This Week's Boston Deal Sheet
Moderna has expanded operations outside of Cambridge with the acquisition of a new biomanufacturing facility in Marlborough.
The pharmaceutical and biotech giant bought the 140K SF good manufacturing practices facility at 149 Hayes Memorial Drive for $91M from Oxford Properties Group, the seller announced Tuesday. Moderna is expected to bring 200 new jobs to the city by 2026.
Oxford acquired the 24-acre property in 2021 and developed the two-story facility.
“We acquired the property with high conviction in the continued demand for best-in-class biomanufacturing space in the Boston area and an intention to create value through our development capabilities, and thanks to our team, we delivered,” Chad Remis, executive vice president of North America for Oxford Properties, said in a release.
In a letter to the city last month, Moderna said it has plans to develop an additional 60K SF on the property, the Community Advocate reported. The company also negotiated a 100% exemption from property taxes in its first four years of owning the site.
Oxford has four properties in its Boston-area GMP portfolio: 92 Crowley Drive in Marlborough, 33 New York Ave. in Framingham, 23 Sycamore Ave. in Medford, and 172 Middlesex Turnpike in Bedford.
SALES
ShopOne, Pantheon and an undisclosed investor acquired Heritage Park Plaza, a 117K SF shopping center in East Longmeadow, for $28.3M, Commercial Property Executive reported. The 202K SF property consists of two buildings and is anchored by a Stop & Shop. Other tenants include Petco, Dollar Tree and Pure Barre.
LEASES
Advertising agency Allen & Gerritsen moved into 20K SF at 125 High St. in the financial district, the Boston Business Journal reported. The firm is home to 100 employees who aren't required to come into the office. The new lease is a consolidation from its 33K SF at 2 Seaport Lane. The High Street building, owned by Tishman Speyer, has a gym, a new outdoor terrace and a golf simulator.
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Psychiatric and neurological condition treatment firm Karuna Therapeutics signed a 10-year lease for 51K SF at 99 High St. in downtown Boston, the Banker & Tradesman reported. The firm is adding to its existing 25K SF headquarters on the 26th floor of the building.
The expansion deal comes with an annual base rent of $3.5M and includes a $9.2M tenant improvement allowance, according to B&T. The new lease will span the entirety of the 20th and 21st floors and includes a right of first offer on the 22nd floor.
PERSONNEL
Cresa promoted John Coakley, Paul Delaney and Joe Doyle to managing principals, the Boston Real Estate Times reported. Doyle joined the firm in 2003 and since has worked with clients along the Route 128 and 495 belts. Doyle also leads the company's suburban advisory team.
Coakley and Delaney joined Cresa in 2011. With a background in life sciences and health tech from their previous jobs at Grubb & Ellis Co., the brokers have expanded Cresa's life sciences team.
CONSTRUCTION & DEVELOPMENT
Preservation of Affordable Housing, Somerville Community Corp. and the Somerville Housing Authority celebrated the groundbreaking of the first phase of their Clarendon Hill Apartments project on Thursday. The first phase is planned to bring 168 housing units.
This first phase will include 41 one-bedroom, 121 two-bedroom and six three-bedroom units. The team was joined by Somerville Mayor Katjana Ballantyne and Rep. Christine Barber at the groundbreaking celebration. The development, replacing a 216-unit affordable public housing complex, is ultimately planned for 591 mixed-income housing units.
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Simmons University celebrated the completion of the second phase of its One Simmons mixed-use project. The second phase consists of an 80K SF science center and renovated library. The science center includes 22K SF of lab space and a 30-bed nursing and health sciences simulation center.
The One Simmons project is a 400K SF, three-phase development. The final phase is set to deliver in 2026 and will be a 1,100-bed living, dining and athletic facility.
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Hines is scheduled to break ground Thursday on its Chelsea Point development, a 146K SF industrial project. The 8.6-acre site is 2 miles from Boston's Logan International Airport. JLL is acting as the listing agent for the project.
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The Holland Cos. filed a letter of intent to redevelop The Franciscan Monastery of St. Clare in Jamaica Plain into 110 units of housing. The Poor Clare Nuns sold the property to the firm in order to buy a smaller, newer monastery in Westwood.
The proposed development would include the 54K SF redevelopment of the monastery into 20 apartments and 20K SF of mixed-use space. The project would also include a new mass timber building with 90 condominiums and 121 parking spots.
