150,000-square-foot project marks one of the few ground-up speculative industrial and R&D developments underway in Greater Boston’s current market
BILLERICA, MA — At a time when most developers are reluctant to build without committed tenants, Berkeley Garbe has broken ground on a 150,000-square-foot speculative flex and research & development (R&D) facility at 161 Concord Road in Billerica, underscoring the firm’s confidence in the long-term demand for advanced manufacturing and innovation space in Greater Boston.
Scheduled for completion in April 2027, the project is one of the few speculative industrial and R&D developments currently underway in the region. Located on a 23-acre site along the Route 3 Corridor—one of New England’s premier technology and advanced manufacturing hubs—the development is designed to accommodate companies in aerospace, robotics, life sciences, medical devices, semiconductor manufacturing, computer hardware, battery technologies, and other high-growth industries.
“As manufacturing and innovation sectors continue to expand along the Route 3 and I-93 corridors, many companies are being constrained by an aging inventory of flex and R&D facilities that no longer meet modern operational requirements,” said Dan McGrath, Senior Vice President and Director of Asset Management at Berkeley Garbe.
“Today’s tenants require greater flexibility, upgraded infrastructure, and specialized building systems to support increasingly sophisticated manufacturing and research activities,” McGrath said. “Even before construction and leasing efforts formally began, we saw strong interest from prospective tenants, underscoring the demand for next-generation industrial and R&D space in this market.”
McGrath said Berkeley Garbe deliberately chose to build the project on a speculative basis to meet the accelerated occupancy timelines of growing companies.
“Many expanding companies simply cannot wait two or three years for a build-to-suit project,” he said. “By commencing construction now, we’re positioning 161 Concord Road to meet immediate market demand with a modern, flexible building that can accommodate a wide range of users.”
Designed for Advanced Manufacturing
The new building will feature 28-foot clear ceiling heights, significant power capacity, ample loading facilities, 264 parking spaces, an existing dedicated traffic signal and turn lane, and the ability to add a second-floor mezzanine if needed. The property can accommodate everything from a single full-building user to multiple smaller tenants seeking room for future expansion.
Berkeley Garbe has retained Avison Young as the exclusive leasing agent, with Jason Levendusky and Michael Dalton leading leasing efforts.
“The advanced manufacturing and technology sectors north of Boston have been a bright spot in the Greater Boston economy, but many companies continue to struggle to find real estate that meets their operational needs,” said Levendusky, Principal at Avison Young.
“161 Concord provides an ideal location for talent retention while offering the critical infrastructure, curb appeal, and competitive rental rates today’s tenants require,” he said. “The building is easily subdividable and can support companies ranging from full-building users to growing firms looking for expansion flexibility.”
Reimagining the Site
Berkeley acquired the property in 2022 with plans for an advanced Good Manufacturing Practice (GMP) manufacturing facility. As market conditions evolved, the company worked closely with the Town of Billerica to redesign the project as a more adaptable flex/R&D building and successfully secured revised approvals within months.
The development also includes several community benefits, including construction of portions of the future Yankee Doodle Bike Path and the transfer of more than 2.5 acres of land to the Town of Billerica for conservation.
“Collaborating with town officials in Billerica has been an incredibly productive partnership,” said Esther Byun, Senior Director of Development at Berkeley Garbe.
“Together, we have worked to attract meaningful investment and advance economic development while strengthening the municipal tax base and the community’s long-term financial stability,” Byun said. “The Route 3 Corridor has established itself as a critical hub for innovation and advanced industry, attracting world-class companies and exceptional talent. We’re proud to invest in that momentum and help support the next wave of growth, innovation, and job creation across the region.”
A Milestone for Berkeley Garbe
The project is among the first major developments to move forward under Berkeley Garbe, the newly formed strategic joint venture between Boston-based Berkeley Investments and Hamburg-based GARBE. The partnership combines Berkeley’s regional development expertise with GARBE’s global investment platform, positioning the firm to pursue industrial, multifamily, infrastructure, and innovation-focused projects across the Northeastern United States.
As speculative development remains scarce amid elevated construction costs, financing challenges, and market uncertainty, Berkeley Garbe’s decision to move forward without a preleased tenant signals confidence in the strength of Greater Boston’s advanced manufacturing and technology sectors and the continued evolution of the Route 3 Corridor as a center for innovation.
