BOSTON – Transwestern | RBJ brokered the disposition of 1 Patriots Park, a 144,230-square-foot office building on Wiggins Ave. in Bedford, Massachusetts.
Longfellow Real Estate Partners acquired the property for $11.3 million, or $78 per square foot, and plans to redevelop it into a Class A laboratory building. Chris Skeffington, John Wilson, Jon Varholak and Roy Sandeman of Transwestern | RBJ negotiated the sale..
Longfellow will reposition the building as a best-in-class suburban life sciences building beginning this fall. As the Cambridge laboratory/biotechnology market continues to demonstrate steadily increasing rental rates and a lack of available lab space, 1 Patriots Park will attract tenants being squeezed out of Cambridge.
“Longfellow has made an excellent acquisition, gaining a building that can be transformed into a much-needed suburban laboratory facility,” said Skeffington. “The building has a tremendous amount of potential with companies seeking a cost-effective laboratory alternative outside of Cambridge.”
Transwestern | RBJ has been retained by the new ownership to provide leasing services for the building. Year-to-date, Transwestern | RBJ has brokered 15 building sales totaling $261 million and 2.2 million square feet, including the recent $104.2 million sale of the laboratory building at 830 Winter St. in Waltham.