Newmark closes $132 million sale of One Patriots Park in Bedford
Boston—Newmark announced the sale for $132 million of One Patriots Park, a Class A life sciences asset located in the Boston suburb of Bedford, Massachusetts.
Robert Griffin, co-head of Newmark’s U.S. capital markets, Edward Maher, executive vice president, Matthew Pullen, vice president, and Samantha Hallowell, managing director of the firm’s Boston Capital Markets Group, represented the seller, Jumbo Capital Incorporated, and acquired the buyer, Barings.
“We are excited about the execution at One Patriots Park. As more life sciences companies seek to expand their footprint in Greater Boston, the northern suburbs have become an attractive alternative to Cambridge with the opportunity to receive reduced rents without sacrificing amenities,” said Nick Trocki, Vice President of Jumbo Capital. “The expertise of Newmark’s leasing team, coupled with our increased investment in the property’s infrastructure, provided the resources to attract innovative, industry-leading tenants.”
Totaling 143,553 square feet, One Patriots Park is fully leased to four leading life science tenants: Homology Medicines, Inc., N2 Biomedical, Frontera Therapeutics and Obsidian Therapeutics. Their high-quality on-site constructions include Biosafety Level 2 and 3 labs, Good Manufacturing Practice facilities, and clean room space.
“One Patriots Park was completely redeveloped in 2019 with additional infrastructure added by the vendor,” Hallowell said. “These upgrades allow the asset to support a full range of state-of-the-art laboratory requirements for its on-site rental while ensuring its future adaptability.”
One Patriots Park is located minutes from the junction of Interstate 95/Route 128 and Route 3 in a densely populated life sciences and technology hub just 20 miles northwest of Boston. The asset further facilitates direct access to Cambridge via a shuttle service and the Minuteman Commuter cycle path.
“With interest in Greater Boston’s innovation market continuing to accelerate, the addition of two lab tenants at One Patriots Park provides a high-quality investment product for many years to come” , said Jay Hirsh, managing partner at Jumbo Capital. “With Class A infrastructure and a favorable location, the property is poised to remain a prime destination for research and development in the northern submarket.”
Newmark’s senior financial analyst William Sleeper provided financial analysis support for the transaction.