JV Lands $82M for Life Science Redevelopment

14 Oak Park Dr. Image courtesy of Cushman & Wakefield

An institutional joint venture partnership between Redgate, Optimum Asset Management and AEW Capital Management has secured $82.2 million in acquisition and redevelopment financing.

The joint venture partnership bought 14 Oak Park Drive in Bedford, Mass., in late April, with plans to reposition the office building into a life science lab.

The loan was provided by Ares and arranged by Cushman & Wakefield, which represented the new ownership.

According to CommercialEdge data, the partners purchased 14 Oak Park Drive for $27 million. The property was built in 1984 and consists of a two-story building totaling 166,000 square feet. The lot size is 13.8 acres. One tenant currently takes up the entire property: Progress Software.

The Class A asset features amenities that are already in demand in life science labs, such as flexible floorplates, heavy floor loads, high ceilings and multiple loading docks. For employees, the space features a fitness center, cafeteria and outdoor patio.

The property is in proximity to Burlington Mall, 3rd Avenue and The District, while providing easy access to Route 3.

Other Joint Venture Investments

Redgate is developing another life science project in the Boston-area. The first building that is part of the 2.4 million-square-foot revitalization project topped out in June.

AEW and Optimum have largely been expanding their portfolios overseas. AEW has entered the Japanese market with a multifamily acquisition, while Optimum has purchased a community in Berlin, Germany.