BOSTON, November 10, 2021 –JLL Capital Markets announced that it has set up $ 35.34 million in funding for the acquisition and repositioning of a 233,726 square foot R&D / office portfolio in a life sciences campus in the suburb of Boston in Andover, Massachusetts.
JLL worked on behalf of the Borrower, a partnership between True North Management Group and Celera Properties, to place the variable rate loan with OceanFirst Bank. The proceeds are used to finance the acquisition and repositioning of properties.
The portfolio includes the buildings at 300 and 600 Federal Street, two period steel-framed buildings from the 90s with large floor plates, high ceilings, large cargo capacity, abundant natural light and a robust existing infrastructure. The property is undertaking lab-ready base building upgrades and construction of speculative lab suites to support a state-of-the-art lab and / or GMP manufacturing space for initial occupancy in the fourth quarter of 2022. The buildings and the surrounding park is already home to many high-growth science and technology companies.
300 and 600 Federal Street are in Andover, a rapidly growing suburban life sciences market anchored by well-known pharmaceutical and medical research companies. The location of this submarket at the intersection of Highways 93 and 495 provides convenient access to a large population of skilled scientific and manufacturing talent in a large area and provides easy access to Cambridge and Boston, as well as ‘at two international airports.
Boston is the undisputed center of the life sciences. In its recent release Real estate outlook for the Life Sciences Laboratory 2021, JLL Research has crowned the Boston metropolitan area as the # 1 life sciences cluster in the United States because of its dynamic laboratory real estate offering, deep and educated talent pool, innovation and its industrial depth. JLL expects the demand for lab space to increase due to funding flows, growing expectations of the supply of talent and lab space.
The JLL Capital Markets team representing the borrower was led by Managing Director Greg LaBine and Senior Managing Director Martha Nay.
“Even as a new entrant to the market, OceanFirst Bank quickly realized that Andover is a dual site of life science laboratory and manufacturing,” said Nay. “As such, OceanFirst was highly motivated to work with the Celera and True North team on a strategic and highly executable business plan.”
JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupiers. The company’s in-depth knowledge of the local market and global investors provides the best solutions for clients – whether it is investment sales and advice, debt advice, equity advice or recapitalization. The company has more than 3,000 capital markets specialists around the world with offices in nearly 50 countries.
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