FRAMINGHAM – CBRE and King Street Properties announced yesterday, June 24, the sale of a laboratory and office property in Framingham for $20.47 million.
CBRE’s Steve Purpura, Chris Skeffington and Roy Sandeman procured the buyer, King Street Properties, and Zell Partnership represented the seller, Sanofi Genzyme.
King Street Properties plans to continue to operate the 153,000-square-foot property at 1 and 5 Mountain Road as a suburban life science research & development facility.
The two properties were assessed by the City of Framingham for $8.4 and 7.6 million.
Sanofi Genzyme will continue to occupy the buildings under a lease-back arrangement as the company gears up for its subsequent headquarters move to its secured build-to-suit space at Cambridge Crossing in late 2021 or early 2022.
Upon Sanofi’s relocation to Cambridge Crossing, King Street plans to redevelopment the property into a multi-tenanted R&D lab facility.
“We’re thrilled to have executed this successful deal on behalf of King Street, an agreement that satisfies both parties by allowing Sanofi Genzyme to remain on the premises until their move,” said CBRE’s Purpura, in a media release. “This high-quality suburban research lab and office space will provide the foundation for continued cutting-edge life science R&D.”
1 and 5 The Mountain Road are located within Framingham’s Technology Park, with easy access to the MassPike, Route 9 amenities and Logan Airport.
Its location provides an ideal alternative for those companies who are outgrowing space in Cambridge or Boston and want to locate where there is a highly educated workforce and proximity to a high quality of life, said the media release.
This acquisition is the second of King Street’s purchases in Framingham over the last 18 months. King Street previously purchased the former MetroWest Daily News building at 33 New York Avenue and subsequently redeveloped the facility for office, lab and biomanufacturing use.
According to King Street, tenant demand has been strong at 33 New York Avenue with over 60 percent of the building already leased and interest from several prospective tenants for the balance of the building, said the media release.