{"id":1004646398,"date":"2023-02-17T03:52:05","date_gmt":"2023-02-17T11:52:05","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004646398"},"modified":"2023-02-17T04:02:43","modified_gmt":"2023-02-17T12:02:43","slug":"oxford-properties-pays-125m-for-boston-area-life-science-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/oxford-properties-pays-125m-for-boston-area-life-science-asset\/","title":{"rendered":"Oxford Properties Pays $125M for Boston-Area Life Science Asset"},"content":{"rendered":"
\"\"<\/a>

92 Crowley. Image courtesy of Oxford Properties Group<\/p><\/div>\n

Oxford Properties Group<\/strong> has completed its $125 million acquisition of 92 Crowley Drive, a 120,000-square-foot life science and good manufacturing practice (GMP) facility under construction in Marlborough, Mass. Biomanufacturing and pharmaceuticals firm Resilience<\/strong> sold the asset in a sale-leaseback transaction and will continue to occupy it for up to 30 more years.<\/p>\n

The deal marks the third transaction between Oxford and Resilience, the previous two having also been sale-leasebacks.<\/p>\n

A larger GMP facility<\/h2>\n

The story of 92 Crowley began in 2015, when the development site was purchased by LFB USA from First Colony Development Co. for $2.6 million. In 2016, the buyer broke ground on a $37 million, 70,000-square-foot drug manufacturing facility on location and sold it back to First Colony in 2018. Resilience acquired the asset in 2022, beginning construction of an additional 35,000 square feet of space that is expected to come online later this year.<\/p>\n

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READ ALSO:\u00a0<\/strong>High-IQ Investment: IQHQ\u2019s Tracy Murphy on Life Science Real Estate<\/span><\/a><\/p>\n

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Upon completion, as a designated GMP facility, the building will have dedicated spaces for manufacturing, product analysis and business operations. The facility will feature modular manufacturing equipment housed within dedicated production suites, in addition to office and warehouse space. Situated within 3 miles of central Marlborough, the property is 2 miles from interstates 290 and 495, providing quick access to much of metro Boston\u2019s dense cluster of life science research, development and manufacturing facilities.<\/p>\n

Oxford\u2019s life science endeavors<\/h2>\n

The purchase of 92 Crowley brings Oxford\u2019s North America portfolio of GMP assets to seven buildings spanning 1.4 million square feet, with an additional 1 million square feet in the pipeline. The firm\u2019s Boston footprint amounts to 621,000 square feet across five properties. Executive Vice President Chad Remis said, in prepared remarks, that GMP facilities are unique, highly technical assets and represent a segment of the life sciences market in which Oxford has intentionally set out to become a market leader.<\/p>\n

In recent months, Oxford has both made investments and planned out developments in several of the nation’s largest life science markets. In October 2022, the firm purchased Ionis Pharmaceuticals\u2019<\/a> three-building, 250,000-square-foot San Diego-area base of operations for $158 million. On the development side, the firm announced a partnership with Ensemble\/Mosaic that will see the creation of a 3 million-square-foot campus in Philadelphia\u2019s Navy Yard<\/a> that is expected to cost $1.5 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"

Resilience sold the facility in a sale-leaseback transaction.<\/p>\n","protected":false},"author":3012,"featured_media":1004646399,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21782,21783,21742,10,21747],"tags":[33104,51888],"class_list":["post-1004646398","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-development","category-investment","category-latest","category-northeast","category-office","tag-oxford-properties-group","tag-resilience"],"acf":[],"yoast_head":"\nOxford Properties Pays $125M for Boston Life Science Asset - CPE<\/title>\n<meta name=\"description\" content=\"Oxford Properties completed its purchase of the 120,000-square-foot GMP facility in a sale-leaseback transaction.\" \/>\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\/oxford-properties-pays-125m-for-boston-area-life-science-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oxford Properties Pays $125M for Boston-Area Life Science Asset\" \/>\n<meta property=\"og:description\" content=\"Oxford Properties completed its purchase of the 120,000-square-foot GMP facility in a sale-leaseback transaction.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/oxford-properties-pays-125m-for-boston-area-life-science-asset\/\" \/>\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=\"2023-02-17T11:52:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-17T12:02:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/92-Crowley-Design-WEB_20230215200908_0-e1676634518744.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"931\" \/>\n\t<meta property=\"og:image:height\" content=\"698\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gabriel Frank\" \/>\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\/oxford-properties-pays-125m-for-boston-area-life-science-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/oxford-properties-pays-125m-for-boston-area-life-science-asset\/\",\"name\":\"Oxford Properties Pays $125M for Boston Life Science Asset - CPE\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/oxford-properties-pays-125m-for-boston-area-life-science-asset\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/oxford-properties-pays-125m-for-boston-area-life-science-asset\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/92-Crowley-Design-WEB_20230215200908_0-e1676634518744.jpg\",\"datePublished\":\"2023-02-17T11:52:05+00:00\",\"dateModified\":\"2023-02-17T12:02:43+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/cf1bfd2d6753f6ea305911ffd020862c\"},\"description\":\"Oxford Properties completed its purchase of the 120,000-square-foot GMP facility in a sale-leaseback transaction.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/oxford-properties-pays-125m-for-boston-area-life-science-asset\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/oxford-properties-pays-125m-for-boston-area-life-science-asset\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/oxford-properties-pays-125m-for-boston-area-life-science-asset\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/92-Crowley-Design-WEB_20230215200908_0-e1676634518744.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/92-Crowley-Design-WEB_20230215200908_0-e1676634518744.jpg\",\"width\":931,\"height\":698,\"caption\":\"92 Crowley. 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