Marlborough, MA – Oxford Properties Group recently announced the purchase and long-term lease back of 92 Crowley Drive. The asset is a 120,000sf state-of-the-art biomanufacturing facility under construction and near completion in the Boston life sciences submarket of Marlborough.
As part of a real estate transaction with biomanufacturing company Resilience, Oxford will acquire the building and lease the property back to Resilience for up to 30 years. This deal structure raises proceeds for Resilience while allowing it to conduct its day-to-day business operations with full use of the facility.
The acquisition grows Oxford’s existing North American cGMP portfolio to 1.4 million sq. ft. with an additional development pipeline of over 1 million sq. ft. The transaction highlights Oxford’s deep conviction in biomanufacturing as an integral part of the growth of its global life sciences business. This holistic approach seeks to provide firms the complete breadth of the required and highly technical real estate infrastructure to research, develop then manufacture the life changing therapeutics of tomorrow. Oxford’s North American cGMP platform and pipeline has now grown to 12 facilities across six markets, with the largest concentration in the Boston region totaling 775,000sf.
Upon final completion this year, 92 Crowley will be Resilience’s flagship facility in the U.S. with state-of-the-art analytical and manufacturing technology. The facility is designed with best-in-class specifications and multi-modality manufacturing capabilities, featuring dedicated manufacturing suites, with complementary office and warehouse space.
The transaction at 92 Crowley represents the third sale and leaseback between Oxford and Resilience in a growing strategic partnership. “Our growing relationship with Resilience is a great example of the purpose of Oxford’s life science business. By investing our capital and capabilities to own, manage and build life sciences real estate infrastructure, we can free up capital for our customers to focus on advancing their science and delivering the life changing therapeutics of tomorrow,” said Chad Remis, executive vice president, North America at Oxford.
“Our acquisition of 92 Crowley aligns strongly with our biomanufacturing strategy. Its proximity to our existing cGMP investments in Boston provides significant operational efficiencies,” said Christie Chen, director of investments at Oxford. “Boston continues to be an unparalleled market in terms of talent, capital and research institutions and we will continue to deliver new real estate infrastructure into the region to support its growth and position as the global leader in life science. This conviction is evidenced by three cGMP developments that we are undertaking in the Boston market to serve the growing demand for biopharmaceutical manufacturing.”