Westwood, MA – Outshine Properties and Jadian Capital today announced the acquisition of 690 Canton Street in Westwood, MA, an office building with life science conversion potential that will deliver 140,000 square feet of prebuilt lab space in Q2 2023.
The four-story building, with more than 164,000 square feet of space, is currently 73 percent leased to seven tenants. The building features reusable in-place infrastructure for laboratory tenants with 13-foot, floor-to-floor heights and basement-level support spaces including a loading dock and mechanical and electrical rooms. The Westwood acquisition follows Outshine and Jadian’s most recent purchase in November 2021 of The Labs @ 9/90, a four-building office and laboratory campus in Framingham, MA.
“We are really excited to transform 690 Canton into a first-class R+D facility providing tenants with unmatched prebuilt lab space,” said Jonathan Scheinberg, the firm’s managing partner who founded Outshine with Bill Hunter. Outshine invests strategically across life science, medical office, and technology-focused assets nationally, with an emphasis on major life science markets.
Jadian Director, Dan Schuchinsky, commented, “690 Canton Street will be a valuable addition to our office-to-lab conversion strategy. Jadian has been active in the life science real estate sector with numerous investments over the last four years, and it remains a core focus of our firm.”
Outshine and Jadian purchased the Westwood property from L&B Realty Advisors, which was represented by Newmark Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen, and Managing Director Samantha Hallowell of the firm’s Boston Capital Markets Group. Additionally, Newmark’s Boston Debt & Structured Finance Group arranged financing for the transaction with J.P. Morgan.
Located along the region’s Route 128 corridor, the Canton Street building is near a number of new life science, biomanufacturing and R&D developments. It is adjacent to University Station, a mixed-use complex featuring shopping, dining, office, residential, hotel and medical tenants. It is also close to the Route 128 MBTA/Amtrak train station and has easy access to Interstates 95 and 93.