Bedford, MA – Privately held real estate investment firm, Jumbo Capital has added a new biotech asset to its nearly 4.5 million square feet of owned commercial and residential real estate property in Greater Boston with the $72,500,000 purchase of One Patriots Park in Bedford, a 143,600+ sq. ft. life science facility recently repositioned by Longfellow Real Estate Partners and Bain Capital.
The property is a two-story building set on 14.4 acres located in the Hartwell/Wiggins life sciences cluster that straddles the Lexington and Bedford communities. This submarket boasts nearly 2 million square feet of biotech laboratory space within a two mile radius.
The building was constructed in multiple phases and has recently undergone a major capital improvement plan, transforming the space into a state of the art lab facility. Longfellow and Bain enticed Homology Medicines, Inc, a gene editing and genetic therapy R&D platform company, to locate their mission critical headquarters at One Patriots Park. N2 Biomedical, a firm that develops proprietary Ion Implantation Surface Treatment and IBAD Nano-Engineered Coating technologies, also calls One Patriots its singular HQ and mission critical facility.
Leaders at Jumbo Capital expect the property will attract similarly aligned biotech and life sciences tenants.
The transaction was finalized on December 17, 2020. Financing for the project was procured by Newmark’s Capital Markets team spearheaded by Tim O’Donnell and Dave Douvadjian Jr. Barings provided senior financing for the project that dual-aligned Jumbo and Iron Point’s objectives to relet the remaining vacancy and further stabilize the asset.