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Boston Developer Broder Buys $47M Lab Campus in Watertown
Colliers has arranged the $46.5-million sale of a lab campus marketed as Pleasant Street Science Park in Watertown, MA. The Colliers team — led by Frank Petz, Matt Sherry, Jeanne Pinado, John Nasca and Brooke Howard — exclusively marketed the property and completed the sale transaction to Broder, a Boston-based developer.
The three-building lab campus offered an in-place cash flow with a roster of six tenants, according to Colliers. The campus also provides opportunity to develop up to 180,000 square feet new life science product.
“We have found continued success in life science sale transactions with buyers who are able to be flexible in executing transactions without full entitlements in-place,” said Petz, managing director, Colliers.
“Watertown is emerging as an important community tied to the life science industry. We look forward to partnering with community stakeholders and neighboring owners to develop a thoughtful evolution of this campus,” added Eric Svenson, managing partner, Broder
- ◦Sale/Acquisition
