BOSTON–Shorenstein Investment Advisers, an owner and operator of high-quality office, residential, and mixed-use properties across the U.S., in a joint venture with Tritower Financial Group, a Boston-based private real estate investment firm, announced the acquisition of The XChange, a 480,000-square-foot research and development (“R&D”) office park located in Bedford, Massachusetts.
The XChange is an eight building, state-of-the-art innovation campus located prominently on Route 3 and adjacent to the Route 128 interchange in Burlington, making it central to the submarket’s innovation and advanced manufacturing communities. The R&D-focused campus offers a unique combination of offerings for attracting modern innovation talent. The property not only provides tenants with the required power, clear height and loading docks necessary for innovation, but also a robust amenities package traditionally offered in leading office parks: a modern café, fitness center with yoga studio and CrossFit gym and an abundance of parking. The park is 99 percent leased with a diverse mix of tenants spanning robotics, battery development, diagnostic instruments and advanced materials technology including iRobot, Quanterix, Nyobolt and Entegris. The XChange also boasts additional potential development capacity and square footage availability.
“We’re thrilled to invest in The XChange alongside our partners at Tritower,” said Sean Fay, Vice President at Shorenstein. “The XChange represents an opportunity for two deeply experienced investors and operators to enhance a superior, fully leased and ultra-modern R&D campus in a market that continues to experience robust tenant demand. We look forward to delivering for our current and future tenants and supporting the greater Boston community with this important asset.”
“Over the past five years, the R&D market in the greater Boston area has continued to grow in supply and value, while office has begun its recovery,” said Tod Brainard, Chief Investment Officer at Tritower. “We are thrilled to invest in a campus where the makers of the next great technologies can grow and prosper. This investment underscores our conviction in the greater Boston innovation economy and its sustained long-term success. Together with Shorenstein, we have the capital and expertise to serve a growing base of R&D talent and tenants with best-in-class R&D space and future development potential of 70,000 square feet.”
