MetLife Sells Suburban Lab Building For One-Third Of What It Paid In 2022
A Greater Boston life sciences building has traded hands for a steep discount.
MetLife sold the 109K SF Burlington BioCenter to Northeastern University for $33M, according to public records.
The educational institution bought the property for less than one-third of its sale price in 2022, when MetLife acquired it for $103M.
"Focused primarily on homeland security and defense research, Northeastern's expanding Burlington campus is a critical piece of the university's global research enterprise," Northeastern Vice President for Communications Renata Nyul said in a statement to Bisnow. "The new building will expand the footprint and capabilities of our world-class faculty researchers."
MetLife didn't respond to Bisnow's request for comment.
Gutierrez Co. began construction on the building in 2014, at the time marketed as a 100K SF office building. The company would later convert the property to lab and rebrand it as the Burlington BioCenter, the Banker & Tradesman reported.
The company secured leases with Ultivue, ProtaGene and CANBridge to fill the entire building.
However, after the region's previously booming life sciences market began to tumble in 2023, Ultive and CANBridge both vacated the building, the Boston Business Journal reported.
The sale has been driven by the property's lender, Northwestern Mutual Life Insurance Co., the BBJ reported. Northwestern provided a $54.4M loan to MetLife when it acquired the building.
Newmark's Robert Griffin Jr., Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper brokered this week's sale.
“Burlington BioCenter stands alone in the Burlington submarket for its turnkey laboratory infrastructure and modern, full-floor buildouts,” Pullen said in a statement. “In a region where many life science buildings remain in shell condition, this asset is truly differentiated by its cutting-edge systems and immediate occupancy potential.”
