92 Crowley. Picture courtesy of Oxford Properties Group
Oxford Properties Group has accomplished its $125 million acquisition of 92 Crowley Drive, a 120,000-square-foot life science and good manufacturing follow (GMP) facility beneath development in Marlborough, Mass. Biomanufacturing and prescription drugs agency Resilience bought the asset in a sale-leaseback transaction and can proceed to occupy it for as much as 30 extra years.
The deal marks the third transaction between Oxford and Resilience, the earlier two having additionally been sale-leasebacks.
A bigger GMP facility
The story of 92 Crowley started in 2015, when the event website was bought by LFB USA from First Colony Growth Co. for $2.6 million. In 2016, the client broke floor on a $37 million, 70,000-square-foot drug manufacturing facility on location and bought it again to First Colony in 2018. Resilience acquired the asset in 2022, starting development of an extra 35,000 sq. ft of area that’s anticipated to come back on-line later this yr.
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Upon completion, as a chosen GMP facility, the constructing may have devoted areas for manufacturing, product evaluation and enterprise operations. The power will function modular manufacturing tools housed inside devoted manufacturing suites, along with workplace and warehouse area. Located inside 3 miles of central Marlborough, the property is 2 miles from interstates 290 and 495, offering fast entry to a lot of metro Boston’s dense cluster of life science analysis, improvement and manufacturing amenities.
Oxford’s life science endeavors
The acquisition of 92 Crowley brings Oxford’s North America portfolio of GMP belongings to seven buildings spanning 1.4 million sq. ft, with an extra 1 million sq. ft within the pipeline. The agency’s Boston footprint quantities to 621,000 sq. ft throughout 5 properties. Government Vice President Chad Remis mentioned, in ready remarks, that GMP amenities are distinctive, extremely technical belongings and characterize a phase of the life sciences market through which Oxford has deliberately got down to develop into a market chief.
In current months, Oxford has each made investments and deliberate out developments in a number of of the nation’s largest life science markets. In October 2022, the agency bought Ionis Prescribed drugs’ three-building, 250,000-square-foot San Diego-area base of operations for $158 million. On the event facet, the agency introduced a partnership with Ensemble/Mosaic that may see the creation of a 3 million-square-foot campus in Philadelphia’s Navy Yard that’s anticipated to value $1.5 billion.
