Purpose-built GMP development site near Boston trades hands – Boston Real Estate Times

BOSTON– JLL Capital Markets introduced that it has closed the sale of Billerica Crossing, an 18-acre land website within the northern Boston suburb of Billerica, Massachusetts.

JLL marketed the land website on behalf of the vendor, Cabot Company, who will proceed to function its flagship R&D facility on the adjoining parcel. Boston-based Berkeley Investments, Inc. acquired the asset and plans on growing a 200,000-square-foot, purpose-built GMP facility.

Billerica Crossing is properly positioned on Harmony Highway adjoining to Middlesex Turnpike and proper off of Route 3; inside considered one of Boston’s premier excessive tech and life sciences clusters. Pushed by the extremely educated labor pool residing alongside the Route 3 hall, Billerica has emerged as “floor zero” for most of the world’s strongest and most modern corporations together with these in actual want of biomanufacturing house. The location additionally supplies connectivity to Interstates 95 and 495, which offer quick access into Boston with a 25-minute drive.

“Berkeley continues to broaden its life science and cGMP platform, and we have been thrilled to work with JLL and Cabot Company to unlock the potential of what we see as a strategically positioned website inside the well-established Billerica hall whereas additionally assembly the rising wants of our tenants for cGMP house,” stated Berkeley’s Director of Growth Morgan Pierson.

Extra capital flowed into the life science eco-system in Larger Boston in 2021 than some other 12 months. Accordingly, the GMP market demand has grown quickly, with elevated demand from Boston-based life science corporations that require manufacturing services close to their analysis and improvement operations and company headquarters. Nonetheless, provide has been restricted, with few choices for conversions and little new building improvement, which has pushed asking rents properly north of $60 triple web leased for this market.

The JLL Capital Markets Funding Gross sales Advisory workforce was led by Managing Director Brian Morrissey, Senior Administrators Michael Restivo and Martha Nay, Director Lenny Pierce and Affiliate David Coffman.

“This represented a superb alternative for Cabot Company to divest extra land, whereas permitting Berkeley Investments to proceed to construct out their robust life science improvement platform,” Restivo stated.

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