Thermo Fisher Buys 85K SF Biotech Facility In Chelmsford

Photo credit: Google Maps
Thermo Fisher Scientific Is Moving Into Boston's Suburbs With The Purchase Of An $11.7M, 85K Sf Facility At 220 Mill Road In Chelmsford.

Biotech firms’ reach into the Boston suburbs continues as Optimum Asset Management announced the sale of an 85K SF facility at 220 Mill Road in Chelmsford to life sciences giant Thermo Fisher Scientific.

An Optimum spokesman declined to disclose the price, but public records show Thermo Fisher subsidiary Life Technologies Corp. paid $11.7M for 220 Mill Road in September.

City records show Optimum purchased the building, roughly 28 miles from Kendall Square in Cambridge, in August 2019 for nearly $5M. Optimum said it spent an undisclosed amount of capital to renovate the building and draw Thermo Fisher, including adding a high bay.

The site includes office and research and development space outside of Boston, where lab space was already scarce before the coronavirus pandemic. Thermo Fisher, headquartered in Waltham, provides equipment and services to the life sciences industry and is advertising a service on its website that allows companies to scale up their COVID-19 testing.

Optimum founder and Managing Partner Alberto Matta lauded the internal rate of return of more than 40% after a one year holding period on 220 Mill Road on the investment for the Optimum Real Estate Fund - USA II.

"We are pleased to build on our strong track record of investor returns with the IRR achieved on this timely exit," Matta said in a statement. "The transaction is particularly noteworthy in the coronavirus environment, which continues to impact office space more broadly."

Representatives for the firms in the deal didn't respond to inquiries.

Optimum said it partnered with Spaulding & Slye Investments, the investment firm that remained as a subsidiary when JLL acquired the Spaulding & Slye brokerage in 2006, in the sale.

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

Boston Property Owners Raise Alarms About Cost Of Electric-Building Push

Clarion Under Contract To Sell 18-Story Seaport Office Tower

How A New Financing Model Helps Spur More Mixed-Income Housing

Law Firm Relocating To South Station Tower: The Boston Deal Sheet

Boston Waterfront Property Planned For Hotel Project Put Up For Sale

BioMed Hands Boston Lab, Office Property To Lender

Blackstone's Industrial Arm Sells Revere Warehouse For $45M

Affordable Housing Developer Plans $63M Newton Project: The Boston Deal Sheet

Pharma Company Moving Headquarters From Suburbs To Downtown Boston

With Bump In Defense Spending, Massachusetts Reaches For A Bigger Slice Of The Pie

Wood Partners Wins Somerville Site Bidding, Increases Plan To 418 Units

RMR Plans Office-To-Residential Conversion In Watertown: The Boston Deal Sheet