128 West Scores Biotech; The Deal Sheet
| Two biotech firms have signed leases that fill up a Lexington labbuilding in the Rte 128 West submarket, another deal indicating that the life sciences are diversifying from their Cambridge hub. |
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| BioScale, which develops and manufactures new protein analytics technology, has taken 30k SF at 4 Maguire Rd. Curis,a drug developer, has taken 25k SF on the first floor. Senior Housing Properties Trust, the owner of the building, was repped by Cushman & Wakefield's Mark Winters, Mark Roth, David Townsend, and Juliette Reiter. Curis was also represented by Cushman & Wakefield, while BioScale was repped by John Carroll III of Colliers International. Both companies had previously been in Cambridge.***Eagle Investment Systems, a Bank of New York Mellon subsidiary, has agreed to lease 100k SF at 45 William St. in Wellesley, a building in the Wellesley Office Park. Eagle, which develops back office systems for money managers, will relo from Newton. *** The non-profit Shore Educational Collaborative leased 20k SF at 10 Forbes Rd in Woburn from Northland Investment Corp. Lincoln Property's Rob Cronin repped the landlord and NAI Hunneman?sJim Boudrot and Evan Gallagher negotiated for the Chelsea-based tenant, which is relocating this facility from Wakefield. *** Vasco Data Security leased 11.8k SF of offices at 293 Boston Post Rd in Marlborough to expand and take advantage of significant concessions being offered by landlords on Rte. 495. Lincoln Property's Tim Latham represented Vasco while Lincoln Property's Kevin Malloy was at the table for the landlord, RFP Lincoln, 293 LLC. *** Insight Performance Group has renewed its lease on 3,822 SF at 990 Washington St at the Dedham Executive Center in the town of the same name. NAI Hunneman?s Michael DiGiano and Brendan Daly repped the tenant while Colliers International's David Goodhue was at the table for the landlord. *** American Bioanalytical leased 2,638 SF for expansion space at 11 Huron Dr in the East Natick Industrial Park in Natick. American already occupies 10k SF across the street at 15 Erie Dr. Colliers International's Jim Elcock and Tim O?Brien repped American and the landlord, Legacy Real Estate ventures. |
| Financing |
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| King Street Properties has secured an $18.2 M loan to buy and renovate 113 Hartwell Ave, a vacant 103k SF industrial facility in Lexington (rendering above). The financing was arranged by HFF Boston's Greg LaBine and Janet Krolman, who placed the adjustable-to-fixed-rate loan with Eastern Bank. Since the fall, King Street also has acquired 101 Hartwell Ave, which it's redevelopinginto a life science/biotech building. This 10-acre site is adjacent to MIT?s Lincoln Labs, a center of suburban Boston's life science cluster.ConstructionTomorrow will be a groundbreaking for a $3.8M Allston-Brighton community center at 634 Washington St in Oak Square. Due for completion in September, it will include extensive renovations of the former Our Lady of the Presentation School to create an educational and health facility for local children and families.Elaine Construction is the GC, and Silverman, Trykowski Associates is the project architect. They're aiming for LEED cert. The construction start caps a six-year effort to convert the church into a new community anchor. *** Maggiore Cos. will break ground April 1 on 60 O?Connell Way inEast Taunton. The 137k SF industrial/flex facility will be ready for tenant fit-up by July 1. It is the final building at Liberty and Union Business Center, a 41-acre development that also includes the fully leased 50 O?Connell Way, just off of Rte 24. CB Richard Ellis?Steve Clancy is the lead leasing agent for 60 O'Connell Way. Maggiore owns and manages about 2M SF of similar space statewide. Sales Marcus Partners and Ackerman & Co. purchased a 98.5k SFmedical office building with parking garage in Marietta, Ga.Adjacent to WellStar Kennestone Hospital. Although 47% vacant, the property has been well occupied for most of its life. Marcus Partners' Paul Marcus said that it's a high-quality, well-located facility that fits into his firm's investment strategy of acquiringvalue-add commercial properties at a discount to replacement cost. M&A Suffolk Construction announced its acquisition of ROELConstruction of San Diego, a family owned firm long active in San Diego and Irvine. Its core business focuses on commercial, multifamily, education, healthcare, science and technology. People Baystate Financial Services announced the hire of Caitlin Desoyeas director of financial planning. She will help clients develop custom designed strategies for retirement, investment and debt management. |
