Optimum Asset Management and Redgate have announced the acquisition of 100 Crosby Road, the prime 52-acre commercial parcel located in Bedford, Massachusetts, in partnership with AEW Capital Management, L.P. The deal will see the asset redeveloped into a state-of-the-art research campus in the heart of Greater Boston’s world-class life science cluster.
Anchored by an existing 288,000 square foot office building, Optimum and Redgate expect to launch full scale renovations to the campus later this spring. The new class-A life science building will be designed to include mechanical systems, freight and loading docks as well as full scale modernisation of site-wide internal and external amenities. The parcel also has zoning approval for approximately 300,000 square feet of additional office, laboratory, and manufacturing space.
Home to nearly 30 life science companies, the Bedford-located site offers easy highway access and close proximity to the universities and research institutes in Cambridge, Massachusetts.
“The 100 Crosby campus is strong on all the fundamentals: a location that is in the heart of a powerhouse life sciences cluster and attracts great employees; a campus large enough to include on-site amenities and easy access to green space; and expansion potential,” said Matthew Barry, Managing Director, Optimum Asset Management. “Equally important, the immediate upgrades will appeal to a dynamic company looking for space to foster innovation with occupancy in early 2022.”
Reid Joseph, Executive Vice President, Redgate, said: “At a time when life sciences companies are moving quickly to advance lifesaving technologies, cutting edge therapeutics and innovative solutions to global health, environmental and climate challenges, 100 Crosby will provide much needed space on an accelerated timetable. The existing building creates a strong foundation for a repositioned, state-of-the-art research campus with a unique offering of amenities where scientists and staff can collaborate.”
“AEW looks forward to partnering with Redgate and Optimum on this opportunity” said Mike Byrne, AEW’s North America CIO. “We are excited to be working hand in hand with our trusted partners to transform 100 Crosby into a class-A life science building, taking advantage of the recent momentum in the Boston area and more specifically the Middlesex Turnpike/Rt 3 corridor” added AEW Director and Acquisitions Officer, Paul Ketterer, Director at AEW.
The sale and financing of the building was brokered by Matt Sherry, JLL Managing Director and Jon Schneider, JLL Senior Director; ongoing leasing is provided by Matthew Daniels, New England Brokerage Lead, Robert Coughlin, JLL Managing Director and Chris Lawrence, JLL Managing Director.