LEXINGTON, MA–Hobbs Brook Management announced the acquisition of Ledgemont Technology Center in Lexington, MA from a group of investment partners including the Beal Company and Boston Andes Capital. Ledgemont has long been managed by Related Beal.
“Greater Boston leads the world in breakthrough life science and biotech research,” said Sam Schaefer, President & CEO, Hobbs Brook Management. “The most innovative companies want to be here at the epicenter of discovery, and this acquisition allows us grow our existing footprint in this expanding sector.”
The Ledgemont Technology Center sits adjacent to another Hobbs Brook property at 95 Hayden Ave in Lexington, and is less than two miles from the company’s ongoing development project at 225 Wyman Street in Waltham, which will add more than 250,000 SF of life science lab space to a market with strong demand and limited vacancy. These new projects, in addition to a 2M SF campus in Waltham, make Hobbs Brook the largest owner and property manager in the Waltham/Lexington market.
A leader in attracting growing and established companies, Ledgemont Technology Center offers 187,000 SF of newly renovated, first-class life science, office and technology space through five interconnected buildings. The site’s amenities include a structured parking garage, a “Collaboration Center” that offers a dedicated conference center, a “grab-and-go” café and a spacious lounge area with interior seating, as well as an exterior patio.
Located a quarter mile from the intersection of Routes 2 and 128 and offering shuttle service to the MBTA’s Red Line and Lexington Center, Ledgemont provides state-of-the-art space for New England’s growing life science and technology companies in a prime location.
Hobbs Brook Management represented itself in the transaction and the seller was represented by Frank Petz and Matthew Sherry of JLL.