Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WESTBOROUGH, MA- Alexandria Real Estate Equities, Inc. has added to its Bay State biotech holdings with the $9.4-million acquisition of a 113,000-sf office, laboratory and R&D complex in the heart of Boston’s growing suburban biotech market.Paul Leone, with Richards Barry Joyce & Partners’ Boston office, tells GlobeSt.com that the Pasadena, CA buyer beat out several other bidders in a hotly contested race to take ownership of the 20 Walkup Dr. building here from Braintree-based seller Campanelli Cos. The buyer specializes in acquiring office and lab space.

“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.

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?



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
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.