Bedford, MA– Cushman & Wakefield announced that the real estate services firm arranged an $82.2 million financing on behalf of an institutional joint venture partnership between Redgate, Optimum Asset Management and AEW Capital Management for the lab redevelopment of 14 Oak Park Drive in Bedford, MA. The loan was provided by Ares.
Cushman & Wakefield’s Boston Equity, Debt & Structured Finance (EDSF) team of Tom Sullivan and Ross Fishman represented new ownership in the procurement of acquisition and redevelopment financing for the 166,000-square-foot Class A office asset that is being repositioned for lab and life science uses.
“14 Oak Park Drive’s elite sponsorship and ideal location in a top-rated life science cluster makes it well-positioned to capitalize on the current market’s demand for lab and life science space,” said Sullivan. “The property offers best-in-class features demanded by today’s lab tenants including flexible floor plates, heavy floor loads, multiple loading docks, sufficient ceiling heights and ample parking as well as a fitness center, cafeteria and outdoor patio area.”
The property is located less than five minutes from Route 3 providing easy access to the surrounding neighborhoods. The District, 3rd Avenue and Burlington Mall are all located within a 15-minute drive of the property, providing tenants with an array of retail, dining and entertainment options.