BOSTON, MA, December 17, 2020 – Bain Capital Real Estate, the real estate investing business of Bain Capital, together with Longfellow Real Estate Partners, today announced the sale of a Class A life science property located in the greater-Boston area, one of the top life sciences and innovation hubs in the U.S. The property, located at One Patriots Park in Bedford, Massachusetts, has been sold to Jumbo Capital Management and Iron Point Partners in a transaction valued at $72.5 million.
Bain Capital Real Estate and its operating partner on this asset, Longfellow, completed a full redevelopment of the 143,616-square-foot property since the partnership acquired the asset in 2015, transforming it into a Class A, LEED Gold-certified laboratory building. The team’s conversion included a comprehensive redevelopment of the asset’s core and shell, building systems, façade, entryways, lobby, common areas, elevators, roof, windows and parking lot. Today, the two-story building serves as the headquarters of Homology Medicines, Inc., a leading gene editing and gene therapy company backed by Novartis, and N2 Biomedical, an innovator in ion beam technology that provides services to the medical device industry.
“The life science real estate market is one of our highest conviction investment themes. The sector continues to benefit from a number of attractive secular trends that are driving demand for modern, flexible spaces in key cluster markets such as the Greater Boston region,” said Elizabeth Carrillo Thomas, a Managing Director of Bain Capital Real Estate. “We believe the property is well-positioned to continue attracting strong demand from tenants seeking high quality life science space located in a premier life science and technology hub.”
Bain Capital Real Estate’s investment activities in the life science/lab sector have encompassed approximately 5 million square feet of acquisitions and development/repositioning projects in strategic U.S. life science markets.
“Longfellow is uniquely positioned to both own and operate complex life sciences buildings across the country. Like Bain Capital Real Estate, we have strong conviction in the sector and have deployed more than $1 billion across key markets in 2020 alone,” said Jamison Peschel, a Managing Partner at Longfellow Real Estate Partners. “The sale of One Patriots Park following an extensive redevelopment project further bolsters our belief in the sector, particularly at a time when life sciences companies and technologies are expanding at a rapid pace.”
Newmark Group, Inc. served as exclusive advisor to Bain Capital Real Estate and Longfellow Real Estate Partners.
About Bain Capital Real Estate
Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested and committed over $4.5 billion of equity in over 440 assets across multiple sectors. Bain Capital Real Estate often focuses on small to mid-sized assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities.
About Longfellow Real Estate Partners
Longfellow Real Estate Partners serves the unique demands of science and technology companies and focuses on the most innovative cluster locations in the US. The firm acquires and develops facilities in strategic locations and builds long-term relationships with research centric organizations including life science companies, universities, medical centers and research institutes. The principals of Longfellow have acquired or developed more than 8 million square feet of laboratory and technology space over their careers including numerous high profile projects on the East Coast. The Company’s institutional capabilities and entrepreneurial vision enables Longfellow to deliver high quality laboratories and innovation space while satisfying each tenant’s unique requirements. For more information about Longfellow, please email info@lfrep.com.
