Biotech Developer Buys Office Park on NH-MA Border for $314M

Image courtesy of Newmark

Life science development heavyweight Alexandria Real Estate Equities has paid $341 million for eight properties in Minuteman Park in Andover, Massachusetts, including 1.3 million square feet of existing buildings and potential for a new biomanufacturing complex.

Atlantic Management sold 3000 Minuteman Road to Alexandria for $190 million, while Spear Street Capital pocketed $151 million from the sale of 30, 100 and 200 Minuteman Road and 138 River Road.

Newmark’s capital markets team represented the sellers, Atlantic Management and Spear Street Capital, in the separate deals which closed in December and early January. Newmark Executive Managing Director Torin Taylor will lead the leasing team.

Last fall, San Francisco-based Spear Street Capital proposed a 224,500-square-foot cGMP facility along with office and lab space at 300 Minuteman Road.

The 3000 Minuteman Road property is being vacated by Philips Healthcare, which is relocating to a large, new development in Cambridge, Massachusetts called Cambridge Crossing.

“These assets together form an exceptional assemblage opportunity, enabling new ownership to accommodate various tenant requirements with a variety of building layouts and floor plate sizes,” Newmark Executive Managing Director Matthew Pullen said in a statement.

In April 2021, Alexandria made a similar acquisition south of Boston when it paid $105 million for the One Investor Way property next to COVID vaccine manufacturer Moderna’s existing manufacturing plant in Norwood. In October, the town approved a tax increment financing agreement with Moderna for a future redevelopment.

If Alexandria seeks to develop biomanufacturing facilities in Andover, it would be the second such proposed project in the area after Tuscan Brands’ planned 872,000-square-foot campus at its Tuscan Village development in Salem.