(To read more on the industrial market, click here.)

MILFORD, MA-An unidentified publicly traded REIT acquired the 36,000-sf biotech manufacturing facility at 155 Fortune Blvd. for nearly $6.9 million, or $190.28 per sf. The seller was Massachusetts Laborers’ Pension Fund. The building is 100% leased to Avecia Biotechnology Inc.

“A committed, solid-quality, full-building tenant had renewed a long-term lease,” says Richard Putprush, senior director in the Boston office of Cushman & Wakefield, “and this interest rate environment presented a good opportunity for investors.” Putprush, along with Robert E. Griffin Jr. and Christopher T. Griffin in C&W’s capital markets group, represented the seller and procured the buyer.

The building is located on approximately nine acres within the 1.1-million-sf Granite Park. It has direct access to I 495 and is between the Massachusetts Turnpike and I 95. “Rte. 495 is a natural next step for companies in the biotech industry,” Putprush tells GlobeSt.com. “Biotech companies in the manufacturing mode don’t need to be right next to MIT or Harvard, but can still have access to all that expertise and knowledge while obtaining a lower rental rate.”

Putprush, not a broker, declined to speculate on the rental rate at the property. On condition of anonymity, a broker familiar with rates at biotech facilities tells GlobeSt.com the rate is probably at about the $20-per-sf level versus a rate of $35 per sf or more in the Kendall Square area that borders MIT.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.