FRAMINGHAM – King Street Properties, one of the largest owners of lab space in the U.S., and global investment firm The Carlyle Group announced today, December 14 the sale of 33 New York Avenue and 1 & 5 Mountain Road in Framingham to Oxford Properties Group for $151 million.
In 2018, King Street and Carlyle purchased the 91,452 square foot building at 33 New York Avenue and expanded the building to 113,527 square feet. King Street performed a major conversion of the former GateHouse Media printing facility to a bio-manufacturing and R&D space.
In 2018, Replimune Group Inc. signed a 10-year lease for over 60% of the building, followed by CRISPR Therapeutics, Inc.
In 2019, King Street and Carlyle purchased 1 & 5 Mountain Road in Framingham Technology Park from Sanofi Genzyme who continues to occupy the space for two more years. King Street created plans to redevelop the asset into a multi-tenanted R&D lab facility following Sanofi Genzyme’s vacancy.
King Street has been creating spaces for life sciences for over 18 years, and has recently launched a new initiative, ‘Pathway,’ which will provide life science tenants with customizable flexible biomanufacturing space.
“Our success with both of these assets confirms our confidence in the long-term strength of the life sciences real estate market, and the specific need for biomanufacturing space in our state,” said Thomas Ragno, Principal, King Street Properties.
“For years, Carlyle has been actively investing in demographic-driven sectors such as life science where we see increasing opportunity,” said 5ichael Gershenson, Managing Director, The Carlyle Group. “We are proud of the evolution of both properties and look forward to continued investment in the asset class.”
Frank Petz and John Nasca of Colliers represented the sellers in the transaction.
King Street Properties is the largest privately-held and locally-based owner of life science real estate in the Greater Boston area. With over 1.5 million square feet of lab space under ownership and management in Cambridge and the core suburban laboratory markets, King Street is highly experienced in the operation of best-in-class multi-tenant laboratory buildings. King Street offers a hands-on approach while drawing upon the large-company experience of its team and has the flexibility to deliver customized space solutions to a wide-range of innovators Please visit kingstreetproperties.com for additional information.
The Carlyle Group is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $230 billion of assets under management as of September 30, 2020, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 1,800 people in 30 offices across six continents.
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