Boston-Area Creative Campus Trades for $108M
- Jul 11, 2018
A joint venture between Jumbo Capital Management and Sound Mark Partners has acquired the Xchange at Bedford from the Davis Cos. The 479,000-square-foot creative research and development and life science campus in Burlington, Mass., changed hands for $107.8 million.
The technology campus consists of eight-buildings and was 89 percent leased to five tenants at the time of sale. Its tenant roster includes iRobot’s 272,000-square-foot long-term lease, which goes through April 2030.
Located at 4-18 Crosby Drive, off Route 3 and just minutes from Route 128, the campus is at the center for biopharma, and a rising hub for robotics and artificial intelligence companies.
“Working closely with Gensler Architects to reimagine the park, we dramatically improved the overall image of the property and the individual buildings, as well as the sense of community for the tenants,” Matt Katz, The Davis Cos.’ vice president of asset management, said in a prepared statement. “This included centralizing the amenities, adding green space and gathering areas, a glass exterior for more natural light and significantly enhancing the parking ratio via a land swap with the Massachusetts Department of Public Works.”
Additionally, the company was able to better serve the needs of its tenants and create an opportunity to expand and extend the lease of its principal tenant, iRobot.
JLL’s Capital Markets team facilitated the deal on behalf of the seller and will remain as the property’s exclusive leasing agent. “There was a broad and deep interest in The Xchange, which further proves the high level of demand for quality product in the Boston suburbs,” Frank Petz, JLL’s managing director, said. “The Davis Companies did a great job modernizing the asset for flexible tenant use, including technology, biotech and life sciences.” Petz led the JLL team, which also included Senior Vice President Matthew Sherry and Associate Scott Carpenter.
Big moves in Boston
In June, the Davis Cos. disposed of One Burlington Business Center, a premier medical office building in Burlington, Mass. The company has also had other recent Boston-area dispositions, including the April sale of the Quad, a transitioning life science campus located in Cambridge.
Jumbo Capital Management has now acquired more than 4.1 million square feet across asset classes, bringing its total portfolio under management to $775 million.
Image courtesy of Jumbo Capital Management