"The building generated a lot of interest" from both investors and owner-occupants, says Leone, noting that a multimillion-dollar renovation in early 2001 which created high-end lab and office space was a key factor that drove bidders to the property.
It was Alexandria's high ticket offer, however, that sealed the deal, he notes. "They really liked the level of engineering and infrastructure that was in the building," he says. "It's hard to replicate that level of specialization."
Located in Boston's western suburbs that is also home to Genzyme and other life sciences firms, the property was the second lab building acquired by Alexandria in the area. The firm also owns the Worcester Biotech Center in Worcester and has holdings in California, Pennsylvania, Seattle, Washington, DC and Canada.
The firm's latest acquisition, which was delivered vacant, will be home to RenaMed Biologics, Inc. which will relocate its corporate headquarters from Lincoln, RI under a long-term lease signed earlier this year.
The transaction was brokered on behalf of the seller by Leone along with Brian McKenzie and John Lashar, also with Richards Barry Joyce & Partners. Alexandria Equities was self-represented in the deal.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.