Rhode Island Biomanufacturing Buy Shows Demand For Boston Area
Davis Cos.' $18.5M purchase of an upgraded biomanufacturing plant in Rhode Island, with acreage for expansion, underscores the continued drive to provide additional manufacturing capacity to support new therapeutics and cell and gene therapy firms, especially near the life sciences hub of Boston.
Davis acquired the 122K SF site at 100 Technology Way in Smithfield, Rhod Island. Located just off Interstate 295 roughly a one-hour drive to Boston, the facility was previously operated by Rubius Therapeutics, which used it for cell and gene therapy manufacturing, and before that, Alexion Pharmaceuticals.
“The existing building received substantial investment over the past five years and is equipped to manufacture cutting-edge products," Davis Chief Investment Officer Quentin Reynolds said in a statement. “The high level of improvements in place and specialized outfitting provide significant market advantage to the property and a major speed to market benefit to future tenants.”
The site adds to the substantial amount of good manufacturing practice space being built throughout Massachusetts. MassBio noted in a report last fall that roughly 1.7M SF of such projects were in the pipeline.
The Smithfield deal also includes 15.5 vacant acres approved for an additional 175K SF biomanufacturing site. Davis did not respond to inquiries about the purchase price for the site by press time. Newmark will represent Davis in leasing the property.
