{"id":1004585634,"date":"2022-06-13T04:14:33","date_gmt":"2022-06-13T12:14:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004585634"},"modified":"2022-12-09T02:48:00","modified_gmt":"2022-12-09T10:48:00","slug":"boston-area-life-science-property-trades-for-132m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/boston-area-life-science-property-trades-for-132m\/","title":{"rendered":"Boston-Area Life Science Property Trades for $132M"},"content":{"rendered":"
\"\"<\/a>

One Patriots Park. Image courtesy of Newmark<\/p><\/div>\n

Barings<\/strong> purchased a fully leased life science property in Bedford, Mass., from Jumbo Capital<\/strong> for $132 million. The 144,000-square-foot One Patriots Park is sited on 14.4 acres near the intersection of Interstate 95 and Route 128.<\/p>\n

The property is located roughly 20 miles north of Boston\u2019s central business district and 14 miles from Cambridge, the epicenter of the Greater Boston area laboratory market. Newmark<\/strong>\u2019s Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell represented the seller in what was likely a highly competitive process given the state of the market.<\/p>\n

\u201cBoston\u2019s status as one of the world\u2019s foremost life science clusters is attracting a myriad of interested investors, fueling new development, record levels of tenant absorption, property sales and a previously unseen volume of capital flowing into local companies,\u201d according to a first quarter 2022 report by Colliers.<\/p>\n

Significant Improvements<\/strong><\/h2>\n

One Patriots Park last changed hands 18 months ago in late December 2020, when Newmark arranged Longfellow Real Estate Partners<\/strong> and Bain Capita<\/strong>l\u2019s sale of the two-story building to Jumbo Capital and Iron Point Partners for $72.5 million. The property, then 66 percent leased, had undergone a complete renovation in 2019, transforming it from a former flex\/R&D facility into a modern laboratory destination. Jumbo later upgraded the asset with infrastructure improvements.<\/p>\n

Currently, One Patriots Park is 100 percent occupied by four life science companies\u2014Homology Medicines Inc.<\/strong>, N2 Biomedical<\/strong>, Frontera Therapeutics<\/strong> and Obsidian Therapeutics<\/strong>\u2014which took the property to an even higher level of quality with on-site buildouts, including Biosafety Level 2 and 3 laboratories, Good Manufacturing Practice-compliant facilities and cleanroom space. Barings has additional plans for the asset; the company will pursue value enhancements via renovations of the remaining first-generation lab space.<\/p>\n

Barings Looking for More<\/strong><\/h2>\n

High-quality, well-leased life science properties located in STEM and innovation markets like Boston continue to maintain a high position on Baring’s acquisition radar, according to prepared remarks. In July 2021, the investor acquired a 275,700-square-foot office campus<\/a> on the San Francisco Peninsula in Burlingame, Calif., with plans of transforming the property into Peninsula Innovation Point, a 536,000-square-foot life science and technology complex.<\/p>\n","protected":false},"excerpt":{"rendered":"

This sale comes roughly 18 months after the premier asset traded for $72.5 million. <\/p>\n","protected":false},"author":969,"featured_media":1004585636,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21783,21742,21747],"tags":[],"class_list":["post-1004585634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-investment","category-latest","category-office"],"acf":[],"yoast_head":"\nBoston-Area Life Science Property Trades for $132M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/boston-area-life-science-property-trades-for-132m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Boston-Area Life Science Property Trades for $132M\" \/>\n<meta property=\"og:description\" content=\"This sale comes roughly 18 months after the premier asset traded for $72.5 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/boston-area-life-science-property-trades-for-132m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-13T12:14:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:48:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/One-Patriots-Park-Bedford-Mass..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"802\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/boston-area-life-science-property-trades-for-132m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/boston-area-life-science-property-trades-for-132m\/\",\"name\":\"Boston-Area Life Science Property Trades for $132M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/boston-area-life-science-property-trades-for-132m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/boston-area-life-science-property-trades-for-132m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/One-Patriots-Park-Bedford-Mass..jpg\",\"datePublished\":\"2022-06-13T12:14:33+00:00\",\"dateModified\":\"2022-12-09T10:48:00+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/boston-area-life-science-property-trades-for-132m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/boston-area-life-science-property-trades-for-132m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/boston-area-life-science-property-trades-for-132m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/One-Patriots-Park-Bedford-Mass..jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/One-Patriots-Park-Bedford-Mass..jpg\",\"width\":802,\"height\":620,\"caption\":\"One Patriots Park. 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