Burlington BioCenter. Picture courtesy of Newmark
MetLife Funding Administration has accomplished its $103 million buy of Burlington BioCenter, a 109,085-square-foot life science analysis and pharmaceutical manufacturing facility in Burlington, Mass. Public data present MetLife financed the acquisition with a $54.4 million mortgage from Northwestern Mutual.
Newmark represented the vendor, a three way partnership between The Gutierrez Firm and GEM Realty Capital, and procured the client. The partnership had acquired the property in 2019 for $23.4 million, in accordance with CommercialEdge info.
Located on 4.6 acres at 4 Burlington Woods Drive, Burlington BioCenter got here on-line in 2014 as an workplace constructing and was transformed to life science area in 2019. The property is absolutely leased by Ultivue, ProtaGene and CANbridge.
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Situated simply north of Interstate 95, the power is near an rising variety of equally purposed properties inside 12 miles of Boston and Cambridge, the nation’s largest and most sought-after marketplace for life science funding and improvement.
Newmark Co-Head of U.S. Capital Markets Robert Griffin, Govt Vice Chairman Edward Maher, Vice Chairman Matthew Pullen and Managing Director Samantha Howell negotiated on behalf of the vendor. As well as, Govt Managing Administrators Douvadjian and Timothy O’Donnell, of the agency’s Boston Debt & Structured Finance Group, secured acquisition financing for the client.
Boston’s life science increase
With its dense variety of analysis universities, hospitals and biotech firms, coupled with a flourishing workplace sector, the Boston metro stays one of many nation’s brightest markets, even within the face of a looming financial downturn and chronic headwinds. Based on a 3rd quarter 2022 report by Lincoln Property Co., the world had 17 million sq. toes of life science-purposed area beneath building on the finish of September, along with one of many nation’s lowest emptiness charges at 0.3 p.c.
Understanding the power of the market, Pullen advised Business Property Govt, “Burlington BioCenter’s sale and lease-up are indicative of the truth that high quality laboratory product continues to be experiencing an distinctive quantity of investor demand and tenant exercise regardless of the macro-economic headwinds that characterize right this moment’s market.”
In October, The 105 by Breakthrough, a 263,000-square-foot facility leased by CRISPR, entered the metro’s life science stock. The constructing was developed by Breakthrough Properties, a three way partnership between Tishman Speyer and Bellco Capital that had secured $3 billion in funds for the financing, building and improvement of a worldwide life science portfolio.
Some 6 miles from The 105, a deliberate mixed-use improvement dubbed Allston LabWorks is taking form close to Harvard College. Builders King Road Properties, Brookfield and Mugar Enterprises lately secured a $585 million building mortgage for the 580,900-square-foot, life science-centric challenge.
