Barings Pays $132M For Life Sciences Property In Boston Suburbs
Barings, an international real estate investment company, paid $132M for a life sciences building in Bedford, its second Boston-area acquisition in as many months.
The international real estate investment firm bought One Patriots Park, a 144K SF life sciences building, from Jumbo Capital Inc., Barings announced Thursday. The two-story building sits on a 14.4-acre piece of land and is fully leased.
The space includes Biosafety Level 2 and 3 labs. Barings plans to renovate the remaining first generation of lab space to enhance its value.
"This acquisition represents our core real estate investment strategy and we're excited about future opportunities to generate value through additional conversion to lab and mark-to-market leasing opportunities," Kevin Miller, Barings’ head of real estate acquisitions in the Eastern U.S., said in a statement.
Amid the rapid growth of the biotech industry in the Boston area, many investment firms are looking outside of the core life sciences hubs to expand into Route 128's suburban life sciences cluster.
Last month, Barings also bought Flats on First, a newly constructed, 136-unit apartment complex in Cambridge, for $103M. The building includes 14.8K SF of ground-floor commercial space and two levels of underground parking.