Harrison Street Buys Watertown Biomanufacturing Facility For Record Price

Courtesy of Colliers
The Arranta Bio facility at 650 Pleasant St. in Watertown.

Harrison Street Real Estate has paid a record price for a biomanufacturing asset, securing a 74K SF property geared toward mRNA vaccine production in Watertown in a sale-leaseback deal.

The Chicago-based firm spent $92M for 650 Pleasant St. from Arranta Bio and leased the facility back to the contract development and manufacturing organization for 15 years, Colliers announced. The brokerage claims the $1,250 per SF sales price is a record for a Good Manufacturing Practice facility.

“Harrison Street recognized the inherent value of Arranta Bio and acted expeditiously to close on the opportunity,” Colliers Managing Director Frank Petz said in a statement.

Harrison Street and Arranta Bio didn’t respond to requests for comment this week. The deal was first reported by Traded Boston.

Arranta completed a build-out of the Watertown facility in 2020 and said last month it will seek to produce mRNA vaccines.

"We are delighted to be able to expand access to provide best-in-class mRNA capacity with the first end-to-end platform in a single facility,” Arranta CEO and Executive Chair Mark Bamforth said last month in a statement.

The facility is one of the largest biomanufacturing sites in the region's urban core, larger than Alexandria Real Estate Equities’ 40K SF Watertown project but smaller than the 310K SF former Sanofi biomanufacturing plant acquired by CDMO Resilience earlier this year.

Harrison Street’s local portfolio includes Cambridge’s Osborn Triangle, which it acquired for $1.1B in 2019 with Boston-based Bulfinch and a Massachusetts Institute of Technology subsidiary. The Kendall Square complex is adjacent to MIT and includes tenants Pfizer, Novartis and life sciences incubator LabCentral.

Arranta touts itself as the industry’s leading microbiome CDMO and is building another new space at Lincoln Property Co.’s Boxborough facility, a redevelopment of a former Cisco Systems facility.

Colliers Executive Vice President Curtis Cole, Managing Director Matt Sherry, Executive Vice President Jeanne Pinado, Senior Advisor John Nasca and Financial Analyst Brooke Howard joined Petz in the transaction.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Boston Newsletters
Related Stories

Wu Secures Approval To Give Tax Breaks To 4 Big Multifamily Projects

Why Boston Has One Of The Nation's Hottest Retail Markets

Foreclosure Suit Filed At Stalled Penn Plaza Life Sciences Project

CIM Sells Back Bay Garage Once Planned For 20-Story Condo Tower

Global Investor Buys 8 Mass. Industrial Buildings For $76.5M: The Boston Deal Sheet

JLL Nabs Brokerage Team With Over 75 Years Combined At Rival CBRE

Revere Beach Apartments Sell For $77M

The VC Rebound Won't Save All Lab Real Estate

Law Firms Drive Boston Office Rents To Record Highs

After Years Of Rising Vacancy, Kendall Square Starts To Gain Momentum From AI

How UK Investment Giant L&G Plans To Grow Its U.S. Multifamily Holdings

Cambridge Residential Tower Secures $522M Loan: The Boston Deal Sheet