Bain Capital Real Estate and Longfellow Real Estate Partners have sold a science property in Bedford Massachusetts to Jumbo Capital Management and Iron Point Partners. The value of the deal is $72.5 million.
Bain Capital Real Estate, the real estate investing business of Bain Capital, together with Longfellow Real Estate Partners, today announced the sale of a Class A life science property located in the greater-Boston area, one of the top life sciences and innovation hubs in the U.S. The property, located at One Patriots Park in Bedford, Massachusetts, has been sold to Jumbo Capital Management and Iron Point Partners in a transaction valued at $72.5 million.
Bain Capital Real Estate and its operating partner on this asset, Longfellow, completed a full redevelopment of the 143,616-square-foot property since the partnership acquired the asset in 2015, transforming it into a Class A, LEED Gold-certified laboratory building. The team’s conversion included a comprehensive redevelopment of the asset’s core and shell, building systems, faÃ§ade, entryways, lobby, common areas, elevators, roof, windows and parking lot. Today, the two-story building serves as the headquarters of Homology Medicines, Inc., a leading gene editing and gene therapy company backed by Novartis, and N2 Biomedical, an innovator in ion beam technology that provides services to the medical device industry.
“The life science real estate market is one of our highest conviction investment themes. The sector continues to benefit from a number of attractive secular trends that are driving demand for modern, flexible spaces in key cluster markets such as the Greater Boston region,” said Elizabeth Carrillo Thomas, a Managing Director of Bain Capital Real Estate. “We believe the property is well-positioned to continue attracting strong demand from tenants seeking high quality life science space located in a premier life science and technology hub.”
Bain Capital Real Estate’s investment activities in the life science/lab sector have encompassed approximately 5 million square feet of acquisitions and development/repositioning projects in strategic U.S. life science markets.