BOSTON–Berkeley Garbe has secured $35.4 million in debt financing for the construction and leasing of a new advanced manufacturing and research-and-development facility in Billerica, MA.
The financing for 161 Concord Road was provided by MetLife Investment Management, which originated the loan. Hunneman’s Capital Markets team, led by Andrew Kaeyer, arranged the transaction.
Construction on the 150,000-square-foot Flex/R&D property began in June and is approximately 30% complete, with completion expected in April 2027.
Located on 23 acres just off Route 3, the project is part of the Route 3 Corridor, a major technology and industrial hub north of Boston. The site is approximately 20 minutes from Boston and Cambridge and is being developed to accommodate companies in advanced manufacturing, research and development, and other technology-driven industries.
“This MetLife Investment Management financing recognizes the unique opportunity presented by this development to provide a new, state-of-the-art property that offers higher quality flex and R&D space than is currently available in the market,” Samara Kaufman, senior managing director of finance at Berkeley Garbe, said in a statement.
Kaufman said the project reflects Berkeley Garbe’s continued investment in flexible R&D facilities designed to support high-growth industries along the Route 3 corridor.
Designed for Advanced Industries
The development is intended to serve a range of industries, including aerospace, robotics, life sciences, medical devices, semiconductor manufacturing, computer hardware and battery technologies.
The project also comes as investment in artificial intelligence infrastructure continues to expand. Berkeley Garbe said the growth of AI and data centers could contribute to demand for specialized facilities where advanced hardware and related technologies are developed and manufactured.
The company said 161 Concord Road is designed to provide companies with modern industrial and R&D space while offering access to the skilled technical and engineering workforce throughout communities north of Boston and into southern New Hampshire.
Leasing Underway
Berkeley Garbe has selected Avison Young to handle leasing for the property. Jason Levendusky, Michael Dalton and their team are serving as the property’s exclusive leasing agents.
The planned building will feature 28-foot clear heights, substantial loading capacity and 264 parking spaces. The property also has an existing dedicated traffic signal and turn lane.
The facility is expected to have significant power capacity, while its design allows for the potential addition of a second-level mezzanine depending on the requirements of future tenants.
With construction underway and financing secured, Berkeley Garbe is targeting an April 2027 completion for the Billerica project.
