Barings Acquires Life Science Asset Near Boston for $132M
The firm has purchased the fully-leased, class A, 144,000-SF property in Bedford, MA from Jumbo Capital Inc.
BOSTON, MA – Investment manager Barings has acquired a nearly 144,000-square-foot, class A life science asset in the Boston suburb of Bedford, MA for $132 million. The firm purchased the property from the privately-held real estate investment firm Jumbo Capital Inc.
The two-story property, One Patriots Park, is fully-leased to four life science tenants.
The LEED Gold certified asset is situated on 14.4 acres of land and features high-quality, modern buildouts, including Biosafety level 2 and 3 laboratories. Barings plans to implement value-add enhancements by renovating the property’s remaining first generation lab space.
“This investment is a fantastic addition to our platform and illustrates Barings’ commitment to sourcing diversified opportunities in specialized asset classes,” states Kevin Miller, head of real estate acquisitions for Eastern US at Barings. “This acquisition represents our core real estate investment strategy and we’re excited about future opportunities to generate value through additional conversion to lab and mark-to-market leasing opportunities.”
Located 20 miles northwest of Boston, One Patriots Park is situated within the Rte. 128 life sciences cluster. The property offers shuttle service to the MBTA red line’s Alewife station, and it is located near the 10-mile Minuteman Commuter Bikeway path to Cambridge.
“We are thrilled to add One Patriots Park to our portfolio,” states Deb Schwartz, Barings’ portfolio manager on the real estate equity platform. “Barings continues to target high-quality, well-leased life science assets in primary STEM and innovation markets. One Patriots Park is located in a thriving metro Boston life sciences market, and its LEED Gold certification reinforces Barings’ commitment to ESG.”
“One Patriots Park was completely redeveloped in 2019 with supplemental infrastructure added by the seller,” says Samantha Hallowell, managing director of Newmark’s Boston capital markets group. “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.”
Newmark facilitated the transaction between Barings and Jumbo Capital Inc. Newmark’s co-head of US capital markets Robert Griffin, executive vice chairman Edward Maher, vice chairman Matthew Pullen and managing director Hallowell brokered the sale. The firm’s senior financial analyst William Sleeper provided financial analysis support.
The metropolitan Boston life sciences market is powered by dozens of colleges and universities and a renowned medical sector. The greater Boston area houses 19 of the 20 largest publicly-traded Biotech/Pharma organizations.
Through the acquisition, Barings aims to capitalize on the area’s strong lab space demand.