Lightstone Acquires Rhode Island Biomanufacturing Facility For $68M: The Boston Deal Sheet
A Rhode Island biomanufacturing property sold for more than three times what it went for just a few years earlier.
Lightstone, a New York real estate company, acquired 100 Technology Way, a 122K SF biomanufacturing property in Smithfield, Rhode Island, for $68M, the company announced Thursday. The property is fully leased to Organogenesis.
"We are continuing the thoughtful expansion of our life sciences portfolio, driven by strong demand for high-quality biomanufacturing, R&D, and technology-focused assets,” Lightstone President Mitchell Hochberg said in a statement.
The group bought the property from The Davis Cos., which had acquired the property in 2022 for $18.5M. Davis secured the Organogenesis lease in May 2025.
Newmark's Rob Griffin, Jim Tribble, Sam Hallowell, Tyler McGrail and Will Sleeper brokered the transaction.
Lightstone's life sciences portfolio spans 1.2M SF across eight assets in the U.S.
SALES
LNR Partners had the winning bid of $95M for the Park Square Building at 31 St. James Ave. in Boston.
Capital Properties was the owner of the building before the property went into special servicing and auction. The 540K SF, 11-story office building was constructed in 1922.
LEASES
Zealand Pharma A/S signed a lease at Healthpeak Properties' 35 Cambridgepark Drive in Cambridge, the Boston Business Journal reported. The facility is part of a three-building, 450K SF campus that includes 87 and 101 Cambridgepark Drive.
Zealand's hub is expected to be up and running by September 2026. The company also has a presence at 50 Milk St. in Boston.
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King Street Properties' Allston LabWorks in Boston secured a 42K SF lease with drug manufacturer Terrestrial Bio. The site will be Terrestrial's new headquarters and manufacturing facility as it works to commercialize its pharmaceutical patches.
FINANCING
MassDevelopment, M&T Bank, the city of Boston and The Boston Foundation partnered to provide a $2.4M financing package for Jazz Urbane Cafe LLC to launch a national jazz club and restaurant in Nubian Square.
The funds will be used to lease roughly 8K SF on the first floor of the Bruce C. Bolling Building at 2300 Washington St. The club and restaurant are expected to generate 26 new full-time jobs.
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MassDevelopment issued a $29M tax-exempt bond on behalf of 2Life Communities for the development of 150 income-restricted senior housing units in Lynn. The developer plans to use the bond to support 105 of the total units at the 500 Lynnfield St. site. Citizens Bank purchased the bond.
The state's Executive Office of Housing and Livable Communities also approved roughly $20.2M in low-income tax credits for the project.
PERSONNEL
The Bulfinch Cos. hired Emily Simard as vice president of leasing. In the role, Simard will be responsible for leasing across Bulfinch's portfolio, focused on tenant retention, securing new tenants and supporting long-term asset value and occupancy.
Before joining Bulfinch, Simard worked as a senior leasing manager at Samuels & Associates, responsible for 1.5M SF of leasing across its portfolio.
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The Davis Cos. completed its succession plan with Jonathan Davis stepping down as CEO and transitioning into the role of executive chairman. Davis' son, Stephen Davis, will assume the role of CEO effective April 1.
As executive chairman, Davis will remain involved in the company's strategy and will advise its executive team. He will also continue to serve on the investment committee of the DIV funds.
Stephen Davis has been with the company for 16 years, taking on several executive roles, most recently as president.
CONSTRUCTION AND DEVELOPMENT
Developer John Geraghty submitted plans to turn a 14-story office building at 1 State St. into 75 apartment units, according to a Boston Planning filing. The plan calls for converting roughly 64K SF at the property, leaving the ground-floor retail space home to The Well Coffee and BNC Market. Thirteen units will be set aside as income-restricted as part of the plan.
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Pioneer Construction filed plans to convert a four-story, 118K SF Wellesley office building into 28 apartment units, according to The Swellesley Report. The redevelopment would take place at 16 Laurel Ave.
The project falls under MBTA Communities zoning. It is estimated to cost $75M.
