This Week's Boston Deal Sheet: Moderna To Buy Norwood Campus For $400M
Moderna has further expanded its Massachusetts real estate holdings by buying a campus that it has leased for several years in the Boston suburb of Norwood.
The Cambridge-based company said on a third-quarter earnings call that it has entered into an agreement to purchase the Moderna Technology Center property for roughly $400M, the Boston Business Journal reported.
Moderna leases 686K SF of office and lab space on the campus, which supports the biotech giant's commercial and clinical manufacturing capabilities. The property at One Upland Road consists of three buildings: MTC South, MTC North and MTC East.
The biotech firm signed its lease at the campus in 2018 and worked with developer Campanelli and partner TriGate Capital to build out the campus with a $110M investment, Pharmaceutical Technology reported.
Moderna has been growing its local footprint in recent years, moving into its 462K SF global headquarters last summer at 325 Binney St. in Cambridge. Last year, the company acquired a 140K SF biomanufacturing facility in Marlborough and plans to add 60K SF to the existing building.
SALES
An entity linked to real estate broker Thomas Dooley bought a 37-unit portfolio in Quincy for $10M, according to public records. The broker acquired nine buildings on Bishop Road and Summit Avenue in the Wollaston neighborhood of the city, Citybiz reported. Jay Nuss Realty Group's Angela Nuss, Liz Tavares and Jay Nuss represented the seller, BAZ, LLC, and procured the buyer.
LEASES
The Davis Cos. secured two leases at its 96K SF office building at 200 High St. downtown. The Steppingstone Foundation Inc. signed a 10-year lease to relocate its headquarters from the South End and will occupy 11K SF on the second floor. SageView Advisory Group signed a seven-year lease that will occupy the remaining 2,502 SF space on the second floor.
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Nanoramic Laboratories leased 40K SF at Cummings Properties' 10 Commerce Way in Woburn. The battery manufacturer is taking space that was formerly held by another battery manufacturer, Ionic Materials. The Steele Group's Steele Divitto and Cushman & Wakefield's David Thomann brokered the deal.
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EQ Office secured four leases totaling 21K SF at its 399 Boylston St. office building, the Boston Real Estate Times reported. The office landlord will welcome ProKidney, Rip Road Capital Partners, Valspring Capital and another unnamed tenant. JLL's Ryan Enright and Patrick Nugent represented EQ. CBRE's Charlie Jennings and David Stockel represented ProKidney, Newmark's Ben Sutton and Matt Maletesta represented Valspring, and Newmark's Gill Davey and Jason Cameron represented Rip Road Capital.
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Lazarus signed a 7K SF lease at 33 Arch St. in downtown Boston. The tenant is leasing space from sublandlord Evoke Mind + Matter. The company is moving from a flexible office space in Kendall Square. Avison Young's Kirk Weller represented Lazarus, and JLL's Katie Bailey and Will Foley represented Evoke Mind + Matter.
FINANCING
MassHousing and the city of Boston closed on financing to consolidate and renovate two affordable housing communities in Dorchester. The two properties sit less than a mile from each other. The financing will combine the Columbia West Apartments and Uphams Corner Market to create the 91-unit Columbia Uphams Apartments.
Affordable Housing and Services Collaborative bought properties in 2019 and 2020 and plans more than $19M in property improvements. MassHousing is providing $4M in permanent financing, $20M in construction financing, and $1M in subordinate financing. Boston is providing $885K in Neighborhood Housing Trust financing.
PERSONNEL
Sean McDonald and Steve McDonald will become the new president and CEO of Erland Construction, the company announced.
Sean McDonald will lead Erland's operation strategies and growth throughout the company. He has worked at Erland for seven years starting as a project manager. Prior to that, he worked as an assistant project manager at T.G. Nickel & Associates, LLC. He is also a shareholder and the Treasurer on Erland's board of directors.
In Steve McDonald's new role, he will focus on helping to deepen client connections and continue to enforce the company's client-centered approach. He has worked at Erland for almost 39 years.
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Avison Young hired Jon Vacca and Connor Hayes as vice presidents of its Boston and suburban brokerage teams. Vacca joins Avison Young from CoreSite, where he focused on data centers on the local and national levels for 18 years. Hayes comes from Hunneman, where he specialized in the Route 128 and 495 South and West markets.
