Moderna Pays $91M for 140,000-SF Lab Near Boston
By Greg Cornfield May 31, 2023 2:55 pm
reprints
Biotech company Moderna is expanding in its home state of Massachusetts after buying a new 140,000-square-foot life sciences development in the Boston suburb of Marlborough.
Oxford Properties Group announced it sold the facility for $91 million. The development at 149 Hayes Memorial Drive is set to open in late 2024 after a buildout process, and is expected to generate more than 200 new jobs by 2026.
“This transaction perfectly encapsulates Oxford’s investment strategy and our capabilities as a developer,” Chad Remis, Oxford’s executive vice president in North America, said in a statement. “We acquired the property with high conviction in the continued demand for best-in-class biomanufacturing space in the Boston area and an intention to create value through our development capabilities.”
Oxford acquired the vacant 24-acre site in 2021 and built a two-story biomanufacturing facility. It originally planned to manage the property long term.
“Moderna’s unsolicited offer to acquire the property allowed us to expedite our business plan execution,” Remis added.
Boston has long held the title for life sciences capital of the nation. Last year, the Boston area ended with $6.7 billion in life sciences venture capital funding, the second-highest annual total behind 2021, and a 40 percent increase compared to the average in 2019 and 2020, according to the developer.
“While life sciences growth nationally has moderated after multiple record years, activity remains consistently above pre-pandemic levels,” said Christie Chen, Oxford’s director of investments. “Furthermore, Boston continues to be an unparalleled market in terms of concentration of talent, capital and research innovations, and we will continue to deliver high-quality real estate infrastructure to support Boston’s growth and position as the global leader in life science.”
Oxford’s existing North American life sciences portfolio spans 1.4 million square feet with a pipeline of approximately 600,000 square feet. Oxford’s North American platform includes 11 facilities across six markets, with the largest concentration in the Boston region.
Oxford owns two fully leased facilities at 92 Crowley Drive in Marlborough and 33 New York Avenue in Framingham, Mass., as well as two recently completed development projects at 23 Sycamore Avenue in Medford, Mass., and 172 Middlesex Turnpike in Bedford, Mass.
Since the start of 2021, Oxford says it has invested more than $3 billion in global life sciences and has identified a further $5 billion in potential development opportunities.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
