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CBRE Arranges $20M Sale-Leaseback of R&D Center in Framingham
CBRE arranged the $20.4-million sale-leaseback of a laboratory and office property in Framingham. Located at 1 and 5 The Mountain Road, the 153,000-square-foot property is part of the Framingham Technology Park.
Steve Purpura, Chris Skeffington and Roy Sandeman of CBRE represented the buyer, King Street Properties, in the transaction. Zell Partnership advised the seller, Sanofi Genzyme, which will continue to occupy the buildings under a lease-back arrangement as the company prepares to move its headquarters to a build-to-suit space at the Cambridge Crossing development in late 2021 or early 2022.
After Sanofi’s relocation, King Street plans to redevelop the property into a multi-tenanted R&D lab facility. The acquisition is the second of King Street’s purchases in Framingham over the last 18 months. King Street acquired the former Metrowest Daily News building and redeveloped the facility for office, lab and biomanufacturing use.
For comments, questions or concerns, please contact David Cohen
- ◦Sale/Acquisition
- ◦Lease
