and Spear Street Capital have sold off several of their respective assets within Minuteman Park, a corporate campus in Andover, Mass. According to public records, Alexandria Real Estate Equities Inc. was the buyer of the more than 1.3 million-square-foot, eight-building office, R&D and laboratory ensemble that traded for a total of $341 million.

As part of the deal, Atlantic pocketed $190 million for the four-building 3000 Minuteman Road property, while Alexandria paid $151 million to Spear Street Capital for 30, 100 and 200 Minuteman Road, as well as 138 River Road. The deal also included the opportunity to develop a new biomanufacturing facility on-site. Newmark represented the sellers.

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Minuteman Park is situated 25 miles north of central Boston and is adjacent to Interstate 93. The campus includes a recently remodeled amenity center with cafeteria, fitness center and bicycle storage. Outdoor amenities are also available, such as an open-air pavilion and running/cycling trails.

The 650,000-square-foot 3000 Minuteman Road spans 109.1 acres and is LEED Certified, according to CommercialEdge. The property last traded in 2019, when Philips sold its then headquarters campus to Atlantic, in a $36 million, sale-leaseback deal.

Newmark’s life science deals

Newmark Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen and Managing Director Samantha Hallowell represented the sellers in separate transactions and procured the buyer. Senior Financial Analyst William Sleeper provided financial analysis support, while Executive Managing Director Torin Taylor will act as the exclusive leasing agent for the campus.

In late 2021, Newmark assisted life science-focused investor Alexandria in the $1.2 billion recapitalization of two of its Boston-area properties. Situated in Cambridge, Mass., the 2.6 million-square-foot science and technology campus at 50 and 60 Binney St. was developed by the company in 2017.