Boston— Newmark announced the $132 million sale of One Patriots Park, a Class A life science asset located in the suburban Boston community of Bedford, Massachusetts.
Newmark Co-Head of U.S. Capital Markets Robert Griffin, Executive Vice Chairman Edward Maher, Vice Chairman Matthew Pullen and Managing Director Samantha Hallowell of the firm’s Boston Capital Markets Group represented the seller, Jumbo Capital Incorporated, and procured the buyer, Barings.
“We are thrilled with the execution at One Patriots Park. As more life science companies look to expand their footprint in Greater Boston, the northern suburbs have become an attractive alternative to Cambridge with the ability to receive discounted rents without sacrificing on amenities,” said Nick Trocki, Vice President at Jumbo Capital. “The expertise of the leasing team at Newmark coupled with our increased investment in infrastructure at the property has provided us with the resources necessary to attract industry-leading innovation tenants.”
Totaling 143,553 square feet, One Patriots Park is fully leased to four cutting-edge life science tenants: Homology Medicines, Inc., N2 Biomedical, Frontera Therapeutics and Obsidian Therapeutics. Their high-quality on-site buildouts include Biosafety Level 2 and 3 laboratories, Good Manufacturing Practice-compliant facilities and cleanroom space.
“One Patriots Park was completely redeveloped in 2019 with supplemental infrastructure added by the seller,” said Hallowell. “These upgrades enable the asset to support a full range of state-of-the-art laboratory requirements for its in-place tenancy while ensuring its future adaptability.”
One Patriots Park is located moments from the junction of Interstate 95/Route 128 and Route 3 in a densely-populated life science and technology cluster just 20 miles northwest of Boston. The asset further facilitates direct access to Cambridge via shuttle service and the Minuteman Commuter Bikeway.
“With interest in the Greater Boston innovation market continuing to accelerate, the addition of two lab tenants at One Patriots Park provides a high-quality investment product for many years to come,” said Jay Hirsh, Managing Partner at Jumbo Capital. “With Class A infrastructure and a favorable location, the property is poised to remain a top destination for research and development in the northern submarket.”
Newmark Senior Financial Analyst William Sleeper provided financial analysis support for the transaction.