Two New York-based firms are betting on the thriving suburban life sciences market, purchasing a MetroWest four-building portfolio for $93M.
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Outshine Properties and Jadian Capital bought 9/90 Corporate Center in Framingham, which includes four buildings totaling more than 400K SF, from National Development. The campus is more than 80% leased to 12 life sciences and tech tenants, and includes a 65K SF building ripe for an office-to-lab conversion, Newmark, which brokered the deal, said in a statement.
“We realize the demand for research and development space has intensified and that there is a scarcity of quality-built lab space in the Boston metro area,” Outshine Managing Partner and co-founder Jonathan Scheinberg said in a statement.
The firms are relative newcomers to the life sciences market — Outshine was formed in 2020, while Jadian, founded in 2017, closed its first $650M fund last year to target assets including life sciences properties.
“We have been active in the sector with numerous strategies over the last four years and it remains a core focus of our firm," Jadian Director Daniel Schuchinsky said in a statement.
The properties were acquired in four separate transactions, according to Middlesex County land records. The buyers paid $37.4M for 175 Crossing Blvd.; $27.6M for 200 Crossing Blvd.; $16.6M for 100 Crossing Blvd. and $10.2M for 200 Staples Drive, the property with office infrastructure ideal for life sciences repositioning. The partnership also paid $1M for another separate parcel.
National Development’s Framingham office park in total includes 1.5M SF of office space and a Marriott Residence Inn at the intersection of Route 9 and Interstate 90, approximately 26 miles west of downtown Boston.
Newmark co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen and Managing Director Samantha Hallowell of the firm’s Boston Capital Markets Group represented the seller and procured Outshine and Jadian. Newmark Senior Financial Analyst William Sleeper provided financial analysis support.
UPDATE, NOV. 18, 1:05 P.M. ET: This story has been updated with more information about the buyers and a quote from Jadian Capital.
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