BOSTON – An affiliate of Marcus Partners, a real estate investment, management and development firm, announced the acquisition of 5 Branch Street, a 94,125 square-foot office building in Methuen, MA.
The firm will convert the building into a state-of-the-art medical facility with a comprehensive capital improvement plan.
Dana-Farber Cancer Institute will be the anchor tenant occupying approximately half of the transformed facility where they will offer cancer and blood disorder care and outpatient services to adult patients in Merrimack Valley.
“We are excited to build upon our firm’s deep experience in medical facilities,” said Ryan McDonough, Marcus Partners’ Boston Regional Director. “5 Branch offers a unique repositioning opportunity that we are excited to be a part of. We believe Dana-Farber’s investment and presence here, combined with our planned transformation, will attract other quality medical providers to the building, creating a regional center of excellence unlike anything that exists today in the Merrimack Valley. This acquisition further advances our goal of increased partnerships with the Greater Boston region’s premier medical and research institutions.”
Marcus Partners and its affiliates have completed over one million square feet of medical office and related investments to date. The firm’s current $250 million fund, Marcus Capital Partners Fund II, L.P., invests in office, medical office, research and development, multifamily, warehouse, and industrial properties, primarily along the East Coast.